We will be closed in observance of the holidays on the following dates and times: December 24: Close at 2:00 p.m.; December 25: Closed all day; December 31: Close at 3:00 p.m.; January 1: Closed all day. Also, due to the UNF campus being closed for the holidays, the UNF branch will be closed from December 16 – January 1.

The Value of a Good Credit Score

By: John Hirabayashi

Posted on 11/8/2014 12:00:00 PM

A good credit score can help you in many areas of your life, while a bad credit score can hinder you in many areas. It is important to check your credit report annually so you know what is being reported.

You can also take action to correct any erroneous information. Obtaining a free copy of your credit report each year will provide you with valuable information. In addition to your credit report, you should also check your credit score. Credit scores range from 300 to 850; you should strive to have at least 700. But, how can a good credit score help you out?

 

Credit

This is the most obvious reason that you should keep your credit score high. A high credit score will help you obtain credit cards, loans and other offers of credit. A higher credit score will also get you lending products with the best interest rates, to help you save money and keep your monthly payments affordable. Make your payments on time and don't make too many changes to your credit file at one time. These things will all help keep your credit score high.

 

Housing

A good credit score is imperative if you wish to purchase a home. However, your credit score can also affect you if you wish to rent an apartment, condo or home. Most housing complexes will check your credit report when you fill out an application for an apartment. If you have a poor credit score, you can be denied an apartment. It's important to pay your bills on time and keep your credit card balance as low as you can.

 

Employment

You can also be denied employment in several sectors if your credit report has blemishes. Banks, credit unions, insurance agencies, government agencies and the military all place a lot of importance on your credit worthiness. If you have a history of late payments, charge offs and collections, you may be turned down for employment or denied entrance into the military service. Pay bills on time and make arrangements with creditors to catch up on accounts that fall behind, in order to keep accounts from being charged off and sent to collections.

 

Insurance

The amount that you pay for auto insurance and other types of insurance products is also dependent upon your credit score. Insurance companies use your credit worthiness as a determining factor when deciding whether you are a good insurance risk. You can be denied insurance coverage, or charged much more than your peers if the insurance company believes you are a higher risk because of a blemished credit history. Take care of your open accounts and don't open any new credit accounts that are not necessary to have, as too many newly opened accounts can cause your credit score to drop significantly.

There are several ways that you can go about checking your credit score. You can speak to a trusted financial advisor at Community First Credit Union. This individual will be able to help you obtain your credit score. No matter how you obtain your credit score, it is an important tool for measuring your financial health. Contact us at www.communityfirstfl.org for more information on your credit score and history.