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From CEO, Brad Canfield

How to Establish and Improve Your Credit Score

4/2/2013
Your credit score will go a long way toward determining how much money you can borrow and the interest rates you will receive, so understanding how to establish and improve your credit score is vital to your financial situation.
 
Maybe you’re an engineer new to the country or the United States with plans to purchase a home in Milpitas, Santa Clara, Union City or San Mateo. A good credit score will help you secure the American-style life in the Silicon Valley that you seek. Or maybe you have younger family members who do not have a lengthy credit history and you want to help them establish one.
 
If you want to receive a free copy of your credit report or want to know about finding your credit score, check out the Consumer Financial Protection Bureau.

Ways to Improve or Establish Your Credit

KeyPoint Credit Union offers several products designed to meet your current financial needs while improving your credit score through responsible money management. A great way to establish and build up your credit score is through one of our secured loans, which allow you to borrow money using your certificates of deposit, savings account or personal stocks as collateral. Plus, you can earn interest with this loan.
 
If you have encountered financial difficulties recently, our NewPoint partial secured loans and lines of credit might be the perfect financial fit for you. And, of course, if you’re looking for a credit card, KeyPoint Credit Union offers two different Visa® cards with low introductory Annual Percentage Rates (APR) to help you establish or repair your credit score.
 
Getting a credit card from your credit union is one of the steps Investopedia suggests taking to establish your credit history. Typically, you want to get your credit score up in to the 700s, and money guru Liz Weston at MSN Money offers some valuable pointers on how to get there. And if you have a teenager in your home or someone with a short credit history, CreditCards.com offers 10 useful tips for building good credit.
 
If you have any questions about your credit score or how KeyPoint Credit Union can help you, please reach out to us! We’re happy to assist.

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  • Personal Loans
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