Protecting Your Credit Reputation

Average: 2 (1 vote)

Your credit reputation will impact your future in many different ways. From the minute you get your first credit card or rent your first place, you’ll start building a “credit history,” which includes your payment history on credit accounts as well as other details related for your financial matters like repaying loans for your automobile or home.

A good credit report should always be your goal. Here are four ways to get you on the path to a strong credit reputation:

Make sure your credit report is accurate

Take advantage of your one free annual credit report. If you see anything out of line, contact your financial institution or credit bureau immediately. For BancorpSouth customers, you can contact us by clicking here or by calling a customer service representative at 1-888-797-7711.

Pay your bills on time

Whether it’s your gas card or your mortgage payment, be sure you pay your bills on time. The longer you pay your bills on time, the better your credit score will be. Your payment history makes up one-third of your credit score, so you need to take this very seriously.

Keep your credit utilization low

The more credit you have left available on your credit lines for use, the better your score will be. For example, if you have a credit card with a credit limit of $5,000, you should avoid having your balance on that card stay at $4,950. A utilization rate equals a lower credit score, because you have a lot of debt to repay.

Maintain only a few cards

A credit history is critical to a good credit score. Keep only a few cards with you at all times. Pay off your lowest debt first. Keep your oldest cards if it makes sense financially, because they maintain your credit history length.

At BancorpSouth, we can help fit you with the right credit card. Let us help you achieve the financial freedom you deserve.