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Credit Tips

Deep Clean Your Credit in 2023

There are a number of ways to clean up your credit! Here are a few ideas to consider when working to improve your credit score:

1. Check Your Credit Score

Get started by researching your credit score. We recommend using to check your credit report. Once you've obtained your credit report you can view your score.

2. Understand What Factors Make Up Your Credit Score

Payment history, debt to credit ratio, how long you've been using credit, type of credit and new credit all affect your credit score. Each element is weighted differently and payment history usually carries the most weight, which means it's very important not to miss payment deadlines.

3. Automate Payments to Avoid Missed Deadlines 

Since payment history is such an important factor in your credit score, look for ways to automate credit card and bill payments to ensure payments are made on time and to avoid accidentally missing deadlines. Most credit cards have an auto-pay option which can be set up.

4. Keep Balances as Low as Possible

Your debt to credit ratio means the amount of debt you owe compared to your credit limits. It's generally good practice to keep the ratio as low as possible. By lowering your ratio - and by keeping it low - you may see an improvement in your credit score.

5. Keep An Eye on Federal Student Loans

At the beginning of 2023, federal student loan interest rates were set at 0% and these borrowers have not had to make monthly payments. However, this is not guaranteed to last. Stay informed by visiting the U.S. Department of Education's Federal Student Aid website. You should be able to sign up on their website for email updates. Ultimately, when student loan repayment resumes, it's important to avoid missed payments since this could negatively impact your credit score.