March is National Credit Score Month, making it the perfect time to spotlight one of the most critical aspects of your financial health: your credit score. At Cornerstone Bank, we’re committed to helping you understand why maintaining a strong credit score matters and how you can take steps to improve it.
If you bank with us, you can enroll* in Credit Score through online and mobile banking! This free, powerful tool provides insights and tools to help you raise your credit score. With this tool you’ll get free credit monitoring, unlimited full credit report access, credit score simulator to explore the best ways to improve your credit, instant access to the factors impacting your credit score and detailed recommendations on how to improve it, information to demystify how your credit score is calculated, valuable tips to protect your credit worthiness, real-time credit monitoring alerts, and more.
Why Your Credit Score Matters
Your credit score is more than just a number; it’s a key indicator of your financial responsibility. Lenders use this score to determine your creditworthiness when you apply for loans, credit cards, or mortgages.
A higher credit score can unlock lower interest rates, better loan terms, and increased access to credit. Beyond borrowing, landlords, insurance companies, and even employers may review your credit score to evaluate your reliability.
Tips to Maintain or Boost Your Credit Score
Maintaining a good credit score requires consistency and smart financial habits. Here are some practical tips:
- Pay your bills on time: Your payment history accounts for 35% of your credit score. Set up reminders or automate payments with our Online Banking & Bill Pay to ensure you never miss a due date.
- Keep credit use low: Aim to use less than 30% of your available credit. For example, if your credit limit is $10,000, try to keep your balance below $3,000.
- Check your credit report regularly: Errors on your credit report can drag down your score. You’re entitled to one free credit report per year from each of the three major bureaus (Equifax, Experian, and TransUnion). Our Credit Score tool can also be used to monitor your credit report.
- Avoid opening too many credit accounts at once: Each credit inquiry can temporarily lower your score. Be selective about applying for new credit.
- Build a long credit history: The length of your credit history matters. Keep older credit accounts open, even if you don’t use them frequently.
- Diversify your credit mix: A combination of credit types—like credit cards, auto loans, and mortgages—can positively impact your score.
Your Partner in Financial Success
We’re here to guide you on your financial journey. Whether you need help understanding your credit report, consolidating debt, or building credit, we offer the resources and support you need to reach your goals. This March, take control of your financial future by prioritizing your credit score—because a strong credit score is the foundation of financial success.
*Credit Score is available to customers who are enrolled in Cornerstone Bank online and mobile banking.
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