Improving Your Credit

Good credit is an important tool you will need when applying for your next loan. Good credit can expedite the borrowing process and increase your ability to receive favorable rates and terms.  It is useful to understand what effects your credit and how you can improve your credit score.

  • Check your credit report often – Request a free copy of your credit report and check it for errors. Your report contains a history of how you have managed your borrowing experiences and it is important that payment history and outstanding balances are correct. To obtain your free credit report contact:

Annual Credit Report Request Service
P.O. Box 105281
Atlanta, GA 30348-5281
(877) 322-8228

  • Pay your bills on time by setting up payment reminders. Making your credit payments on time is one of the biggest contributing factors to your credit score. Progressive Ozark Bank offers online bill pay that allows you to set up your payments for a future date so that you don’t forget to meet those payment deadlines.
  • If you have missed payments, get current and stay current. The longer you pay your bills on time after being late, the more your credit score should increase.
  • Be aware that paying off a collection account will not remove it from your credit report. It takes several years to drop from your credit report. Paying off the collection is important, however not letting a debt go into collection is even more important.
  • If you are having trouble paying your debt obligations, contact your creditors. Do not ignore your payments when they come due. Communication with your creditors is the key to successfully getting back on track.
  • Manage credit cards responsibly. Only open cards that are needed and make payments timely. Never charge more on the card than you have the ability to pay. A closed credit card will not make it disappear from your credit report, so payment history is important even on a card you no longer use.

The lending staff at Progressive Ozark Bank will be more than happy to discuss improving your individual credit situation. We take pride in helping our clients have a perfect credit record and value providing for their ongoing borrowing needs. See us today!

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