Money Smarts Blog

Improve your credit score in 5 steps - Step 3

Jul 17, 2021 || Heather Waffle, Branch Manager

computer and phone with person's credit score up on screen

You've reviewed your credit report and are now strategically paying down your debt with the highest interest rate. Let's see what Step #3 has in store.

3. Pay your bills on time This one may sound like common sense, but it’s so important. If you get into a habit of not paying back debt on time, not only will your credit score take a hit, but your credit history (which will show your string of delinquent payments) will follow you in the future, even if you get your act together.

Get current on your accounts and stay current.

If simply forgetting to make payments is your issue, set up payment reminders or automatic monthly payments.

If you’re missing payments because you can’t afford to pay, contact your creditors or a credit counselor. All creditors and lenders have at least one thing in common: they want you to pay them back. Many will work with you to set up a modified payment schedule that works for both of you, even if it’s just for a couple months.

IHMVCU members also receive free, personalized debt counseling through GreenPath, a non-profit financial management organization that has been assisting individuals for more than 50 years.

Stay tuned next week for Step #4.

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