Navigant Credit Union’s Credit Score Improvement Tips

In today’s fast-paced world, financial stability is more critical than ever. With rising inflation, unpredictable job markets, and the lingering effects of global economic shifts, maintaining a healthy credit score isn’t just a luxury—it’s a necessity. Navigant Credit Union understands these challenges and offers actionable strategies to help you improve your credit score while navigating modern financial hurdles.

Why Your Credit Score Matters More Than Ever

Your credit score is more than just a number; it’s a gateway to opportunities. Whether you’re applying for a mortgage, leasing a car, or even securing a job, your creditworthiness plays a pivotal role. In 2024, lenders and employers are scrutinizing credit histories more closely, making it essential to stay proactive.

The Impact of Global Economic Trends

From supply chain disruptions to fluctuating interest rates, global events directly affect personal finances. A strong credit score can shield you from higher borrowing costs and provide flexibility during uncertain times.

Navigant Credit Union’s Top Credit Score Improvement Strategies

1. Monitor Your Credit Regularly

Knowledge is power. Regularly checking your credit report helps you spot errors, detect fraud, and track progress. Navigant Credit Union recommends using free tools like AnnualCreditReport.com or their own mobile banking app to stay updated.

How Often Should You Check?

• Monthly: Ideal for those rebuilding credit.
• Quarterly: A good balance for maintenance.
• Annually: The bare minimum for everyone.

2. Pay Bills on Time—Every Time

Payment history is the single biggest factor in your credit score (35%). Late payments can linger for years, so automate payments or set reminders to avoid slip-ups.

Pro Tip:

• Use Navigant’s bill pay feature to schedule recurring payments effortlessly.

3. Reduce Credit Utilization

Aim to use less than 30% of your available credit. High balances relative to your limits can drag down your score.

Quick Fixes:

• Request a credit limit increase (without spending more).
• Pay down balances before the statement date to lower reported utilization.

4. Diversify Your Credit Mix

A healthy mix of credit types (e.g., credit cards, installment loans) can boost your score. However, don’t open new accounts just for the sake of it—apply strategically.

5. Avoid Closing Old Accounts

Length of credit history matters. Keep older accounts open, even if you rarely use them, to maintain a longer average account age.

6. Dispute Errors Immediately

Mistakes happen. If you find inaccuracies on your report, dispute them with the credit bureaus (Equifax, Experian, TransUnion) right away.

Navigating Modern Credit Challenges

The Rise of Buy Now, Pay Later (BNPL)

BNPL services are convenient but often don’t report to credit bureaus. While they won’t help your score, missed payments can still hurt it. Use them sparingly.

Cryptocurrency and Credit Scores

While crypto investments don’t directly impact your score, liquidating assets to pay off debt could improve it. Just be mindful of tax implications.

Climate Change and Financial Resilience

Extreme weather events can lead to unexpected expenses. An emergency fund (3–6 months of expenses) complements good credit by reducing reliance on high-interest debt.

Final Thoughts

Improving your credit score is a marathon, not a sprint. By adopting Navigant Credit Union’s tips and staying informed about global financial trends, you’ll be better equipped to thrive in an ever-changing economy. Start small, stay consistent, and watch your financial health soar.