Credit & Debt

Know More About The World Of Plastic

There is nothing wrong with debt as long as it's good debt. See, good debt can build a credit history and that, in turn, can help you get better rates down the road. But it's up to you to keep your debt under control and your credit rating riding high.

Make All Your Payments

There is no magic number of credit cards, auto loans or store charge cards you should have to attain good credit. The key is prompt payments and limiting your total number of cards.

Being prudent means never going over your limit, paying the whole amount from time to time, paying more than just the minimum payment, and using it wisely. While credit agencies won't care if you buy a new stereo with your charge card, they might wonder why you've opened 10 retail store cards in the past year. And that kind of activity and extensive credit may send up some red flags.

To maintain a good credit rating, you must make every payment. It's one of the main things the three reporting agencies look at when determining your credit rating. If you make every payment on time it can do wonders for your overall credit. And that in turn can help reduce your debt, because when you miss a payment, the fees and late charges can really add up.

Check Your Report Annually

It's a good idea to check your credit report annually at www.annualcreditreport.com. There, you can view your report from each of the three reporting agencies (listed below). If you see any errors, such as non-existent credit cards opened in your name or incorrect information, be sure to let them know. Doing so can help improve your score and help keep your credit safe from theft.

Reporting Agencies

TransUnion

888-888-4213


Experian

888-397-3742


Equifax

800-997-2493


Call Us For Credit & Debt Advice

Whenever you need help with your credit or debt, just call us at 503-813-3242 (toll free 866-813-3242) or stop by the branch. We'll be glad to help you get ahead financially. Maybe one of our experts can help you improve your credit score, close some of your charge cards, or help you find the best loan for your budget. We'll share some financial counseling to help you get ahead financially.

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