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Get Beyond with Tropical Financial Credit Union

Posted at 10:13 AM, Nov 15, 2021
and last updated 2021-11-15 10:13:36-05

Tropical Financial Credit Union's Vice President, Amy McGraw, spoke with us about how to maintain or build a great credit score, and the Get Beyond Money program.

Your credit score impacts so many other aspects of your finances, it's important to know what makes up a good credit score. There are five aspects to your credit score, but they're not all weighted equally. There's payment history, the amount you owe, length of credit history, credit mix, and new credit.

The payment history and the amount you owe make up the bulk of your score at 35%. How often do you pay your bills on time and are you only paying the minimum? You should always try to pay off a little more than the minimum, but if that's all you can do then definitely do it and don't miss a payment. Late or missed payments can knock your score down by double digits and it can be hard to get it back to where it was.

Keep your credit score where it needs to be and for more tips, you can head to TropicalFCU.com and GetBeyondMoney.com

Inside South Florida

10:49 AM, Jul 26, 2019

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