Skip to Content
Login
  • About
  • ATMs & Locations
  • Make A Loan Payment
  • Blog
  • Foundation
  • Current Rates
  • Careers
  • Contact
Launch Search
TopLine Financial Credit Union Home
  • Personal
    • Back
    • Personal
    • Personal Checking
      • Back
      • Personal Checking
      • Overview
      • Compare Personal Accounts
      • Debit Cards
      • Open a Checking Account
    • Personal Savings
      • Back
      • Personal Savings
      • Overview
      • Savings Accounts
      • Money Market
      • Certificates
      • IRAs
    • Loans
      • Back
      • Loans
      • Overview
      • Credit Cards
      • Auto
      • Home Equity
      • Mortgage
      • Recreation
      • Student
      • Personal Loans
      • Apply
    • Investments
      • Back
      • Investments
      • Overview
      • Financial Planning
      • Retirement
      • Investment Services Events
    • Personal Insurance
      • Back
      • Personal Insurance
      • Overview
      • Life
      • Auto & Home
      • Umbrella
      • Medicare
  • Business
    • Back
    • Business
    • Business Checking
      • Back
      • Business Checking
      • Overview
      • Compare Business Accounts
    • Business Savings
      • Back
      • Business Savings
      • Overview
      • Money Markets
      • Business Certificates
    • Loans & Credit Lines
      • Back
      • Loans & Credit Lines
      • Overview
      • Lines of Credit
      • Equipment & Term Loans
      • Real Estate Loans
      • Credit Cards
    • Planning & Investments
      • Back
      • Planning & Investments
      • Overview
      • Employee Benefits
      • Retire & Invest
    • Business Insurance
      • Back
      • Business Insurance
      • Overview
      • Property & Casualty
      • Workers Compensation
    • Merchant Services
  • Tools
    • Back
    • Tools
    • Online/Mobile Banking
      • Back
      • Online/Mobile Banking
      • Overview
      • Online Banking
      • Mobile App Banking
      • Mobile Deposit
      • Bill Pay
    • Current Rates
    • Car Buying Services
    • Calculators
  • Resources
    • Back
    • Resources
    • Financial Education
      • Back
      • Financial Education
      • Overview
      • Events
      • Certified Credit Union Financial Counselors (CCUFC)
      • Financial Wellness Tips
      • Financial Learning Center
      • Account Settlement Guide
    • Safety & Security
      • Back
      • Safety & Security
      • Overview
      • Fraud Prevention
      • NCUA Insurance
      • COVID Help
      • Emergency Assistance Programs
    • Community
      • Back
      • Community
      • Overview
      • Member Stories
      • BestCU
      • Merger
    • Media/Communications
      • Back
      • Media/Communications
      • Overview
      • Newsletters
      • Press Releases
      • Media Library
    • Annual Information
      • Back
      • Annual Information
      • Overview
      • Annual Meeting
      • Abusive Conduct Policy
      • Limitation of Services Policy
      • Member Expulsion Policy
    • Blog
  • Join
    • Back
    • Join
    • Become a Member
      • Back
      • Become a Member
      • Join Now
      • General Fee Summary
      • Business Fee Summary
    • Add Account(s)
    • CU vs Banks
  • About
    • Back
    • About
    • Overview
    • Team
    • Press Releases
  • ATMs & Locations
  • Make A Loan Payment
  • Blog
  • Foundation
    • Back
    • Foundation
    • Overview
    • Scholarship Application
    • Scholarship
  • Current Rates
    • Back
    • Current Rates
    • Overview
    • Savings Rates
    • Checking Rates
    • Certificates Rates
    • Mortgage Rates
    • Loan Rates
    • Business Rates
  • Careers
  • Contact
  • Site Map
  • Downloads
  • Accessibility
  • Thank You
  • Personal
    • Personal Checking
      • Compare Personal Accounts
      • Debit Cards
      • Open a Checking Account
    • Personal Savings
      • Savings Accounts
      • Money Market
      • Certificates
      • IRAs
    • Loans
      • Credit Cards
      • Auto
      • Home Equity
      • Mortgage
      • Recreation
      • Student
      • Personal Loans
      • Apply
    • Investments
      • Financial Planning
      • Retirement
      • Investment Services Events
    • Personal Insurance
      • Life
      • Auto & Home
      • Umbrella
      • Medicare
  • Business
    • Business Checking
      • Compare Business Accounts
    • Business Savings
      • Money Markets
      • Business Certificates
    • Loans & Credit Lines
      • Lines of Credit
      • Equipment & Term Loans
      • Real Estate Loans
      • Credit Cards
    • Planning & Investments
      • Employee Benefits
      • Retire & Invest
    • Business Insurance
      • Property & Casualty
      • Workers Compensation
    • Merchant Services
  • Tools
    • Online/Mobile Banking
      • Online Banking
      • Mobile App Banking
      • Mobile Deposit
      • Bill Pay
    • Current Rates
    • Car Buying Services
    • Calculators
  • Resources
    • Financial Education
      • Events
      • Certified Credit Union Financial Counselors (CCUFC)
      • Financial Wellness Tips
      • Financial Learning Center
      • Account Settlement Guide
    • Safety & Security
      • Fraud Prevention
      • NCUA Insurance
      • COVID Help
      • Emergency Assistance Programs
    • Community
      • Member Stories
      • BestCU
      • Merger
    • Media/Communications
      • Newsletters
      • Press Releases
      • Media Library
    • Annual Information
      • Annual Meeting
      • Abusive Conduct Policy
      • Limitation of Services Policy
      • Member Expulsion Policy
    • Blog
  • Join
    • Become a Member
      • Join Now
      • General Fee Summary
      • Business Fee Summary
    • Add Account(s)
    • CU vs Banks
top graphic
Blog

How to Build and Improve Your Credit Score

March 31st, 2021

How to Build and Improve Your Credit Score

A good credit score can play a huge role in your financial success and financial wellness. TopLine and LSS Financial Counseling are here to give you some tips to help you establish and build your credit score.

A good credit score can help you lots of ways:

  • Get approved for credit cards
  • Establish cell phone service
  • Rent an apartment
  • Obtain lower rates on car insurance premiums
  • Get a certain type of job
  • Secure a loan to buy a house, car, or other major purchase
  • Qualify for the best interest rates and terms on credit cards and loans

These benefits decrease if your credit score is low, you have negative information on your credit report or you have little to no credit history – this is known as a “thin credit file.” Generally those affected by a thin credit file are:

     1. People who are new to the lending industry

  • Typically those in their late teens or early twenties

     2. Individuals who have used cash most of their lives

     3. People who are new to the country

How to Establish Credit

There are a number of ways to build your credit.

  • Co-signed accounts for credit cards or loans
  • Credit builder loans
  • Secured credit cards
  • Authorized user
  • On-time rental payments

How to Build Your Current Credit Score

  • Pay at least the minimum amount due by the due date each month. Late payments account for 35% of your credit score, and one delinquent payment can substantially lower your score.
  • Your “utilization rate”, or your balances in relation to your credit limit, accounts for 30% of your credit score. Therefore, it’s smart to keep your balances low or less than 30% of your credit limit, helping you maintain a good credit score.
  • Avoid applying for multiple accounts in a short period of time. Each time you apply for credit, a creditor will pull your credit report to see how much risk you pose as a borrower. Each look is called a “hard inquiry.” Too many hard inquiries can negatively impact your credit score, though this impact will fade over time. Hard inquiries remain on your credit report for two years.
  • Maintain a positive credit history over long periods of time.
  • Dispute any inaccurate information.

What is a Good Credit Score?

The FICO score is the most commonly used credit score by lenders when issuing loans and determining interest rates. Most scores range from 300-850. A score above 800 is exceptional; 740-799 is very good. And scores between 670-739 are considered good.

How are Credit Scores Determined?

  • 35% — Payment history
  • 30% — Credit usage
  • 15% — Length of credit
  • 10% — Recent activity
  • 10% — Types of accounts

How Often Do Credit Scores Change?

Lenders typically report both positive and negative information to the credit bureaus once per month. As a result, your credit score can change a bit each month, depending on what is reported. Late payments or an increase in credit utilization might create a drastic drop in your credit score.

 

Being a TopLine member gives you and your family access to up to six (6) free private and confidential financial education counseling sessions annually with a certified consumer credit counselor from LSS Financial Counseling. Sessions are available by phone, in-person or online. Contact LSS today for your free financial education session at 1-800-528-2926 or visit LSS online and mention you are a TopLine member.

Categories
  • Checking
  • Savings
  • Loans
  • Insurance
  • Investment
  • Security Tips
Archives
  • All
  • December 2024
  • March 2024
  • February 2024
  • December 2023
  • November 2023
  • June 2023
  • May 2023
  • March 2023
  • February 2023
  • November 2022
  • September 2022
  • August 2022
  • July 2022
  • June 2022
  • May 2022
  • January 2022
  • November 2021
  • July 2021
  • May 2021
  • April 2021
  • March 2021
  • February 2021
  • January 2021
  • December 2020
  • November 2020
  • October 2020
  • September 2020
  • August 2020
  • July 2020
  • June 2020
  • May 2020
  • April 2020
  • March 2020
  • December 2019
  • September 2019
  • November 2018
  • October 2018
  • August 2018
  • June 2018
  • May 2018
  • January 2018
  • December 2017
  • November 2017
  • October 2017
You are about to link to a TopLine partner website.

You are now leaving TopLine Financial Credit Union’s website. TopLine is not responsible for accuracy, security, content or services offered by partner websites. Privacy and security policies may differ from TopLine policies.

Leave

Routing Number: 291074696

  • Facebookfacebook
  • X Twitter
  • Instagraminstagram
  • LinkedInlinkedin
  • Pinterestpinterest
  • Youtubeyoutube

Contact Us

Local: (763) 391-9494
Toll Free: (800) 626-1448

9353 Jefferson Highway
Maple Grove, MN 55369

Ask@TopLinecu.com

Quick Links

  • Personal
  • Checking
  • Savings
  • Loans
  • Investments
  • Insurance
  • Business
  • CheckingSavings
  • Loans & Credit Lines
  • Planning & Investments
  • Business Insurance
  • Merchant Services
  • Tools
  • Online/Mobile Banking
  • Add Account(s)
  • Current Rates
  • Car Buying Services
  • Calculators
  • Resources
  • Financial Education
  • Events
  • Community
  • Blog
  • Press Releases
  • Annual Report
  • ATMs & Locations
  • Foundation

equal housing logo ncua logo  Visa payment network logo Better Business Bureau Accredited Business logo

© 2025 TopLine Financial Credit Union - All Rights Reserved

Privacy and SecuritySite MapAccessibility