Rebuilding your credit can be a long, difficult process, but there is good news! With one very important move and these 3 healthy financial habits, you'll be able to significantly improve your credit score this year. So why tax season? Using your tax refund or other money, you can, for a limited time, invest in a Pinnacle Bank Certificate of Deposit
Then start rebuilding your credit by using your new CD to secure a loan.
Part of your credit score is based on the types of account you have. There
are two main types of accounts: revolving and installment. A revolving
credit account is like a credit card, where you have an available limit and
as you pay down the balance, you free up more funds. An installment loan
has a set term and a set payment, such as the Pinnacle Bank CD secured loan.
Your repayments with the Pinnacle Bank CD secure loan will appear on your
credit report as an installment loan, which should help positively impact
your credit, as long as you make your payments on time. Having an
installment loan will also show diversity in your account types and help
your credit score.
Additionally, you can do the following three important things to help
rebuild your credit:
*Check your credit report –* credit score repair begins with your credit
report, and by checking your credit report, it will allow you to see
exactly where you need to improve (plus, it will help you catch any
fraud). You are allowed a free copy of your credit report annually. Visit
annualcreditreport.com to receive a copy of your credit report from all
three reporting agencies. Review carefully to make sure there are no
errors, such as late payments incorrectly listed, and the amounts owed for
each of your open accounts are correct. If you find errors on any of the
three reports, be sure to dispute them with the credit bureau.
*Set up payment reminders –* making on-time payments is the biggest factor
in establishing good credit. Pinnacle Bank offers email or text-based
reminders through their free online banking. You can also set up your
bills to be paid automatically through their free, electronic bill pay for
consumers. Paying bills on time has never been easier!
*Practice good financial habits –* much like losing weight, improving your
credit takes commitment. It can take 60 to 90 days, or longer, for you to
start seeing your credit score improve. In some cases, depending on how
bad your situation is, it can take years. It is important to develop good
financial habits, such as setting up and living within a workable budget
and setting aside money in a savings account for an emergency fund.
One of Pinnacle Bank’s main goals is to help
ensure their customers’ financial health, and they know there are times
when financial challenges arise. Stop by their convenient location at 815
Madison St, right off the Douglas Highway, or give them a call at
307-682-0089 to find out how they can help you regain financial stability,
easily and affordably.
#county17 #news #sponsored #pinnaclebank