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Attention Bill Pay Customers: Our Bill Pay Service may experience downtime between the hours of 11:00pm on Saturday April 13th through 5:00am on Sunday, April 14th due to routine maintenance. Thank you
How do I build good credit?
The Independent Community Bankers of America, or ICBA, offers these tips to help you build and maintain good credit:
- Open a checking account and keep careful track of your balance to help establish a credit history.
- Use debit and credit cards for convenience and safety. Be careful not to overspend and avoid missed or late payments, which can damage your credit and hurt your credit score.
- Develop a good mix of credit (such as a revolving credit line and an installment loan) to boost your credit score and demonstrate that you can manage different types of credit.
- Show stability in the three to six months before a major purchase. Avoid opening or closing accounts or moving large amounts of money around.
- Build an emergency fund equal to at least six months of living expenses, establishing a financial cushion to help absorb unexpected expenses and avoid penalties and fees for missed or late payments.
- Alter your credit focus as you approach different life stages. While Gen Z might be saving for a down payment, Gen Xers or Baby Boomers may be paying down debt to plan for retirement, respectively.
- Monitor your credit regularly so you can correct any errors and detect potential signs of identity theft. Order a copy of your credit report annually from www.annualcreditreport.com or by calling 1-877-322-8228.
For more help on building good credit, visit Visa's Practical Money Skills Site on Improving Your Credit Score
If you'd like to talk to more about how to establish good credit habits, call a bank representative at 215-634-7000.