This article is sponsored by MSU Federal Credit Union
Host Tati Amare spoke with Deidre Davis from Michigan State University Federal Credit Union (MSUFCU) about the importance of knowing and improving your credit score.
Deidre explained that a credit score usually ranges between 300-850. Your credit score is determined by 5 factors; Payment history, the amount you owe, types of credit used, length of credit history, and new credit. Credit scores are used to help lenders determine if you’re likely to pay them back. So, a better score means a lower interest rate.
Deidre said that the best way to improve your score is to pay your bills on time. She suggests setting up automatic payments for bills, paying down your debt, only opening new credit if you need it, and refraining from closing your credit cards.
To learn more about how MSU Federal Credit Union can teach you how to improve your credit score, visit their website msufcu.org.
Watch the video for more information on MSUFCU.