Score Enhancement

Your credit score serves as a fingerprint to identify your financial past.  It shows all of your data, from recent loan applications to current debt and from bill payment history to how long you have had your credit cards.  There are not too many things that can hinder your life as much as bad credit.  But there is hope, some of these problems can be remedied with very little effort.

Unlike most other financial institutions, which are glad to give you a higher rate based on your credit, Burbank Community Federal Credit Union wants to help you improve it.  Score Enhancement is Burbank Community Federal Credit Union’s unique program that helps you improve your credit score – and it’s FREE!  When you request our Score Enhancement service, one of our Financial Services Representatives will walk you through your credit report step by step and tell you how to improve each area.

While most credit reporting services give you a consolidated version of your report, Burbank Community Federal Credit Union will give you a copy of the entire credit report.  You see exactly what we see, exactly as it is reported to us.  This fully comprehensive score sheet is your best breakdown of your credit report.

Enhancing your credit score takes less time than most people think.  Most scores can be improved with the first six months, even if you have a few late payments on your report.  As your Score Enhancement guide, we will also inform you how to keep your credit score in good condition after it has been repaired.
Some things you may not know about your credit score:

• Closing old credit cards does not help your score - in fact, it may hurt it.
• Applying for credit at many different places (ex. department stores, mail offers, banks, car dealerships) within a short amount of period can harm it.
• Converting credit cards to installment loans may help you in more ways than one when it comes to your credit score.
• Your income does not affect your score.
• The length of your current residence does not affect your score.

These are just a few things that could hurt your credit report, but you will learn about many more when you come in for Score Enhancement.  Stop by today, you could change your credit standing in less time than you think.

There are five major areas that affect credit scores:

35% - Payment History - How well do you pay your bills on time?
30% - Capacity - How well do you manage the credit limits you have?
15% - Length of Credit - How long have you had a credit line?
10% - Accumulation of Debt - How fast are you adding debt?
10% - Mix of Credit  - Installment Debt (Auto Loans) versus Revolving Debt (Credit Cards)
Stop by or call and ask about Score Enhancement.  We are happy to advise you on how to improve your credit score and help you lower the interest you are paying on your debt!