BMO Harris Financial Tip of the Week: Improve Your Credit Score
News from Sacramento Bee:

/PRNewswire/ — As part of BMO Harris Bank’s ongoing commitment to financial literacy and Helping Make Money Make Sense, BMO Harris is providing weekly financial tips.  This week’s tip offers steps to improve your credit.

Just like a top football, basketball or hockey player is drafted based on their stats, your credit score is used to determine your financial fitness.

Your credit score is the best way to define your ability to handle debt. It’s based on several aspects of your financial picture and can help creditors determine if you’re responsible with your money.

Improving your credit is one of the easiest ways to improve your overall financial scorecard. Doing so may help you get approved for loans and lower your interest rates and insurance premiums.

BMO Harris Bank recommends the following steps for improving your credit score:

  • Pay on time. Payment history is one of the most important factors used to calculate your credit score, so consistently paying on time is one of the easiest ways to boost your score. To help you pay on time, consider enrolling in an e-bill pay program that will make payments automatically on your behalf and guarantee they arrive on time.
  • Reduce debt-to-credit ratio. Focus on paying down the amount you owe on…………… continues on Sacramento Bee

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