A Closer Look at Credit, Credit Scores & How to Improve Yours

May 12, 2021
You ask, what determines a credit score?  There are three credit bureau agencies, TransUnion, Experian and Equifax.  Each may come up with a different score based on a list of factors, some to consider:
  • Timely payment history – Whether you pay your bills on time, including credit cards, student loans, mortgage payment, or any other line of credit
  • Outstanding balances – Amount that you owe, whether it’s your mortgage, credit card or a student loan
  • Credit utilization – The amount of credit available to you (balance owed vs. available amount)
  • Years established – The longer your credit history, the better lenders can gauge your ability to repay
  • New credit – Multiple new accounts opened recently, number of inquiries on your credit status, these are called “hits” and can affect your credit score negatively
  • Types of credit – The mix of accounts you hold, such as auto loans, credit cards, student loans or mortgages

  • Limit the number of inquiries to your credit
  • Pay accounts on time – every month
  • Monitor your credit report for inquiries and errors

Paying on time eliminates finance charges and makes you a candidate for approved credit when you need it.
United Cooperative 30 day credit terms
United Cooperative offers “convenience credit” to approved patrons according to the credit policy established by the Board of Directors. All purchases are required to be paid by the end of the month in which you receive your statement.  Simply put we do not extend credit past the 30 day terms.  To facilitate paying on time & getting discounts available we have on-line bill pay.  Sign up today from our website or call the credit department for assistance.

Mary Beth Schade

Vice President - Credit & Administrative Services


David Cramer