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Louisiana FCU Blog

Louisiana Federal Credit Union Blog

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The Truth about Your Credit Score

Your credit score is a number based on the information in your credit file. This score shows the likelihood of your ability to re-pay a debt on time. Lenders use this score to determine whether you qualify for a loan and what interest rate you will pay.

What actions will hurt your credit score?

  1. Missing payments – missing on single payment can take up to 24 months to restore good credit. 35% of your total credit score is based on pay history.
  2. Maxing out credit cards – maxing out a credit card can reduce your credit capacity and lower your score.
  3. Closing credit cards – closing credit cards also reduces your credit capacity.
  4. Shopping for credit excessively – don’t have your credit pulled just to get a shopping store credit card to save 10% on a purchase. In the long run, you will pay back more than 10% on that purchase.
  5. Having more credit revolving lines than installment loans – If possible, move balances on high interest revolving lines to an installment loan, but do not close the revolving line.

What actions will improve your credit score?

  1. Pay down credit cards – try to get your balance down past 50% of the available credit line.
  2. Always make payments on time – set up an automatic payment, if possible. With today’s technology in mobile banking and on-line banking, this is easy and convenient.
  3. Don’t open new accounts, unless absolutely necessary.
  4. Have a good mix of credit – installment debt raises your credit score and revolving debt will lower it.

Did you know that if you are denied credit for any reason, you are entitled to a free credit report?  Check out

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Louisiana FCU
P.O. Box 1956
LaPlace, LA 70069

Phone: 985.652.4990
Toll-free: 888.652.4990
Fax: 985.651.8001
Routing # 265476411