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Never Charge Simply to Build Good Credit
05/15/24
It’s no secret that a solid credit history helps improve your overall credit score. Having a solid track record of paying a mortgage, an auto loan, and a credit card bill on time will positively impact your rating, but never make a purchase on credit, or take out a loan simply to “build good credit.” While paying off the loan could make a positive impact, if you don’t make payments on time – even one payment – your score could drop dramatically.
Paying your bills on time is the best way to improve your credit rating. Never use credit if you have any doubt, you can make the payments; one late payment can ruin months of on-time payments.
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This article contains general information only. Sunflower Bank, N.A. is not, by means of this article, rendering accounting, financial, investment, legal, tax, or other professional advice or services. It is not meant as a substitute for such professional advice or services. Before making any decisions related to these matters, you should consult a qualified professional advisor. Investment and insurance products are not FDIC-insured, are not a deposit or other obligation of, or guaranteed by the bank or an affiliate of the bank, are not insured by any federal government agency and are subject to investment risks, including possible loss of the principal amount invested.