Financial Resources & Tools

Rebuild Your Credit

Rebuild Your Credit

It’s important to understand there are no quick fixes for improving your credit score. However, there are many ways to steadily make positive change while avoiding more negative hits.

Our partner, GreenPath Debt Solutions, suggests the following 11 steps to rebuilding your credit over time.

  1. Pay all your bills on time. Delinquent payments, even if only a few days late, and collections can have a major negative impact on your credit score. This applies to all your accounts, including utilities.
  2. If you have missed payments, get current and stay current. The longer you pay your bills on time after being late, the more your score should increase. Older credit problems count for less, so poor credit performance won't haunt you forever. The impact of past credit problems on your score fades as time passes and as recent good payment patterns show up on your credit report.
  3. If you are having trouble making ends meet, contact your creditors or a reputable non-profit credit counseling agency like GreenPath. If you can begin to manage your credit and pay on time, your score should gradually improve. Seeking assistance from a credit counseling service will not hurt your score. If you decide to enter a Debt Management Plan, your score may initially go down because lines of credit will be closed.
  4. Keep balances low on credit cards and other revolving credit. High outstanding credit card debt can negatively impact your score.
  5. Pay off debt rather than shifting it from one credit card to another via balance transfers. The most effective way to increase your score in this area is by paying down your total revolving (credit card) debt...

To read steps 6 through 11, and for more information about rebuilding credit and financial counseling, visit greenpath.com.

We also offer resources so Clearview members can request their credit profile, learn more about finances and get back on track. Click here to visit our Financial Education and Literacy Pages, or click here to access loan calculators, retirement calculators, our Auto Buying Resource Center and our Home & Family Finance® Resource Center.

To start rebuilding your credit now, consider some of the following Clearview products to help you along the way:

  • Savings Accounts – In addition to the Clearview Savings account required for Credit Union membership, we also offer a variety of club accounts, Money Market accounts and other savings options that make preparing for the future easy and hassle free. Depositing as little as $5.00 per pay is a great start.
  • Consolidation Loan – Consolidate all your debt with one low rate on a Clearview Consolidation loan. You can simplify billing by combining everything into one low payment and reducing your debt over time.
  • Secured Loan – Including new and used Auto Loans, Home Equity Loans, First Mortgage Loans and Personal Secured Loans.
  • Secured Visa® Credit Card – A $250 or $500 maximum credit line allows you to use this card for emergencies, without drowning in debt.
  • Better Choice Loan – This payday loan alternative provides you with extra cash quickly, at a competitive rate, when you need it for unexpected or emergency costs.

Stop by a Clearview branch today to speak personally with our staff about how we can help rebuild your credit and improve your financial future. We look forward to seeing you!