Educational
Sunny Scores: Boost Your Credit While Enjoying Missouri’s Summer
July 11, 2024
Summer is the perfect time to explore the Show-Me State and enjoy its diverse attractions. But did you know that your summer fun can also contribute to a healthier credit score? Here’s how you can boost your credit while soaking up the Missouri sun.
Explore and Spend Wisely
Missouri offers a plethora of activities that are not only enjoyable but can also help you manage your finances better. From camping adventures at Cuivre River State Park in Troy to the family thrills at Kokomo Joe’s Family Fun Center in St. Peters, there’s something for everyone. And when you use your Peoples Savings Bank credit card responsibly, you’re on your way to building a stronger credit history.
Credit Building Through Entertainment
Attending concerts, visiting parks, or exploring museums like the Saint Louis Art Museum can be more than just entertaining. When you purchase tickets with your credit card and pay off the balance on time, you demonstrate financial reliability. This can positively impact your credit utilization rate, which is crucial for your credit score.
Shopping for Credit
Missouri’s shopping scene offers a unique opportunity to improve your credit score. Whether you’re at a boutique in Hermann or a mall in St. Louis, use your credit card for purchases and keep your utilization below 30%. This shows lenders that you can handle credit effectively.
Rewards That Build Credit
Many credit cards offer rewards for spending on dining, travel, and entertainment. By using your Peoples Savings Bank credit card for these expenses, you can earn points while also building credit. Just remember to pay off the balance each month to avoid interest charges.
Tips for Improving Your Credit Score
- Review Your Credit Report: Use a quiet summer afternoon to log onto AnnualCreditReport.com and review your credit reports from the three major bureaus.
- Pay Bills on Time: Set up automatic payments for your utility bills to ensure they’re never late.
- Reduce Debt: Start a side hustle or set aside some of your savings to pay more than the minimum on your credit card bills.
- Increase Credit Limits: If you’ve been responsible with your credit card, consider asking for a credit limit increase to improve your utilization ratio.
- Diversify Your Credit: If you have a history of using credit cards, you might consider a small loan for a planned purchase, to show a mix of credit types.
- Become an Authorized User: If your parent has a long-standing account with their bank, ask to be added as an authorized user to benefit from their positive credit history.
- Avoid Opening New Credit Lines: Resist the temptation to open a store credit card for discounts, as this could temporarily lower your credit score.
- Keep Old Accounts Open: Keep your oldest credit card active by using it for small, regular purchases.
- Negotiate with Creditors: If you have any past due bills, summer might be a good time to call and negotiate a payment plan or settlement.
Missouri’s summer offerings are not just a gateway to fun but also a path to better credit. By using your credit card responsibly for summer activities, you can enjoy the season and improve your financial health. Remember, Peoples Savings Bank is here to support your journey with a variety of credit services designed to meet your needs.
Peoples Savings Bank is an Equal Housing Lender.