How to Reach Your Credit Goals
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Building Credit
I’m just getting started. I could use tips on managing my money and understanding the ins and outs of credit.
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Repairing Credit
I’m getting back on track. I need guidance and advice on paying down debt and rebuilding my credit.
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Maintaining Credit
I’m on the path to financial freedom. I want to stay on top of my credit health and reach my goals.
What Is Credit and Why Does It Matter?
Your financial power
Learn the Basics
Set yourself up for success by learning the basics of credit, why you need it and how it works. After all, a strong credit history can help when:
- opening a new credit card
- buying a car or home
- applying for a job
Get Your Credit Report
The 3 national credit reporting agencies—Equifax®, Experian® and TransUnion®—are required to provide you a free copy of your credit reports once a year. You can request and review your reports at annualcreditreport.com. If you find an error contact the credit bureau directly to file a dispute.
How To Build Credit
Credit is an important part of your financial life. Do these 3 things to start your credit journey off strong:
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Apply for a Secured Card
A secured credit card works like any other credit card, but it’s backed by a cash deposit—which makes it a perfect starter card for building credit.
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Consider a Co-Signer
If you’re having a hard time getting approved for a loan on your own, adding a co-signer with an established credit history could help.
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Use Your Credit Wisely
Create a budget and spend only what you can comfortably pay back. Be extra vigilant about making payments on time and try not to use all available credit.
UNDERSTANDING YOUR CREDIT SCORE
How is your credit score calculated?
Generally, 5 factors determine your credit score: payment history, amount owed, length of credit history, new opened credit accounts and types of credit.
about credit scores and reportsLearn more about how your credit score is calculated
More Resources to Build Your Credit
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4 Secrets to Getting Your Credit Card Application Approved
What do lenders consider when you submit your application? Find out here.
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Credit Cards 101: What You Need To Know Before Opening Your First Card
Choose and use your first credit card wisely.
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How Does a Secured Credit Card Work?
If you have credit problems or no credit, a secured credit card from Navy Federal Credit Union can help. Here's how.
Learn More about How Does a Secured Credit Card Work?
How To Repair Credit
When you’re trying to rebuild credit, small decisions can have a big impact. Take these 3 actions today to start getting your credit back on track:
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Schedule Your Payments
Late payments can ding your credit score. Create calendar reminders or set up autopay to make sure you never miss a due date.
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Review Your Budget
Look for ways to make your money go further and reduce unnecessary expenses, so you can prioritize paying down existing balances.
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Pay Down Debt
When possible, always pay more than the minimum payment. Even a few extra dollars a month can help you lower debt faster.
IMPROVing YOUR CREDIT SCORE
Mission: Credit Confidence® Dashboard
Want to build or improve your credit or just keep a watch on your score? Your free Mission: Credit Confidence® Dashboard has all the tools and tips you need in one place. Check out the score simulator to see how certain actions can affect your score, get alerts and monthly credit score updates and more.
Visit the Dashboard about the Mission Credit Confidence Dashboard
More Resources to Repair Your Credit
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What is a Credit Utilization Ratio?
Your credit utilization ratio may influence your credit score. Find out what it is and how to improve yours.
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How to Request & Read Your Credit Report
Your credit report gives you your credit history and can tip you off to identity theft and fraud alerts. You can get a free credit report each year.
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Credit Card Debt Guide
Debt can be either “good” or “bad”, depending on what it’s used for and why. Learn what the differences are and how to manage debt wisely.
Learn More about Credit Card Debt Guide
How To Maintain Credit
Even when you’re well on your way to reaching your credit goals, it helps to take an occasional pulse check. Use these three methods to stay on top of your credit health:
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Pay Attention to Utilization
The percentage of available credit you're using is one of the biggest factors impacting your credit score. In general, the lower the percentage the better for your score.
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Get Credit Score Alerts
Keep on top of changes to your credit score by setting up alerts in the Mission: Credit Confidence Dashboard. You'll get an email any time your score changes significantly.
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Monitor Your Progress
Get into the habit of checking your full credit reports periodically for potential areas of improvement, as well as for any discrepancies that may indicate fraud or an error in your report.
Monitoring your credit and keeping track of your spending
Money Management with My MakingCents®
Wherever you are in your credit journey, My MakingCents can help you get a better sense of your overall financial health. Track spending, create a budget, monitor credit, view all accounts and investments (even those at other banks and credit unions)—for free.
More Resources to Maintain Your Credit
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What You Should Know About Managing Your Credit Cards
Tune in to hear from Navy Federal some insight about a financial tool you might use every day—your credit cards.
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How Many Credit Cards Should I Have?
Learn the pros and cons of having multiple credit cards and determine how many are right for you.
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Does Closing a Credit Card Hurt Your Credit Score?
Canceling a credit card is more than discarding some plastic—it could also affect your credit score.
Learn More about Does Closing a Credit Card Hurt Your Credit Score?
Still need help?
Free Personal Finance Counseling
Connect with our personal finance counselors for free guidance tailored to your needs on achieving your money goals. Get help setting up a budget, building savings and taking control of your finances.
Disclosures
The credit score and report you will receive through Mission: Credit Confidence® Dashboard is a TransUnion® credit report with a TransUnion® Vantage 3 Score.