When it comes to your credit score, knowledge is power. However, according to an online survey conducted by LendingTree, 37% of the population is unaware of how their credit score is determined.

It's shocking because in order for you to have a healthy relationship with your credit and manage it wisely, you need to know what goes into your credit and which factors can either improve or hurt it.

"Realistically, it does the make the difference between being able to go and buy a new car or house," Kathy Struzyk from Good Neighbors Credit Union told me. "Your credit score determines your freedom to be able to do whatever you want."

Kathy explained the three main factors that ultimately make up your credit score:

  • Payment history: Have you had consistent, on-time payments? Have you ever had any late payments?
  • Credit/loan balances: How much do you owe on your credit card in relation to how much your limit is?
  • Length of history: How long have your accounts been open for?

Now that you know the three main factors that affect your credit score, focus on them in order to effectively manage your credit score and take control of it. If you ever need assistance doing so, remember that Good Neighbors Credit Union is here for you!

Visit one of their two branches in Buffalo at 251 Grant St. or 30 Brunswick Rd. in Depew or visit them online at www.goodneighborscu.com.