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Albion Banking Center

53 E State St
Albion, PA 16401
Phone: (814) 756-4138

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Albion Banking Center

Andover Banking Center

19 Public Square
PO Box 1300
Andover, OH 44003
Phone: (440) 293-7605

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Andover Banking Center

Ashtabula Harbor Banking Center

1630 West 19th Street
Ashtabula, OH 44004
Phone: (440) 964-8999

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Ashtabula Harbor Banking Center

Austinburg Banking Center

1853 Route 45
PO Box 273
Austinburg, OH 44010
Phone: (440) 275-3333

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Austinburg Banking Center

Conneaut Banking Center

339 State Street
Conneaut, OH 44030
Phone: (440) 593-6595

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Conneaut Banking Center

Andover Bank Corporate Headquarters

600 East Main Street
PO Box 1300
Andover, OH 44003
Phone: (440) 293-7256

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Andover Bank Corporate Headquarters

Edinboro Banking Center

212 Plum St
Edinboro, PA 16412
Phone: (814) 734-1655

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Edinboro Banking Center

Geneva Banking Center

665 South Broadway
Geneva, OH 44041
Phone: (440) 466-3040

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Geneva Banking Center

Jefferson Banking Center

150 North Chestnut Street
Jefferson, OH 44047
Phone: (440) 576-2265

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Jefferson Banking Center

Madison Banking Center

6611 North Ridge Road
Madison, OH 44057
Phone: (440) 417-0200

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Madison Banking Center

Millcreek Banking Center

2420 Zimmerly Rd
Erie, PA 16506
Phone: (814) 833-4550

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Millcreek Banking Center

Stow Loan Production Office

3924 Clock Pointe Trail, Ste. 101
Stow, OH 44224
Phone: (844) 259-5473

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Stow Loan Production Office

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Credit Score Boost: Summer Edition

Credit Score Boost: Summer Edition

Wednesday, July 24, 2024/Categories: Everyday Money Management

Summer is a season of relaxation and fun, but it's also the perfect time to focus on improving your financial health. One crucial aspect of this is boosting your credit score. A higher credit score can open doors to better loan rates, credit card offers, and even job opportunities. Here are actionable steps you can take this summer to improve your credit score.

1. Check Your Credit Report
Start by obtaining your credit report from the three major credit bureaus: Equifax, Experian, and TransUnion. You're entitled to one free report from each bureau annually through AnnualCreditReport.com. Review your reports for errors, such as incorrect personal information or fraudulent accounts, and dispute any inaccuracies.

2. Pay Bills on Time
Payment history significantly impacts your credit score. Set up automatic payments or reminders to ensure you never miss a due date. Even one late payment can negatively affect your score, so consistency is key. Get started with Andover Bank’s online bill pay in our Online Banking.

3. Reduce Credit Card Balances
High credit card balances can hurt your credit score. Aim to keep your credit utilization ratio below 30%. This means if you have a credit limit of $10,000, your balance should be less than $3,000. Pay down existing debt and avoid making large purchases on your credit cards. Looking for a credit card that works for you? Explore credit cards at Andover Bank

4. Avoid Opening New Credit Accounts
Each time you apply for new credit, a hard inquiry is made on your report, which can temporarily lower your score. Limit new credit applications and focus on managing existing accounts responsibly.

5. Keep Old Accounts Open
The length of your credit history influences your score. Closing old accounts can shorten your credit history and negatively impact your score. Keep old accounts open and in good standing to show a longer, stable credit history.

6. Use a Secured Credit Card
If you have a low credit score or no credit history, a secured credit card can help. These cards require a cash deposit that serves as your credit limit. Use the card responsibly and pay off the balance each month to build a positive credit history.

7. Become an Authorized User
Ask a family member or friend with good credit to add you as an authorized user on their credit card. This can help you build credit, provided the primary cardholder maintains a good payment history.

8. Diversify Your Credit Mix
Having a mix of credit types—such as credit cards, installment loans, and mortgages—can positively impact your credit score. If you only have one type of credit, consider diversifying, but ensure you can manage any new credit responsibly.

9. Monitor Your Credit Regularly
Sign up for a credit monitoring service to keep track of your credit score and receive alerts about any changes. Monitoring your credit helps you stay informed and quickly address any issues that arise.

10. Negotiate with Creditors
If you're struggling with high balances or late payments, reach out to your creditors to negotiate better terms. They may offer lower interest rates, reduced payments, or other options to help you manage your debt more effectively.

Conclusion
Boosting your credit score is a valuable goal that can lead to numerous financial benefits. By taking these steps this summer, you can improve your creditworthiness and set yourself up for a more secure financial future. Remember, consistency and responsible credit management are key to achieving and maintaining a high credit score. Start today, and watch your credit score rise with the summer temperatures.

By implementing these strategies, you'll not only boost your credit score but also gain greater control over your financial health. Enjoy your summer with the peace of mind that comes from knowing you're building a solid financial foundation.

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