Improving Your Credit Score

Save Money By Improving Your Credit Score

If you’re suffering from a low credit score, you are not alone! Millions of people in the U.S. have credit scores so low they have a hard time getting loans with good rates and terms. Improving your credit score can save you thousands of dollars in loan interest fees. Even if you have good credit, there may still be room for improvement.

It pays to have a good credit score

We’ve designed a Complimentary Credit Review* service to help our members identify ways in which they can improve their financial well-being either by helping them create a roadmap to improve their credit rating or looking for ways to help our members save more! These sessions are designed to enable us to focus our time and expertise completely on you. Additionally, members are not obligated to apply or sign-up for any of Viriva’s products or services.

CALL OR EMAIL us today to schedule your Complimentary Credit Review!*

Start by understanding the Credit Score

1. Range of Scores:

  • 730-830 = A+ or Platinum
  • 680-729 = A
  • 640-679 = B
  • 600-639 = C
  • 550-599 = D
  • 549 & Below = E

2. What Makes Up Your Credit Score?

  • 35% = Based on payment history (i.e. on-time pays or delinquencies; more weight on current pay history)
  • 30% = Capacity
  • 15%  = Length of credit
  • 10% = Accumulation of debt in the last 12-18 months (# of inquiries, opening dates)
  • 10% = Mix of credit (installment vs. revolving)

3. What Actions Will Hurt Your Score?

  • Missing payments (Regardless of amounts ,it can take 24 months to restore credit with one late payment)
  • Credit cards at capacity (i.e. maxing out your credit cards)
  • Shopping for credit excessively
  • Opening up numerous trades in a short time frame
  • Having more revolving debts in relation to installment debts
  • Closing credit cards out (this could lower available capacity)
  • Borrowing from finance companies

4. How Can You Improve Your Score?

Pay off or pay down your credit card balances

  • Do not close credit cards because your capacity may decrease
  • Move your revolving debts into an installment debt
  • Continue to make payments on time (older late pays will become less significant with time)
  • Slow down on opening new accounts
  • Acquire a solid credit history with years of experience

5. Approximate Credit Weight for Each Year:

  • 40% = Current to 12 months
  • 30% = 13-24 months
  • 20% = 25-36 months
  • 10% = 37+ months


*Members are required to provide Viriva with at least a 24 hour cancellation or rescheduling notice, otherwise a $5.00 cancellation fee will apply.