Nicole Saylor, Clarkston Branch Customer Service Manager & Officer
It’s a new year and while you may be making those resolutions to eat healthier or exercise more – why not resolve to have a brighter financial future with good credit?
Why Good Credit is Important
A key ingredient to your success is establishing and maintaining good credit habits. Why? Having good credit helps demonstrate that you have healthy money management principles, which in turn means banks, lenders, and financial institutions will be more receptive to loaning you money for your short and long-term goals. These could include qualifying for loans for a new car, new house, or even getting approved for credit cards.

Just like in cooking, key ingredients make all the difference! When it comes to your finances, establishing and maintaining good credit habits should be a part of your recipe for success.
Bets Practice Tips for Good Credit Habits
Now that you know why it’s important, here are 7 quick tips from our Waterford team and the Independent Community Bankers of America (ICBA) to help you maintain and build credit.
- Open a checking account and keep careful track of your balance to help establish a credit history.
- Use debit and credit cards for convenience and safety. Be careful not to overspend and avoid missed or late payments, which can hurt your credit score.
- Develop a good mix of credit (such as a revolving line and an installment loan) to boost your score and demonstrate that you can manage different types of it.
- Show stability in the three to six months before a major purchase. Avoid opening or closing accounts or moving large amounts of money around.
- Build an emergency fund equal to at least six months of living expenses. Establishing a financial cushion to help absorb unexpected expenses and avoid penalties and fees for missed or late payments.
- Alter your focus as you approach different life stages. While Gen Z might be saving for a down payment, Gen Xers or baby boomers may be paying down debt to plan for retirement, respectively.
- Monitor it regularly so you can correct any errors and detect potential signs of identity theft. Order a copy of your credit report annually from www.annualcreditreport.com.

Remember to be vigilant when it comes to your accounts. Monitor you monthly statements for suspicious activity that could negatively impact your credit score and financial security.
By establishing and maintaining positive habits you’re creating a blueprint for financial wellness and prosperity that will help you reach your goals and avoid financial setbacks. If you need a hand navigating life’s financial milestones, we’ve got you covered for personal and business banking.
About the Author

Nicole Saylor is the Branch Customer Service Manager & Officer at Waterford Bank, N.A. in Clarkston, Michigan. As a mother of three, she is a master in educating and problem solving, skills she brings to the job daily. If you’d like to connect with Nicole to discuss personal banking services or another aspect of your financial journey, please contact us here.