5 Genius Strategies for Using a Bank To Improve Your Credit Score

If you have checked your credit score lately and don’t like what you see, head to your local bank and get some assistance. That’s because your bank likely offers great tools and services for better managing your money and improving your credit score. While you might think your bank and your credit are separate, they’re more linked to your finances than you might realize.

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“Bank accounts are a valuable financial tool that can help consumers manage their money and their overall finances,” said Christina Roman, the consumer education and advocacy manager for Experian . “With this resource, consumers can establish direct deposit for their paychecks, track their spending, establish a budget, save money and pay their bills.”

GOBankingRates asked Roman for five genius strategies to add to your arsenal for using banks to improve your credit score.

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Build a Relationship With Your Bank

Like any good partnership, it takes the foundation of knowing each other to get anything truly accomplished. Start by forming a great connection with your bank.

“Establishing a relationship with a financial institution through a bank account could open doors to more financial products and services with that institution in the future,” Roman said.

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Tailor Your Checking Account

Checking accounts don’t usually play a major role in helping consumers build their credit, according to Roman, but many institutions offer free products and features that change that.

“For example, the Experian Smart Money Digital Checking Account and Debit Card helps consumers build credit without debt,” Roman said. “The digital checking account embeds Experian Boost, a feature that captures eligible payments like utilities and residential rent from the checking account and contributes the payments to the consumer’s Experian credit report to increase their FICO Score.”

Many banks and financial institutions, like Experian, offer a free or paid membership. With that access comes many financial tools that help consumers manage their financial health.

Let Your Bank Review Your Credit Score

“It’s hard for consumers to know what steps to take to improve their score if they don’t know where they stand financially. Because of this, consumers start reviewing their credit reports,” Roman said. “Their credit report is a history of how they manage and repay their debts, including credit cards, loans and other bills. A consumer’s credit report helps them see what areas need improvement.”

Learn How Your Bank Views Credit

Roman suggested that consumers understand what most impacts their credit score. This can be done by asking their bank how the bank itself views credit and what affects it.

“For example, payment history is the most important credit score factor and falling behind on just one payment seriously and quickly impacts their credit score. Consumers must make their payments on time to maintain a good credit score,” she said. “Consumers should also aim to keep their credit utilization rate low, as it has the second biggest impact on credit scores. They should strive to pay off their debts and pay their credit card balances in full each month.”

Take Advantage of Your Bank’s Free Services

“Finally, consumers should always take advantage of free resources and tools that help them reach their financial goals,” Roman said.

She noted that her bank offers the aforementioned paid membership that helps consumers along their financial journey, but there’s also a free option available.

“With a membership, consumers can access not only their credit score and report but resources such as an insurance marketplace where they can find the best credit cards for their needs or comparison shop for auto insurance,” Roman explained.

This article originally appeared on GOBankingRates.com : 5 Genius Strategies for Using a Bank To Improve Your Credit Score