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Tips to Help Build & Maintain Good Credit

With 2023 in full swing, now’s a good time to forge a path towards building and maintaining good credit, particularly if you lack a solid credit history. While this may seem like a daunting task if you are not sure where to begin, no need to worry. We can help! We’ve a few tips to help you plan for your financial future.

The path to establishing good credit

Good credit is a blueprint for financial success. Therefore, it’s essential to create a track record that demonstrates sound money management principles as you begin planning your financial future. Keep in mind that the team at Franklin Savings Bank is happy to work with you to create a budget that reflects your short- and long-term financial goals, so you can avoid financial setbacks and stay on your path to financial independence.

How to build good credit

Let’s face it. We all want to create and maintain good credit. By doing so, you’re able to make important purchases, such as a vehicle or home. Here are a few tips to get you started on developing good credit.

  • First, open a checking account and keep track of your balance to help establish a solid credit history.
  • Use credit cards for unexpected emergencies only. Be careful not to overspend and avoid missed or late payments. This could potentially damage your credit and hurt your credit score if you miss or make late payments to creditors.
  • Develop a decent mix of credit (such as a revolving line of credit and an installment loan) to boost your credit score, which will reveal your ability to manage different types of credit.
  • Demonstrate your financial stability three to six months before making a major purchase.
  • Avoid opening or closing accounts or moving large amounts of money around.
  • Set aside at least six months of living expenses in an emergency fund to cover expenses should you become unemployed.

Maintaining your credit history

Once you’ve established good credit, it’s equally important to maintain it. These tips will help you, especially as you navigate through life stages.

  • Continue to make payments on time to your creditors.
  • Remain attentive on the types of credit you apply for. Remember the tip on maintaining a decent mix of credit?
  • Be sure to change your credit focus as you approach different stages of your life. For example, Gen Z may be focused on saving for a down payment, while Gen Xers or baby boomers may be paying down debt or planning for retirement, respectively.
  • Most importantly, monitor your credit regularly, so you can correct any errors and uncover any potential signs of identity theft. You are entitled to receive a FREE credit report annually from


By establishing good spending and saving habits early, you’ll be able to make your money work for you, as well as speed up your recovery should you encounter any temporary financial roadblocks along the journey to building and maintaining good credit. As always, the team at Franklin Savings Bank is here to offer sound financial advice to help you navigate pivotal financial milestones and plan for your future. Give us a call or stop by one of our offices. We are happy to assist you!

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