A strong credit score is a key that can unlock opportunities, like lower interest rates and better borrowing terms. “It’s a three-digit number that determines how creditors, lenders and landlords look at your ability to repay them,” said Simon Powley, SVP/chief revenue officer, Kitsap Credit Union. Scores range from 300 to 850, and the higher, the better. A good credit score is generally 670 or higher, a great score is 740 or higher and an excellent score is 800 or better. If you’re building your credit from scratch, it does take time to increase your score. “You need to know that you need to show repayments,” Powley said. “It’s all about being able to pay and reestablish or establish your credit that way.” Three ways to establish your credit are paying your bills on time, becoming an authorized user on a family member’s credit card or applying for a share-secured loan. A share-secured loan is a low-risk option that uses your savings account as collateral. “On your credit report what that looks like is a regular credit card or an installment loan, think of a car loan, something like that,” Powley said. “It shows the same way to the bureau, so they look like you actually have a relationship with a financial institution and you’re making regular payments back to them.” If you’re rebuilding your credit after missing payments or filing for bankruptcy, here are some steps you can take: Check your credit report: Get a free copy of your report and look for errors, like incorrect accounts or payments marked late. Dispute any errors: If you see mistakes, you can file a dispute with the credit bureau to have it corrected. Pay off delinquent debts: If you have collections, try to negotiate a payment plan. Some creditors may even agree to remove negative marks after you pay. Rebuild with new credit: A share-secured loan is a good option to start. Make payments on time: Payment history is 35 percent of your credit score, so set reminders or autopay. “Even if it’s the minimum amount on a tough month, make sure you’re making those minimum payments,” Powley said. It’s also important to keep your credit card balances low, limit new credit applications and keep your older accounts open. Closing them can hurt your credit score because the length of your credit history matters. To learn more about share-secured loans and other tips for improving your credit score, visit the Kitsap Credit Union website. Sponsored by Kitsap Credit Union Segment Producer Rebecca Perry. Watch New Day Northwest 11 a.m. weekdays on KING 5 and streaming live on KING5.com. Contact New Day.