Credit & debt management

The key to borrowing: understanding credit and debt

Many factors can affect your credit score and, therefore, how much and when you can borrow. Bank of America has the tools and resources to help you build credit.

Understanding credit Know your credit score. Know your borrowing potential.

First things first, it's important to understand how your credit score is calculated.

Learn more

Educational content provided by Better Money Habits®

Illustration of a FICO credit score gauge.
Illustration of three different credit cards

Choosing credit cards Working in your favor

Bank of America offers an array of credit cards. You can choose which ones work best for your situation — from low interest rates to a variety of rewards. Can’t decide? Maybe having more than one is right for you.

See credit card options

Educational content provided by Better Money Habits®

Keeping tabs on your credit

It’s important to manage your credit card or line of credit responsibly by understanding your credit limit and using available tools to stay on top of account activity.
A woman looking at a computer with an unusual credit card activity overlay

Be aware

You can opt in for alerts1 about unusual activity and more.

See how
A young man and woman outside with an overlay that shows a credit security gauge.

Monitor security

Help secure your accounts by activating more security features and tools.

Visit the Security Center
Phone with text screen asking Erica® to see duplicate charges

Watch your bill

Erica®2, your virtual financial assistant, can alert you of duplicate charges.

Meet Erica®

paying down debt

Debt is common. Reducing it can be too.

If you have multiple debts, one option is to work with a credit counselor. You can also talk to your creditors; they may be able to adjust your rate or payment plan.

Educational content provided by Better Money Habits®

A diagram showing two arrows merging.

Consolidate

High interest rates make it even harder to pay down debt. In that case, a balance transfer can be helpful. A Bank of America home equity line of credit could get you a more favorable rate to pay down other debts.

A magnifying glass showing a decreasing bar chart.

Reduce payments

Refinancing your mortgage3 or auto loan can potentially lower your monthly payments. Calculate your mortgage or auto loan to see if it lowers monthly expenses.