Your credit score is an important factor in your financial journey as it represents your potential risk of repaying your loans to lenders and creditors. Your credit score may also impact loan interest rates and term lengths which is why it’s crucial to be aware of your credit score and any changes that may occur.
Links:
- Learn more about the benefits of a Better Checking account
- Access your better checking benefits through the Better Checking website
- Check out TCU University for financial education tips and resources!
- Follow us on Facebook, Instagram and Twitter!
- Learn more about Triangle Credit Union
Transcript:
Welcome to Money Tip Tuesday from the Making Money Personal podcast.
There are five factors to how your credit is scored – payment history, balances owed, age of credit, credit mix, and recent activity. Payment history and balances owed have the largest impact on your score.
Credit score ranges may vary based on the credit bureau’s scoring model, however they are similar to:
- 300-579: Poor
- 580-669: Fair
- 670-739: Good
- 740-799: Very good
- 800-850: Excellent
The higher your credit score, the better rate you will get and the lower your payment will be. Your credit score can also influence your approval rate for many other things besides loans. It can determine if you get approved for a credit card and how much you get approved for. Property owners look at credit scores to decide who they want to rent to. Insurance premiums can also go up if your credit score is low.
Valuable Insights into Your Credit with Better Checking
Now that you know how your credit score works and why it matters, let’s focus on some benefits you get with your Triangle Credit Union Better Checking account.
- Credit Score Tracking
Receive valuable insights into your credit score and see your score plotted monthly in a chart so you can easily see your changes over time. Your credit score is analyzed with different factors by TransUnion—total of all account revolving balances, real estate information, oldest account, loan balances, recent account delinquencies, and derogatory payment status.
You can also receive monthly notifications right to your email to easily track your score.
- Credit Report
Your personal credit report contains details about your financial behavior and identification information. Each credit reporting agency collects and organizes data about your credit history from your creditors and public records.
Reviewing your credit report allows you to check for mistakes or fraud and it’s a good way for you to understand what lenders see when they check your credit history.
- Credit File Monitoring
Credit File Monitoring consistently reviews your credit history in order to detect any key changes and verify the accuracy of what is reported.
With IDProtect, you have access to credit file monitoring – your credit report will be checked daily and you will be notified by email when key changes or important activity related to your credit report are detected, such as: credit inquiries, public records, delinquencies, negative information, employment changes, new accounts opened.
Alerts may also be sent directly to your mobile phone via text and can be set up on our dedicated Better Checking website.
In addition to credit score tracking and identity theft protection, your Triangle Credit Union Better Checking account also offers enhanced cell phone protection for up to four phones on your account—up to $400 per claim! Visit our checking account page to learn more and open an account today!
