Your credit score gauges your creditworthiness. Lenders use it to determine if your loan request is approved, the rate you will pay, and how much you will be approved for. Knowing your credit score is the first step towards financial success.
PSCU has added a new benefit for members- view your Vantage Score within online banking or mobile app!
What is a Vantage Score? There is a difference between the Vantage Credit Score and the FICO Credit Score. The FICO is determined by the Fair Isaac Company and is the score 90% of lenders use, including PSCU, to help determine if a loan is approved and the interest rate. The Vantage Credit Score is an estimate of the FICO credit score. The 3 credit bureaus- TransUnion, Equifax and Experian created the Vantage Score and it’s used in apps like Credit Karma. It’s a good indication of what your FICO score may be and will help you know if you need to work on improving it!
Take a minute and login to your account to see your Vantage Score. How to view:
- Online Banking- Click Credit Score under the My Accounts Menu.
- Mobile App- Tap View Your Credit Score in the More Menu.
Tips for improving your credit score:
- Don’t open a lot of new accounts at once. Each time you open an account, the creditor makes a “hard inquiry” on your credit. Each inquiry lowers your credit score by a few points.
- Clear up any collection accounts. Pay off the debt as soon as possible. These account stay on your report for 7 years, so the sooner you pay it off, the quicker it will come off your report.
- Keep your monthly bills low. Ideally, you’ll want to pay your monthly balances entirely, but if that’s not possible, keep the total credit used under 30% of the available credit.
- Pay your credit card bills on time. Prove to lenders that you can reliably pay your debt on time every month. If you have trouble remembering, set up reminder or even schedule your bills to be paid automatically through bill pay or the lender’s website.
- Check your credit. Order your free credit report from annualcreditreport.com each year and check for errors. If you find any, file a dispute with the credit reporting agency to have it fixed.
PSCU offers several options to help you improve your credit score- credit cards, share secured loans, credit builder loans and more! Call today to speak with a loan officer about your options- 260-432-3433.