Whether you plan to make a big purchase soon or get a loan in the future, now is the time to think about and understand your credit score.
Your credit score is a measurement of your overall financial health. It’s a key piece of your financial identity, which is why it’s crucial to build good credit early on. While a poor score can make landing the job you need, getting the car you want, and other lifestyle decisions extremely difficult, a strong credit score can give you a competitive edge during lending decisions as well as give you the freedom to make important lifestyle decisions, like getting the right car loan and buying the perfect home for you and your family.
The time to think about your credit score is now. The earlier you commit to making healthy financial lifestyle choices, the easier it will be to build up your credit score and thus, change your life for the better.
How Do I Build My Credit?
There are several moving parts to consider when trying to build strong credit:
Payment History: Your track record of paying back your debts on time. This component encompasses your payments on credit cards, retail accounts, installment loans (such as automobile or student loans), finance company accounts and mortgages.
Amounts Owed or Credit Utilization: Essentially, how deeply in debt you are. This number contributes to determining if you can handle what you owe.
Length of Credit History: Refers to how long you have had and used credit.
Type of Credit: Concerns the “mix” of credit you access, including credit cards, retail accounts, installment loans, finance company accounts and mortgage loans.
New Credit (Inquiries): By opening a new credit card or settling upon a new loan, you will be taking on more debt.
While considering all these factors is imperative, it can also be overwhelming. RMLEFCU wants to empower you to have as much control over your financial future as possible, which is why we partnered up with Savvy Money.
What is Savvy Money?
SavvyMoney is a comprehensive credit score program that instantly provides a comprehensive credit score analysis, full credit report, monitoring, credit alerts, and personalized offers—all in one dashboard. Not only can you access your most recent credit score and reports with no repercussions, but SavvyMoney helps you understand each factor that influences your credit score. You’ll even have personalized offers from RMLEFCU that can help you reduce your interest rates. This invaluable tool is available online and via mobile banking, so with a swipe or two of your phone, you can start shaping your financial future to align with your goals.
Here are a few frequently asked questions that provide even more light on this great program:
Is there a fee?
No. SavvyMoney is entirely free and no credit card information is required to register.
Will accessing my SavvyMoney Credit score 'ping' my credit and potentially lower my credit score?
No. Checking SavvyMoney Credit Score is a “soft inquiry”, which does not affect your credit score. Lenders use ‘hard inquiries’ to make decisions about your credit worthiness when you apply for loans.
How often is my credit score updated?
If you are a regular online banking user, your credit score will be updated every month and displayed in your online banking screen. You can click (or tap) “refresh score” as frequently as every day by navigating to the detailed SavvyMoney site from within online banking.
How does SavvyMoney Credit Score keep my financial information secure?
SavvyMoney uses high-level encryption and security measures to keep your data safe and secure. Your personal information is never shared with or sold to a third party.
Your Protective and Reliable Credit Union
RMLEFCU is determined to help you build and maintain a strong credit score so you and your family are on the right path to financial success. If you have any questions about SavvyMoney, give us a call at 303.458.6660 or email us at firstname.lastname@example.org. Or, if you’d like to check out SavvyMoney for yourself, it’s as easy as logging into RMLEFCU’s online or mobile banking!