Why Good Credit Is So Important

Why is it important to have a good credit score? Simply put, your credit score is a big factor that lenders use to determine your credit worthiness- making it more than just a number. A good credit score will determine whether you will be approved for loans and the interest rates you will pay. Your credit report and the score within it are key aspects of your financial health.

Benefits of having a good credit score:

• Lower credit card and loan interest rates
• Increased chance for loan approval
• Better loan terms
• Insurance discounts
• More likely to be approved for an apartment or home
• Save money

Credit scores have become such an integral part of our everyday lives. That is why it is so important for you to keep track and understand how your financial decisions affect your credit score. As your trusted financial partner, we are here to help with a variety of financial education tools and resources to help you monitor and improve your credit!

Check your credit score for free with SavvyMoney when logging into Online & Mobile Banking and selecting “Credit Score” from the main menu! Within the SavvyMoney credit score platform, you can:

• View your current score, score analysis, and score trends (over the length of time you have been enrolled)
• View information from your credit report including score, open trades, closed trades, balances, payment history, and etc.
• Access the ‘Score Simulator’ tool to see how adding a new credit line, paying a current loan down/off, and etc. would impact your score
• View other loan products that might benefit you
• View alerts about your credit report such as score changes, credit usage changes, payment history updates, and more
• Use credit monitoring tools and alerts
• And more!

To sign up for SavvyMoney, you must log into Online or Mobile Banking and select “credit score” from the main menu. From there, you will need to accept a user agreement and answer a few verification questions. If you have questions or need help, give us a call at 855.835.6328, utilize the Live Chat feature within Online & Mobile Banking, or stop into your local branch.

Looking for some additional financial education resources?

In addition to the SavvyMoney platform within Online & Mobile Banking, there are also a variety of financial tools available at the top of your main dashboard within Online & Mobile Banking that allow you to view easy-to-read charts and information on areas of your finances such as net worth, cash flow, trends, budget, spending, debts, and more!

Click here to view past blogs under the “Financial Education” category, and stay tuned to the MFCU Blog for continuous financial education content!

We also have a variety of financial calculators available that are free to use and give you the capability to email your results and information to yourself anytime you use one of the financial calculators. Click here to check them out!