Credit Score Information
The FICO® Score is calculated from several different pieces of credit data in your credit report. This data is grouped into five categories. The percentages in the chart above reflect how important each of the categories are in determining how your FICO Score is calculated.
Starting in the 1960s, Fair Isaac sparked a revolution by pioneering credit risk scoring for the financial services industry. This new approach to lending enabled financial institutions to improve their business performance and expand consumers’ access to credit. Today Fair Isaac’s FICO® score is widely recognized as the industry standard.
Good Credit Has its Rewards
Many things in your life are based on your credit score. Whether you are buying a car, a house, renting an apartment, or even applying for a job, your credit is being reviewed. Having poor credit can have a negative impact on your life in a variety of ways.
Best Reward Federal Credit Union wants to help you increase your credit score to save you money and improve your financial well-being. Our loan staff will meet with you one-on-one and review your credit report to show you: what makes up your score, what actions can hurt your score, and how to improve your score. The higher your credit score, the better the rate you will receive on loans; saving you thousands of dollars over the life of the loan. We are committed to helping you build good credit.
Contact us to set up an appointment!