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Get to Know Your Credit Score
Your credit history stays with you for your entire life, so it's important to build your credit responsibly. One way to be responsible is to understand how using credit will impact you.
Credit Scores
Your credit score is one of the most important components of your financial profile. Credit scores are calculated from the credit data in your credit report. Starting and maintaining a positive credit history and a solid credit score is important because the higher your score, the more likely you will get approved for loans and qualify for the best rates. Five factors are analyzed when calculating your credit score:
- Payment History. This category considers your bill paying habits for all credit accounts you may hold, which can include credit cards, auto loans,
mortgages, most utility bills and more. Your payment history will positively impact your score if you pay all your bills on time, as agreed. Conversely,
your payment habits will negatively impact your score if you miss or make late payments, have past-due items or collections on your account or file
bankruptcy.
- Amounts Owed. This category takes into account how much you owe compared to your available credit. The closer you are to your credit limits,
the greater the negative impact is on your score. For instance, if you have a $1,000 credit limit on your credit card, and your balance is close
to that available balance, it can negatively impact your score.
- Length of Credit History. This category takes into account the length of time that you've responsibly maintained your credit accounts. Lenders tend
to prefer borrowers with longer credit histories, so if you've had credit accounts open only for a short amount of time, your score may be on the lower end.
- New Credit. Be cautious about opening too many accounts in a short amount of time. Rapid opening of new accounts can lead to uncertainty about
your ability to handle the new credit.
- Types of Credit Used. This category looks at the overall mix of types of credit. Factors include the presence, frequency and recent information
on various types of accounts such as credit cards, retail accounts, auto loans, student loans, mortgages and more.
My Credit Score
One way you can learn more about your score is by monitoring your score for free with My Credit Score, our new online tool available through Web Branch. You'll have access to tools that will be very useful to you such as:
My Score
Access your credit score free of charge and track your credit over time.
Credit Report Card
View a simple, straightforward snapshot of your credit report.
Credit Simulator
This simulation tool allows you to plan ahead to see how financial decisions, like applying for a loan or closing a credit card, may impact your credit score.
Learn more about My Credit Score »
Where Do I Find My Credit Score?
When you log in to Web Branch, you'll first see a section on your Account Summary page that shows your credit
score number. This credit score is updated quarterly. When you click "My Credit Score Login," you’re prompted to
register with Credit Karma, our provider of credit scores.
Learn more about My Credit Score today.
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