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What Does Your Credit Score Say About You?


Whether you are looking to buy a car, refinance a mortgage or rent an apartment for the first time, your credit score can tell a lot about your financial history. Your FICO® Score is a number formulated based on your credit history. It helps lenders evaluate your credit risk. Several factors go into your score, including payment history, amounts owed, length of credit history and types of credit used.
 

What's a Good Credit Score?

Your FICO® Score is rated on a scale of 300-850. You want a high score, because a good credit rating can help you obtain better rates on all of the major purchases that life brings, including a car, home and credit cards.
 
How you manage your financial health over time is important:
 

1. Timely bill payments are important

In general, people who continually pay their bills on time and demonstrate a good payment history tend to appear less risky to lenders. On the other hand, late payments and collections can have a major impact on FICO® Scores. Also, note that closing an account on which you previously missed a payment, will not remove it from your credit report. The missed payment will stay on a report for seven years.
 
 

2. Keeping balances low

High balances on your credit cards and other revolving credit can lower FICO® Scores. Likewise, a person with an installment loan balance that is high in relation to the original loan amount tends to be viewed as risky to lenders.

 

3. Opening new cards

While the available credit amount might increase, opening a new credit card could lower a FICO® Score. New accounts can lower the average time credit accounts have been established, which can lower a FICO® Score. Even if credit has been used for a long time, opening a new account can still lower a FICO® Score.
 
 

4. Closing credit cards 

Owing the same amount but having fewer open accounts may actually lower a FICO® Score. Closing unused cards is fine, but keeping balances low on open accounts will avoid negatively impacting a FICO® Score.

 

5. It’s OK to request and check your own credit report

Every 12 months every consumer is entitled by law to one free credit report from each consumer reporting agency through www.AnnualCreditReport.com. Checking your own credit report will not harm your FICO® Scores
 
For more information on how SCCU can help you with your financial needs, contact us today.
 

 
Websites not belonging to this organization are provided for information only. No endorsement is implied. 
 
SCCU and Fair Isaac are not credit repair organizations as defined under federal and state law, including the Credit Repair Organizations Act.  SCCU and Fair Isaac do not provide “credit repair” services or advice or assistance regarding “rebuilding” or “improving” your credit record, credit history or credit rating.  FICO is a registered trademark of Fair Isaac Corporation in the United States and other countries.

  • SCCU Routing Number: 263177903
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Space Coast Credit Union membership is open to all who work or live in Brevard, Broward, Flagler, Indian River, Martin, Miami-Dade, Monroe, Orange, Osceola, Palm Beach, Seminole, St. Johns, St. Lucie, or Volusia Counties in Florida.

  • Brevard: 321-752-2222
  • Broward: 954-704-5000
  • Miami-Dade: 305-882-5000
  • All Other Areas: 800-447-7228

*APR = Annual Percentage Rate. ^APY = Annual Percentage Yield.

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