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Your credit score is an important factor in your financial journey as it represents your potential risk of repaying your loans to lenders and creditors. Your credit score may also impact loan interest rates and term lengths which is why it’s crucial to be aware of your credit score and any changes that may occur.
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Transcript:
Welcome to Money Tip Tuesday from the Making Money Personal podcast.
There are five factors to how your credit is scored – payment history, balances owed, age of credit, credit mix, and recent activity. Payment history and balances owed have the largest impact on your score.
The higher your credit score, the better rate you will get and the lower your payment will be. Your credit score can also influence your approval rate for many other things besides loans. It can determine if you get approved for a credit card and how much you get approved for. Property owners look at credit scores to decide who they want to rent to. Insurance premiums can also go up if your credit score is low.
Receive valuable insights into your credit score and see your score plotted monthly in a chart so you can easily see your changes over time. Your credit score is analyzed with different factors by TransUnion—total of all account revolving balances, real estate information, oldest account, loan balances, recent account delinquencies, and derogatory payment status.
Your personal credit report contains details about your financial behavior and identification information. Each credit reporting agency collects and organizes data about your credit history from your creditors and public records.
Credit File Monitoring consistently reviews your credit history in order to detect any key changes and verify the accuracy of what is reported.
In addition to credit score tracking and identity theft protection, your Triangle Credit Union Better Checking account also offers enhanced cell phone protection for up to four phones on your account—up to $400 per claim! Visit our checking account page to learn more and open an account today!
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Your credit score is an important factor in your financial journey as it represents your potential risk of repaying your loans to lenders and creditors. Your credit score may also impact loan interest rates and term lengths which is why it’s crucial to be aware of your credit score and any changes that may occur.
Links:
Transcript:
Welcome to Money Tip Tuesday from the Making Money Personal podcast.
There are five factors to how your credit is scored – payment history, balances owed, age of credit, credit mix, and recent activity. Payment history and balances owed have the largest impact on your score.
The higher your credit score, the better rate you will get and the lower your payment will be. Your credit score can also influence your approval rate for many other things besides loans. It can determine if you get approved for a credit card and how much you get approved for. Property owners look at credit scores to decide who they want to rent to. Insurance premiums can also go up if your credit score is low.
Receive valuable insights into your credit score and see your score plotted monthly in a chart so you can easily see your changes over time. Your credit score is analyzed with different factors by TransUnion—total of all account revolving balances, real estate information, oldest account, loan balances, recent account delinquencies, and derogatory payment status.
Your personal credit report contains details about your financial behavior and identification information. Each credit reporting agency collects and organizes data about your credit history from your creditors and public records.
Credit File Monitoring consistently reviews your credit history in order to detect any key changes and verify the accuracy of what is reported.
In addition to credit score tracking and identity theft protection, your Triangle Credit Union Better Checking account also offers enhanced cell phone protection for up to four phones on your account—up to $400 per claim! Visit our checking account page to learn more and open an account today!