A credit score is a number ranging from 350 to 850 that provides an overview of credit worthiness. Your score is important because it can impact your ability to get a loan and how much you’ll pay for that privilege. The good news is that your credit score isn’t set in stone, so it’s possible to increase your score and reap the rewards from doing so.
Plenty of people pay fees to get their credit score, but as a member of Hanscom FCU, you can meet with our representatives at no charge to review your credit report and discuss strategies to help you raise your score.
During your score review, our credit experts will suggest specific actions you can take to improve your score over time. Generally, people with high scores consistently pay their bills on time, keep balances low on credit cards and other revolving credit products, and apply for and open new credit accounts only as needed.
Your rate is determined by your credit score. Your credit score is determined by how well you have handled your credit responsibilities in the past. If your ability to handle credit has improved, your credit score may improve as well, which could lower your loan rate.
Yes, you can. The Fair and Accurate Credit Reporting (FACT) Act requires credit bureaus to furnish consumers with a free copy of their own credit report from each of the three major credit bureaus (Equifax, TransUnion, and Experian) annually upon request. Please note, however, that free credit reports do not include credit scores.
To obtain your free credit reports, visit: www.annualcreditreport.com