Credit Score

As long as you are a regular online banking user, your credit score will be updated every month and displayed on your online banking screen. You can click “refresh score” as frequently as every day by navigating to the detailed SavvyMoney® Credit Report and Score site from within online banking.

No. SavvyMoney® Credit Report and Score is entirely free, and no credit card information is required to register.

Five major categories make up a credit score:

• 40% Payment History
  Essentially, lenders want to know whether you’re good about paying your loans on time.
• 23% Credit Usage
  Credit usage, also known as credit utilization, is the ratio between the total credit used and your total credit limit on your revolving accounts. It is best to keep your credit usage below 30%.
• 21% Credit Age
  The average of your oldest open credit accounts to your newest open credit accounts determines your credit age. In general, the longer your credit history the better, particularly accounts with a good payment history and no late payments.
• 11% Credit Mix
  It’s important to have a mix of different types of credit like revolving credit and installment loans. Your score will likely be higher if you have a good payment history with both, installment loans, like student loans and mortgages, and revolving credit, like credit cards.
• 5% Inquiries
  Any time you apply for a credit card, or a lender checks your credit for a loan, it’s known as an inquiry. Hard inquiries show on your credit report when your credit is pulled by a lender for a car loan, mortgage, or credit card. However, soft inquiries don’t show on your credit report and occur when you check your credit, or a lender pre-approves you for an offer.

Applying for several credit cards or opening multiple credit accounts in a short period creates hard inquiries and could signal an increased credit risk to a lender.

A credit score is a three-digit number calculated to indicate your creditworthiness. The higher the score, the more creditworthy you are to a lender. A credit score is calculated from the information in your credit report and considers your on-time payments, the length of your payment history, your mix of different types of credit accounts, and other such factors. It is important to know that your score does not take your age, income, employment, marital status, or your bank account balances into account. 

SavvyMoney®, Credit Score is available to you through online and mobile banking! This is a free ongoing credit score report and monitoring program to help you understand your credit score by giving you access to your full credit