GETTING YOUR SCORE IS IMPORTANT, EASY, AND FREE!

Credit scores can be confusing. What do they mean? Why are they important? Who should care about them? There’s a lot of “fake news” out there about credit scores, so we’re here to debunk some of the common misconceptions. 

MYTH: You have to pay a service to find out what your credit score is.
FACT: All Ironworkers USA Credit Union members who are 18 years of age or older are eligible to receive their FICO® Credit Score free of charge each quarter through their online banking or mobile app. 

MYTH: A poor score will stay poor forever.
FACT: FICO® Scores are based on a snapshot of your credit behavior. As behavior changes, so will that snapshot. Smart credit decisions, like paying bills on time and waiting for negative items to “age”, will cause scores to improve over time. 

MYTH: Checking my FICO® Score will lower my score.
FACT: Checking your FICO® Score will NEVER impact your score. Reviewing your FICO® Score can help you understand how lenders view your credit risk and help you better understand your financial health. 

MYTH: I have to have a high income to have a high FICO® Score.
FACT: Your income does not factor into your score. Things like payment histories, the amounts owed on loans, and the length of your credit history impact your score, but how much money you make does not. 

MYTH: A generic credit score is the same thing as a FICO® Score.
FACT: Not all credit scores are FICO® Scores. They are the most widely used credit scores and are the financial industry standard. FICO® Scores are used by 90% of top lenders. Credit Karma, for instance, uses VantageScore 3.0 credit score, which only takes information from two of the three top credit bureaus into consideration. Relying on Credit Karma’s score may not help when you apply for a loan or other credit product. 

MYTH: My FICO® Score isn’t important.
FACT: When you apply for new credit or a new loan, your FICO® Scores may impact your ability to get the best rates, terms and promotions. Nearly all lenders in the U.S., including Ironworkers USA Credit Union, use FICO® Scores to help them quickly, consistently and objectively evaluate a potential borrower’s creditworthiness. In fact, high FICO® Scores could save you thousands of dollars. 

If you have questions about how to access your FICO® Score or how to improve it before applying for a loan, give us a call at 877-769-4766. We’re here to help you make the most of your financial life! 

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Member must be 18 years of age or older. FICO is a registered trademark of Fair Isaac Corporation in the United States and other countries.