Knowledge is power, especially when it comes to understanding your credit score. Our goal is to educate our members so you can make smart financial decisions and get the most from your hard-earned money.
So what is a Credit Score? FICO® Scores are a way of calculating your credit “worthiness” by the financial industry. They are the most widely used credit scores, calculated using data from the three major consumer credit bureaus. Scores can range from 300 (being low) to 850 (being high.)
Your unique credit score is calculated from the credit data in your credit report. The data is grouped into five categories with varying weights of importance:
- 35% – Payment History (Whether you’ve paid past credit accounts on time.)
- 30% – Amounts Owed (The amount of credit and loans you are currently using.)
- 15% – Length of Credit History (How long you’ve had credit.)
- 10% – New Credit (Frequency of credit inquiries and new account openings.)
- 10% – Credit Mix (The mix of your credit – retail accounts, installment loans, finance company accounts, and mortgage loans.)
Reviewing your FICO® Score can help you understand how lenders view your credit risk and better understand your financial health so you can plan for larger purchases and save or spend appropriately to better your number over time.
As a member of Ironworkers USA Federal Credit Union, you can view your FICO® Score for FREE any time without it affecting your score through online banking or our mobile app.
How to View Your FICO® Score:
- Login to Online Banking or the Mobile App and find “My FICO® Score” under Services.
- Click the “FICO® Score Opt In” button.
View your FICO® Score.
