If you’re like most people, you probably don’t check your credit score unless you’re getting ready to apply for a credit card or loan. There are even people who never check their credit score at all. As your financial partner, State Department Federal Credit Union (SDFCU) wants to make checking your credit score an effortless experience. SavvyMoney®, a free service, found within Online Banking and the SDFCU Mobile App, makes it easy to check and monitor your credit score.
- Unlimited access to your credit score
- Monthly credit reports
- Daily credit alerts to help you monitor fraud
- Tips for improving your score
- Opportunities to save with various SDFCU products
- See the average credit score within your zip code
- Review how your credit score has changed over time
- Initiate credit report disputes
Five Benefits to Checking Your Credit Score Regularly
It is good to know where you stand. Your credit score is an important part of your total financial health and will be used to determine if you are approved for credit, while a credit score of 700 and above is usually considered a good credit score, most credit scores fall between 600 to 750. Regardless of what your credit score is, it’s best to know where you stand.
Make sure your credit information is accurate. Your credit score is a reflection of the information found in your credit report. Monitoring your credit score can give you an indication as to whether your credit report is accurate. While using SavvyMoney®, you can set up alerts to be notified if there have been major changes made to your credit report. If you receive a notice that your credit score is lower than you expect, it could be a sign of fraud or your credit report contains errors that you should dispute with the credit bureaus.
Allows you to maintain a good credit score. If your score is lower than you expected, don’t worry. You can take steps to improve it. If you’re pleased with your score, focus on maintaining it. To ensure that you have a good credit score, consistently monitor it using SavvyMoney®. Monitoring your credit score puts you in control of your credit and keeps your score in good standing.
Gaining insight into what actions are hurting or helping your credit score. As you constantly monitor your score, you will begin to see how your financial activities affect it. For example, you can see how paying off a credit card balance, taking out an auto loan, or applying for too many loans at one time will affect your score. Once you know the consequences of certain actions, they will be easier to avoid in advance of a major loan application like a Mortgage.
Allows you to respond to changes quickly. Monitoring your score regularly and receiving alerts through SavvyMoney®, you will know of any changes to your score as they happen. If your credit score falls, you can use the information in your credit report to figure out what might have caused the change. Then, take steps to recover the points you have lost and report any errors to the credit bureaus.
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