Make your credit score a number you can count on

How do I find my credit score

If you’re a member of LGFCU and currently have a loan or an active credit card with us, you can check your credit score for free within Member Connect! Your credit score is automatically updated within Member Connect each quarter.

Another convenient way to get your credit score may be through additional financial institutions where you have an account, credit card or loan. Check with those providers to see if a free credit score option is available.

There are also safe ways to pay to see your credit score. With Equifax or myFico, you can choose from a number of plan options that show you your credit score.

What is a credit score and why does it matter?

A credit score is a number that identifies what type of credit risk you are as a borrower.

In other words, it’s an indicator for how financially reliable you are. For lenders, your credit score indicates how good you are at repaying your debts and may be used to determine whether you will be approved for a loan. Sometimes, credit scores are also used to determine the interest rate you receive on certain types of loans.

The number that represents your credit score is calculated by a statistical model that compares your credit information to others with similar credit reports. Millions of credit report files are used in these calculations, which make credit scores excellent predictors of an individual’s likelihood to repay a loan.

Credit scores are helpful in the loan approving process because they view an applicant’s credit history objectively. Credit score calculations don’t take demographic or cultural differences into consideration. The models used to assess an individual’s credit score use the same factors in the same way for every person, every time.

There are different models available to determine a credit score, and not all lenders may use the same credit score model. This means you may receive a different credit score from different providers. It’s good to know which credit score your financial provider uses. At LGFCU, we rely on the FICO^® Score 8 model provided by Equifax.

Are you a credit score whiz? Take the quiz!

Quick Reads

7 things that won't hurt your credit score

Highlights:

Some actions may affect your finances, but won't change your credit scores
Getting married or divorced doesn't directly affect your credit scores
Seeking help from a credit counselor will not impact credit scores

You may already know that certain behaviors – such as paying your bills on time, every time – can reflect positively on your credit scores. But it’s also important to know that not every action will directly impact your credit scores at all, either positively or negatively.

The following items may influence your finances, but they generally won’t have any effect on credit scores:

5 Things That May Hurt Your Credit Scores

Highlights:

Even one late payment can cause credit scores to drop
Carrying high balances may also impact credit scores
Closing a credit card account may impact your debt to credit utilization ratio

If you’ve tried to make a large purchase such as a home or a vehicle, or even open a credit card account, you likely know the important role your credit scores play in lending decisions. When you apply for credit, your credit scores and the information in your credit reports, along with other criteria, are used by lenders and creditors as part of their decision-making process when evaluating your application.

It might be easier than you think to negatively impact your credit scores. Here are five ways that could happen:

Read more about things that may hurt your credit score.

FAQs about credit scores

The number that represents your credit score is calculated by a statistical model that compares your credit information to others with similar credit reports.

Five key factors are used to determine a credit score:

Payment history
Amounts owed
Length of credit history
New credit
Credit mix

Learn more by viewing What’s in a credit score?

For lenders, your credit score indicates how good you are at repaying your debts and may be used to determine whether you will be approved for a loan. Sometimes, credit scores are also used to determine the interest rate you receive on certain types of loans.

Yes. Usually, your credit score is not impacted when you check your own credit reports or credit scores. It’s good to check your credit reports and credit score regularly to make sure your records are accurate and complete.

Yes. The credit score you see can depend on the credit scoring model and credit bureau that the credit scoring company uses to calculate it. There are many different credit scoring companies and models, as well as several credit bureaus, which means you could receive different credit scores from different companies.

Have more credit score questions? Email us!

COVID-19 impacts credit scores

Has your credit score been affected by the pandemic? You’re not alone. It’s for times like these that we offer resources to assist our members. We want to help you protect your home, vehicle and your credit rating.

Loan assistance is available for eligible members experiencing job loss, reduction in hours or other income loss related to the COVID-19 pandemic.
With our Recovery Assistance, qualified Recovery Specialists will work with you to restore your good standing with the Credit Union.
Our Mortgage Assistance Program is designed to help keep you in your home when you’re having trouble paying your mortgage.
Financial Counseling is also available to help you review your credit report, create a spending plan, participate in debt elimination counseling, and more.
The Personal Finance section of our website features a Financial Hardship section to help you navigate your financial challenges.

What's in a credit score?

Five key factors are used to determine a credit score. It’s important to know what those factors are and what activities impact each. This way you’ll know what steps you may need to take to improve or maintain your credit score.

That means it will take time to improve a credit score, and consistent monitoring to maintain a good score. The good news is — you can do it!

35%

Payment history on current and past accounts, and any public record or collection items.

With payment history being the most important factor in determining your credit score, it is important to ensure you make all payments on time, every time.

30%

Ratio of overall credit use — balance — compared to credit limit — amount of credit available.

It’s best to keep your balances consistently below a 30% credit utilization ratio. Example: If your balance is $250 and your limit is $1,000, your ratio is 25%.

15%

Amount of time credit accounts have been open and how long it’s been since those accounts have had activity.

Closing old credit card accounts could hurt your score. It’s better to keep these open to show a longer credit history.

10%

The variety of open credit accounts, like credit cards, retail accounts, installment loans and mortgage loans.

Maintain different types of credit accounts to show diversity within your credit report.

10%

Record of how frequently new credit accounts are opened or applied for.

Be strategic when shopping for a new loan or credit card to avoid opening multiple credit accounts during a short time period. You don’t want your credit report to show you’re constantly applying for credit.

Continue on your credit score journey

Always make sure the information in your credit report is correct. Now through April 2021, you can get a free copy of your credit report online, once a week from each of the three major credit bureaus — Equifax, Experian and TransUnion. You can also visit annualcreditreport.com to view and download your credit report.
Review complimentary Personal Finance articles that will guide you toward an improved financial future and great credit score.
Email us with your credit score questions, tips and tricks!

Stay tuned for more credit score tips and advice from the Credit Score Mentor!