Member Tool Feature: CreditSense

Member Tool CreditSense

This month we would like to do a feature our CreditSense member tool.

With school starting soon it is the perfect time to remind our members that you don’t have to go to school to learn about credit. Our free CreditSense member tool is available to help you understand your credit score, factors that impact it, and what you can do to strengthen it.

So why is it so important? Your credit score is an essential part of your financial life. The better your score, the more likely you will be approved for a loan and get offered lower interest rates. Lowering interest rates on your debt can help you save more money over time which is a significant financial move for everyone. Continue reading below to learn more tips and information from CreditSense.

 What is a Credit Score?

A credit score is like a report card for how you handle your finances, and scores range from 300 to 850.

Why Credit Scores Exist

A credit score helps predict how likely you’ll be to pay back a loan on time. Many businesses use a scoring model to develop your credit score from information in your credit report, notes the Consumer Financial Protection Bureau (CFPB).

There are many credit scores including, the VantageScore 4 used by SavvyMoney.

How Credit Scores Are Used

Credit scores help lenders make decisions on whether to offer you a home loan, credit card, auto loan, or other credit products. Who may also access your score:

  • Landlords
  • Cell Phone Companies
  • Student Loan Providers
  • Utility Companies
  • Government Agencies
  • Employers
  • Insurance Firms

Credit Score Action Plan

Wherever you are on your credit journey, you can find some tips to build or boost your credit score and improve your financial well-being.

 How To Establish Credit

If you don’t have a credit history, building your credit offers a better chance to qualify for loans or credit cards.

4 Ways to Build Credit

  1. Apply for a secured credit card.
  2. Become an authorized user.
  3. Ask for a co-signer.
  4. Pay your rent on time. There are rent-reporting services (Rental Kharma and LevelCredit) that put rent payments on your credit report.

5 Ways to Boost Your Credit Score

To build and maintain a credit score, do these things:

  1. Check your credit reports regularly. If you see errors, dispute them.
  2. Keep balances low compared to your total credit limit.
  3. Pay bills on time, every time.
  4. Only apply for the credit you need.
  5. Don’t cancel long-standing accounts if possible.

Benefits of CreditSense powered by SavvyMoney

Access your credit score, full credit report, credit monitoring, financial tips, and education. All of this without impacting your credit score. You can do this ANYTIME and ANYWHERE and for FREE.

Benefits of Credit Score

  • Daily Access to your Credit Score
  • Real-Time Credit Monitoring Alerts
  • Credit Score Simulator
  • Personalized Credit Report
  • Special Credit Offers
  • And More!

Click here to learn how to enroll to starting using our CreditSense tool today!

Related Posts

The Five Pillars of Financial Literacy

The Five Pillars of Financial Literacy

While we recognize financial literacy every month we are happy here is a dedicated month to celebrate its importance! To truly understand Financial Literacy you must understand each of the Five Pillars of Financial Literacy. Earn, Spend. Save. Borrow. Protect. EARN To...

Achieve your New Year Resolutions

Achieve your New Year Resolutions

Its that time of the year again! Time to start thinking about your new year resolutions. According to a 2022 poll by YouGov, 37% of respondents stated that they had a goal or resolution they wanted to achieve in 2023. If numbers remain similar for this year, there...

Don’t Let Cyber Safety Scare You!

Don’t Let Cyber Safety Scare You!

Don't let cyber safety scare you! The idea of cyber safety can seem a little daunting but being proactive is the first step. As long as you are willing to learn and be diligent you will protect yourself and your money from scams and fraud. Six Common Scams Scammers...

Financial Literacy Month Series: Smart Saving & Investing

Financial Literacy Month Series: Smart Saving & Investing

There are many hurdles to reaching your financial goals, but smart saving and investing don't have to be one of them. Keep reading to learn the basics of investing and how to get started. Start Early and Be Consistent The key to smart saving and investing is to ensure...

Get there. Start here.

Find South Metro on FacebookCheck Out South Metro's Instagram feedCheck Out South Metro's RSS feed

Routing #: 091981646  |  NMLS ID # 1059389

We at South Metro Federal Credit Union are committed to the digital inclusion and providing a website that is accessible to the widest possible audience in accordance with certain standards and guidelines. We are striving consistently to conform to WCAG 2.0 Level AA of accessibility. If you run into any barriers, please reach out to us at 952-445-0888 or

Equal Housing Lender    NCUA Insurance     Excess Share Insurance

Copyright ©2024. All rights reserved. South Metro Federal Credit Union.   SEND US A SECURE EMAIL

Got Questions?

Give us a call at 952-445-0888 or send us an email. We'd love to help!