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!

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