Do you consider yourself an expert on saving money, budgeting, and finding good deals? Then you’ll want to celebrate National Credit Education Month.
A credit score is a number that reflects how likely you are to repay a loan. While this number doesn’t seem like a big deal, it can be. There can be a lot of misinformation about credit, so our credit union in Harlingen wants to share a few pointers you need to know.
What’s in a number?
According to the Federal Trade Commission (FTC), A good credit score usually falls between 300 and 850. These numbers are determined by trustworthy credit bureaus such as Experian, Equifax, and Trans Union.
It’s calculated by:
- Looking at your payment history.
- The amount of debt you owe.
- The number of loans you have in your name.
You can also get your credit score checked through our Mobile App!
Why are Credit Reports Important?
Credit scores are checked if you want to purchase a home, rent an apartment, want to borrow a loan, and even open a credit card. This score is so vital that checking it too often can affect your score, and some scammers pretend to charge you to check your score.
How to Celebrate National Credit Education Month
You can also:
- Pay your bills and loan payments on time.
- Teach your kids about the importance of credit.
- Create a payment plan on your loans with our credit union in Harlingen.
- Do not close older credit accounts as they help establish you are reliable.