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WHAT OUR MEMBERS SAY
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“The Credit Union has something for everyone, from someone who is financially savvy to a person who just needs basic services.”


– Amy C.
Member Since 2010

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How your Credit Score Affects your Loan
How your Credit Score Affects your Loan

If you’ve applied for a loan lately, chances are good that a key factor used in determining your creditworthiness was a number you may know little or nothing about—your credit score.

What is a Credit Score?
Your credit score is a number calculated using various bits of information about you and your credit habits. Your creditworthiness “score” is rendered as a number between 0 and 1,000. The higher the number, the more likely you will receive the kind of loan you’re looking for. On the other hand, lower scores indicate a higher risk to the creditor—which can affect your chances of obtaining a loan.

How a High Credit Score Can Help You
The higher the score you receive, the better off you’ll be when it comes to applying for credit. Your good showing means that creditors can be confident you’ll pay off your obligations promptly and according to the terms you’ve agreed upon. That means you’ll be eligible for more attractive finance rates, better terms, and other great features that individuals with lower credit scores won’t have access to.

How a Lower Credit Score Can Hurt You
A lower credit score means you have had some credit problems—several late payments on credit cards or loans, overuse of credit, or perhaps even a bankruptcy. All these factors work to lower your credit score and, in the end, will usually translate into higher interest rates, shorter grace periods, and generally less attractive terms than those offered to high scorers.

How Can You Improve Your Credit Score?
Although your credit score is rarely the only factor used to determine your creditworthiness, it is an important tool creditors will likely use. Find out how to improve your credit score.

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