Amplify Credit Union

AMPLIFY. CREDIT UNION AMPLIFY YOUR CREDIT SCORE When discussing credit scores, does your stomach turn to knots? No need to get worked up-relax and digest some facts which may help you Amplify your score! am•pli•fy: verb - to make larger or greater, as in amount, importance, or intensity WHAT IS A CREDIT SCORE? Credit scores range from 300-850 and measure the likelihood of a person being 90 dayss past due on a debt in the next 24 months. WHY IS THE SCORE SO IMPORTANT? A healthy credit score helps you get lower interest rates, better chances of being approved for credit, and loans in case of an emergency. What can be affected by your score? Job offers Insurance rates: car, home, rental properties Interest rates paid on loans: mortgage, car, credit card Healthy Credit Money saved Better Lifestyle HOW IS MY SCORE CALCULATED? A credit score is made up of 5 elements: 1 10% Types of credit used 35% history 250/ Payment New 10% credit 15% Length of credit history $30% Amounts owed MY SCORE SUFFERS IF I APPLY FOR CREDIT, RIGHT? Credit inquiries usually have very little impact on your credit score, but too much of a good thing isn't always good. Save the pulls on your credit for times when it is relevant, such as buying a new home, purchasing a new car, or going through your annual credit review. Don't fall for special discounts, offers, or promotional items in exchange for authorizing a merchant to pull your credit. 5 STEPS TO AMPLIFY YOUR SCORE! Pay all debts on time, including utilities and medical bills. Keep revolving balances at 30% or less of all limits. 3 Finance companies are lenders that do not typically offer other banking services such as checking and savings X TIII accounts. They only offer financing and are typically used for larger purchases such as furniture and new appliances. The presence of these on your credit report can scare off other creditors. 4 Have more installment accounts Limit multiple than revolving accounts. new accounts in a short period of time. The fixed payments with installment loans show the ability and stability to make the same payment for months or years. INFOGRAPHIC PROVIDED BY: www.amplifyaustin.com AMPLIFY. CREDIT UNION SOURCES: https://www.goamplify.com/library/articles/improve_your_credit_score.aspx http://www.myfico.com/CreditEducation/articles/ http://www.cbsnews.com/2100-500200_162-648887.html