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Save More By Improving Your Credit Score

Save More by Improving Your Credit Score

At MTC Federal we help our Members get on the road to a stronger financial future. If you have experienced credit challenges, you deserve the opportunity for a fresh start. Through a 30 minute Credit Analysis, our Lending Experts can show you how to turn your score around faster than you ever thought and save you money along the way. Sign up today by clicking the link below.

Free Credit Analysis

RANGE OF SCORES:

  • 730 – 830 = A+
  • 680 – 729 = A
  • 640 – 679 = B
  • 600 – 639 = C
  • 550 – 599 = D
  • 549 & Below = E

 

WHAT MAKES UP YOUR CREDIT SCORE?

FICO Score Chart - % of what makes up your credit score.

WHAT ACTIONS WILL HURT YOUR SCORE?

  • Missing payments
  • Credit cards at capacity ( ie. maxing out credit cards)
  • Shopping for credit excessively
  • Opening up numerous trades in a short time frame
  • Having more revolving debts in relation to installment debts
  • Closing credit cards out
  • Borrowing from finance companies

HOW CAN YOU IMPROVE YOUR SCORE?

  • Pay off or pay down on your credit cards
  • Do not normally close credit cards as it may decrease your capacity
  • Move your revolving debt into installment debt
  • Continue to make payments on time
  • Slow down on opening new accounts
  • Acquire a solid credit history with years of experience

 

TIME IS YOUR FRIEND WHEN YOU’RE TRYING TO REBUILD YOUR CREDIT:

  • 40% = Current to 12 months
  • 30% = 13-24 months
  • 20% = 25- 36 months
  • 10% = 37+ months

IT PAYS TO HAVE A GOOD SCORE:

See how you can save more by improving your credit score.

Loan AmountTermScoreRatePaymentTotal of PaymentsInterest PaidSavings
$20,00060 months730+2.95% $359.00$21,540.42$1,540.42$0
$20,00060 months680-7293.95%$367.95$22,077.29$2,077.29$536.87
$20,00060 months640-6796.95%$395.66$23,739.85$3,739.85$2,199.43
$20,00060 months600-63912.95%$454.65$27,279.00$7,279.00$5,738.58
$20,00060 months550-59915.95%$485.92$29,155.20$9,155.20$7,614.78
$20,00060 months<54916.95%$496.60$29,795.98$9,795.98$8,255.56

Note: The “E” paper member will end up paying $137.60 more than the “A+” member pays per month. The cumulative interest is $8,255.56 more than the “A+” member has to pay over 60 months.

Information courtesy of Lending Solutions Incorporated.
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