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Understanding Your Credit Score

Tips to improve your credit score and create good financial habits.

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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 FREE INDIVIDUAL FINANCIAL 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.

Schedule Individual Financial Analysis

RANGE OF SCORES:

  • 770+ = A+
  • 720 – 769= A
  • 680 – 719 = B
  • 640 – 679 = C
  • 600 – 639 = D
  • 599 & Below = E

WHAT MAKES UP YOUR CREDIT SCORE?

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WHAT ACTIONS WILL HURT YOUR SCORE?

  • Late / Missing payments
  • Maxed Out Credit Cards or Line of Credit Limits
  • Number of Inquiries over the Last 24 Months
  • Opening New Credit in Short Time
  • Revolving Debt vs. Installment Debt
  • Closing Accounts
  • Finance Companies

HOW CAN YOU IMPROVE YOUR SCORE?

  • Pay Your Bills on Time
  • Keep your Credit Card and Line of Credit Balances Low
  • Beware of Closed Accounts
  • Watch Out for Department Store Cards
  • Ignore New Credit Offers

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

  • 40% = Based on the last 12 months
  • 30% = Based on the last 13-24 months
  • 20% = Based on the last 25- 36 months
  • 10% = Based on the last 37+ months

IT PAYS TO HAVE A GOOD SCORE:

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

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.
Loan Amount Term Score Rate Payment Total of Payments Interest Paid Savings
$20,000 60 months 730+ 2.95% $359.00 $21,540.42 $1,540.42 $0
$20,000 60 months 680-729 3.95% $367.95 $22,077.29 $2,077.29 $536.87
$20,000 60 months 640-679 6.95% $395.66 $23,739.85 $3,739.85 $2,199.43
$20,000 60 months 600-639 12.95% $454.65 $27,279.00 $7,279.00 $5,738.58
$20,000 60 months 550-599 15.95% $485.92 $29,155.20 $9,155.20 $7,614.78
$20,000 60 months <549 16.95% $496.60 $29,795.98 $9,795.98 $8,255.56
©2022 MTC Federal Credit Union. Information courtesy of Lending Solutions Incorporated.