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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. Our goal is to educate all members on how to improve and manage their credit score.

OFI-IDEOLOGY

  • One Member at a Time
  • Financial Education
  • Custom Solutions

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BEWARE OF THE VANTAGE CREDIT SCORE

  • The Vantage Score is not the same as the FICO® Score.
  • Vantage scores range from 501 to 990 and do not correlate with FICO® Scores.
  • 95% of financial institutions use the FICO® Score.

 

UNDERSTANDING YOUR FICO® CREDIT SCORE

  • FICO® Scores range from 300 to 850
  • Uses three Credit Bureaus Equifax (Beacon), TransUnion (Empirica) & Experian (Fair Isaac)

 

RANGE OF SCORES:

  • 730 – 850 = 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.

As a Member of MTC Federal Credit Union, you have access to a FREE CREDIT ANALYSIS.

An in-depth review of your credit report with tips to improve your score. A Credit Analysis can help you pay down debt, get completely out of debt, reduce your interest rates, lower monthly payments and improve your credit score. Scheduled a FREE 30 minute credit analysis with an MTC Federal Financial Expert to create a solution customized to your needs.

  • :
    Please allow 30 to 45 minutes to complete Credit Analysis.
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