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
Show that we WANT, NEED, and EXPECT the business.
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?
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