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

IT PAYS TO HAVE A GOOD 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	770+	2.95%	$359.00	$21,540.42	$1,540.42	$0
$20,000	60 months	720-769	3.95%	$367.95	$22,077.29	$2,077.29	$536.87
$20,000	60 months	680-719	6.95%	$395.66	$23,739.85	$3,739.85	$2,199.43
$20,000	60 months	640-679	12.95%	$454.65	$27,279.00	$7,279.00	$5,738.58
$20,000	60 months	600-639	15.95%	$485.92	$29,155.20	$9,155.20	$7,614.78
$20,000	60 months	<599	16.95%	$496.60	$29,795.98	$9,795.98	$8,255.56

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.