What you need to know about your credit score & credit cards

eightWest

GRAND RAPIDS, Mich. (WOOD) – Here’s two questions, #1 – do you know your credit score? #2 – do you know why it’s important? Here to answer some important questions is Scott Dobson from Consumers Credit Union.

What is your credit score?

Your credit score is a number typically between 300 and 850 calculated using a standardized formula from the information on your credit report, like your payment history. Credit unions and banks check your credit score to determine the risk associated with any loan that you take out. The higher your score, the lower the risk (and the better interest rate you’ll get for your credit card, mortgage, auto loan and more).

Scores below 600 are considered poor, and those above 720, excellent.

What factors influence your credit and how to improve?

Paying your bills on time is one of the most important things you can do to maintain (or build) a good credit score. Watching your credit limits (keeping card balances well below the limit) and fixing any credit report errors is key to improving your credit.

Lenders aren’t the only ones checking credit. A credit check is often part of a standard background check for employers, insurance agents and landlords.

You can monitor your score through free services like Credit Karma or get a free copy of your entire report at sites like annualcreditreport.com.

Consumers has credit card options that make it easy to fit the way you live, work and play. And you get the flexibility to select the benefits you desire most, including rewards for every purchase, competitive rates and no annual fees!

For members, Consumers offers a rewards card (earn 1 point for every $ spent) and a low rate card. On the business side, Consumers has a business rewards card with employee card options, among the many benefits.

If you’re not at a place in your life where you would qualify for a credit card, Consumers has some unique credit counseling options, specifically their Credit Smart program that allows you to build up credit with the goal of opening you a card at the end.

Also, exciting is that they just upgraded their Online Banking system. Included are brand new credit card controls that allow you to request and activate new credit cards, access rewards, turn credit cards on/off and set up alerts, spending limits and more, which puts you in control of your card at all times.

Consumers Credit Union

  • 1-800-991-2221 & 269-345-7804
  • consumerscu.org
  • 20 locations &  30,000 ATMs for members

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