Credit Score

A good score may mean you have easier access to credit and lower interest rates. The consumer benefits of a good credit score go beyond the obvious. For example, underwriting processes that use credit scores allow consumers to obtain credit more quickly than in the past.

No, the credit score that you see within your online banking and mobile app is what is commonly known as a “soft pull”. What this means is that it does not affect your credit score in any way.

VantageScore® was founded by the 3 leading credit reporting agencies – Experian, Equifax and TransUnion. This credit score model was developed by a representative team of statisticians, analysts, and credit data experts from each of the credit reporting companies, and is used by hundreds of institutions, including credit unions, banks, credit card issuers and mortgage lenders. The VantageScore® 3.0, the score that is shown in SavvyMoney, is a newer and more popular version of VantageScore®. It is calculated on a scale of 300-850, with 300 being the lowest and 850 the highest score.

A credit score is a number calculated to indicate your credit worthiness. The higher the score, the more credit worthy you are to a lender. Your credit score is calculated from information in your credit report and takes into account whether you have been making on-time payments, your revolving debt use, length of your payment history, and other such factors. It is important to know that your score does not take your age, income, employment, marital status, or your bank account balances into account.

There are five major categories that make up a credit score: Payment History, Credit Usage, Credit Age, Mix of Credit, and Recent Credit. To learn more, visit the credit score feature within online banking.

No, the credit score tool by SavvyMoney available in online banking or the Firstrust mobile app is provided by Firstrust as a courtesy to its consumer customers and there is no cost to you!