Mastering Your Credit to Unlock Your Financial Future

Understanding and managing your credit is an important step toward financial wellness. Whether you’re just starting to build your credit or you want a deeper understanding of how to raise it, our goal is provide the knowledge and tools – like Credit Expert by SavvyMoney – you need to master your credit health.

Table of Contents:

The Basics of Credit

What is Credit?

Credit represents your ability to borrow money or access goods and services with the understanding that you’ll pay back the lender at a later date. It’s essentially your financial trustworthiness.

Why Is Credit Important?

Your credit score impacts your ability to secure loans, the interest rates you receive, and can even influence job opportunities and housing options. A higher credit score can lead to lower interest rates, which will save you money over time.

What Can Impact Your Credit Score?

Several factors can influence your credit score, including:

Payment History

Timely payments positively affect your score, while late payments can cause it to drop.

Credit Utilization

The ratio of your current revolving credit (like credit card balances) to the total available credit. Lower utilization rates are better for your score.

Length of Credit History

Longer credit histories tend to have a positive impact, as they provide more data on your borrowing behavior.

Types of Credit in Use

A mix of credit types (e.g., credit cards, mortgage, auto loans) can positively afffect your score.

New Credit

Opening several new credit accounts in a short period can negatively impact your score.

What’s Your Credit Score?

Where Your Score Comes From

Your credit score is derived from your credit report, which is a detailed record of your credit history maintained by credit bureaus. The primary bureaus are TransUnion, Experian, and Equifax. Each report includes:

  • Open credit card accounts and loan balances
  • Your payment history, including any late payments
  • The amount of credit you’re using compared to your total available credit

Don’t have a credit score? You’re not alone!
If you’ve never had a credit card, loan, or any form of credit, the credit bureaus won’t have enough information to calculate a score for you.

Here’s how you can build your credit score

  • Apply for a credit card and pay off the balance each month
  • Become an authorized user on a family member’s credit card
  • Keep your balances low and make payments on time to show lenders that you can manage credit responsibly

Discover Credit by SavvyMoney

This useful tool is available in our Online and Mobile Banking platform and is designed to demystify credit scores for you.

Credit Expert offers:

Real Time Credit Score Monitoring

Check your credit score anytime without negatively affecting it.

Insightful Analysis

Understand the factors that influence your score and receive personalized tips for improvement.

Actionable Advice

Find financial tips and education to help you improve your credit score.

Loan Simulation

See how different financial decisions, like adding a loan or paying off a credit card balance, could impact your credit score.


Meet a Debt Pay Off Goal

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Understanding Credit Costs

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What Your Credit Score Means

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The Fair Credit Reporting Act

When you are looking to borrow money, your credit report is the most important document that influences the lender’s decision. This credit report contains sensitive personal data about your payment…

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