Get Savvy With Your Money

SavvyMoney is a new, comprehensive credit score program in our Digital Banking Solution that instantly provides you with free credit score analysis, your full credit report, monitoring, credit alerts, and personalized offers—all in one dashboard. This invaluable tool can start shaping your financial future to align with your goals. Not only can you access your most recent credit score and reports with no repercussions, but SavvyMoney helps you understand each factor that influences your credit score. You’ll even have personalized offers from LOC Credit Union that could even help you reduce your interest rates and save.

Whether you plan to make a big purchase in the near future or take out a loan, it's important to think about and understand your credit score. Taking the time to familiarize yourself with how credit scores are calculated is the first step in getting a strong score. These are some factors to consider when it comes to your credit score and ways you can help increase it:

Consistently making payments on time can help boost your score
Capacity. This is one of the areas where the less you use of your total available credit, the better. If you get close to maxing out all your credit cards or lines of credit, it tanks your score, even if you’re making your payments on time
Length of credit. Establishing and following good credit habits over a long period of time can help raise your score
Opening new credit cards (this includes retail credit cards) has a short-term negative effect on your score, so don’t open a whole bunch at once!
Having a combination of different types of credit (like revolving credit and installment loans) can boost this part of your score. Credit cards are considered revolving credit, and things like car loans and mortgages are installment loans.

The more you commit to making healthy lifestyle choices, the easier it will be to build up your credit score and give yourself a competitive edge during lending decisions, as well as the freedom to make important lifestyle decisions, like getting the right car loan or buying the perfect home.