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Your Credit Score
What you need to know

Your credit score, which is mainly based on your history of repaying loans, can determine your ability to borrow money and how much you will pay for it. Credit scoring systems are complex and may vary among the three major credit reporting agencies – Equifax, Experian and TransUnion.

To build or maintain a good credit score you need to manage your money carefully. The following are a few reminders to help:

Determine how much you borrow: Many scoring systems evaluate the amount of debt you have compared to your credit limit. Be cautious about borrowing money to avoid debt overload.

Make your payments on time: Payment history is a significant factor in determining your credit score. Late payments, accounts sent to collections and bankruptcy will be indicated on your credit report.

Limit the number of credit accounts: Too many credit card accounts or new accounts could negatively affect your credit reports. The different types of accounts are also considered in computing your credit score.

By law, you’re entitled to receive a free credit report every 12 months. To request your free credit reports from each of the three major credit reporting agencies, go to or call toll-free 1-877-322-8228.

Source: FDIC Consumer News

October 18 is Get Smart About Credit Day! The American Bankers Association Foundation’s Get Smart About Credit program is a national campaign to help young people understand credit and other important financial lessons. A credit scale with a needle pointed in a goo direction
  • Labor Day – Sept 3
  • Columbus Day – Oct 8