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The Importance of a High Credit Score and Staying Safe Online

The early summer months are the busiest times to purchase a home, which means you might be in the home buying market. In order to get the best deal, a high credit score is imperative. As described by the U.S. government website, “a credit score is a number that rates your credit risk. It can help creditors determine whether to give you credit, decide the terms they offer, or the interest rate you pay.” That means that having a high score is incredibly beneficial.

What a High Credit Score May Mean to You

High credit scores, on average, may help get you:

  • Lower interest rates on loans
  • Credit availability without depending on a cosigner
  • Reduced car insurance rates
  • Higher chance to be approved for credit cards and loans
  • Easier approval for rental houses and apartments
  • Cellphones on contract without a security deposit
  • Higher borrowing capacity
  • Greater negotiating power

Understanding Your Credit Score

When delving into your credit score, you might notice that there are a few different types of credit scores! There are three major credit reporting agencies: Equifax, Experian, and TransUnion.

In addition to those, another score that you might see is the FICO score. According to FICO, more than 90% of top lenders use FICO scores. There are also FICO scores for industry-specific items like auto loans, credit cards, and mortgages. Moreover, the FICO score given to you by a financial institution might not be the same score as what you see when you apply for a credit card.

Regardless of which score you look at, all of them give you a good idea of where your credit stands, and by checking them consistently, you can better monitor any discrepancies that you may need to dispute.

Stay Safe Online While Checking Your Credit Reports

Additionally, when getting a hold of these credit reports, be careful who you give your information out to. Many websites out there are phishing for your personal information, like your Social Security Number and bank account. Although some personal information is necessary in order to get your credit reports, it’s imperative to triple check the website so you know that you’re not getting scammed. To help you stay safe, utilize the links above to the respective credit bureaus! Lastly, never give out any of your personal information over the phone to unsolicited callers.

Contact us to learn more about services at Georgia Heritage Federal Credit Union.

If you are a target of cybercrime, contact your financial institution immediately, and then report the crime to the Internet Crime Complaint Center.

Speak with a Georgia Heritage Federal Credit Union branch associate to learn more about the importance of a high credit score, as well as how to stay safe online.

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