My Credit is FREE and helps you stay in control of your credit score and history with personalized information and educational tools accessible through the CCUTX digital banking experience.
Stay in control of your credit score and history with personalized information and educational tools accessible through MyCredit
What is MyCredit used for?
MyCredit provides Members the ability to monitor and access their credit score and report all from within Online Banking.
Who can benefit from MyCredit?
Anyone! Whether you are looking to buy a home, purchase a new vehicle, or simply want to know where your score is at, MyCredit can help.
Will my credit be affected by checking my score on MyCredit?
No. MyCredit conducts what is called a "soft pull" on your credit score information. It pulls score data from three major bureaus: Equifax, Experian, and TransUnion.
How do I improve my credit score?
You can take several steps to improve your credit score, but be aware that there are no quick fixes. You may be able to see your score tick up soon after you start trying to improve it. However, credit reports are updated month by month and it may take several months or even years before your credit score is where you want it to be.
- Pay your bills on time
- Reduce your credit utilization
- Avoid or limit opening new accounts
- Keep older accounts open
- Consolidate debt
- Use credit monitoring
Why is my score different from other banking apps?
The credit bureaus pull your information from many different sources (such as lenders, collections, court records) at different times, there will always be discrepancies at any particular time between the reports from each credit bureau. Each of the three credit bureaus (Equifax, Experian, and TransUnion) uses a different model to calculate a credit score and each gathers data independently.
How do I dispute and correct inaccurate information in my credit report?
If you discover information on your credit report that you believe is inaccurate, you can take the following steps to dispute the information.
- Highlight the errors on your credit report
- Gather supporting documents that show your side of the story; for example, receipts or bank records showing that you made a payment on time that’s recorded as late or delinquent.
- Submit the information to the credit bureaus with a brief explanation (100 words or less).
How is my credit score calculated?
The three major credit bureaus, Equifax, Experian, and TransUnion, provide detailed information about a consumer’s credit activity to companies that calculate a credit score. The two major companies providing credit scores are FICO ® and VantageScore ®. Each uses a proprietary method to calculate their score.
- Payment history (35%)
Do you make your payments on time?
- Amounts owed (30%)
Do you owe too much to too many lenders?
- Length of credit history (15%)
Does your record show that you can maintain your commitment over a period of time?
- New credit (10%)
Have you opened multiple new accounts in a short period of time?
- Credit mix (10%)
Do you have a variety of account types, such as credit cards, installment loans, or a mortgage? VantageScore 3.0 considers the following factors when calculating your score
- Payment history (40%)
Repayment behavior, such as whether you pay on time or have delinquencies.
- Depth of credit (21%)
How long you’ve been using credit.
- Utilization (20%)
The ratio between available credit and used credit.
- Balances (11%)
Total amount of reported debt.
- Recent credit (5%)
The number or recent accounts opened plus credit inquiries (hard inquiries).
- Available credit (3%)
Amount of credit available.
Both FICO Score and VantageScore range from 300 to 850. However, they divide the categories differently.
|FICO ® Score categories
300 – 499: Very poor
500 – 600: Poor
601 – 660: Fair
661 – 780: Good
781 – 850: Excellent
VantageScore 3.0 ® categories
300 – 600: Subprime
601 – 660: Near prime
651 – 780: Prime
781 – 850: Superprime
for lending associated with car purchases and credit card applications. Scores for these models
range from 250 – 900.
only one of the three bureaus.