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Your credit score is more than just a number – it’s a powerful tool financial institutions use to assess your creditworthiness. Your credit score is a critical factor in shaping the outcome when applying for a loan, credit card, or even a rental agreement for a new apartment. Let’s delve into the factors that make up and affect credit scores, shedding light on the key components that shape your financial reputation.
The most important aspect of your credit score is your payment history, which constitutes about 40% of the overall score. Lenders want to see a reliable pattern of on-time payments. Late payments, defaults, and bankruptcies can significantly damage your credit score, making paying credit cards, loans, and bills on time essential.
About 23% of your credit score is determined by your credit utilization, which is the proportion of your current credit card balances to your credit limit. Aim to keep your credit card balances below 30% of your available credit to positively impact this aspect of your credit score. Carrying high balances relative to your credit limit can signal financial strain.
The length of your credit history makes up about 21% of your credit score. Lenders value a more extended credit history as it provides a more comprehensive view of your financial behavior. While this factor may be beyond your control, it underscores the importance of responsible credit management from an early age.
Lenders like to see a mix of different types of credit accounts, such as credit cards, installment loans, and mortgages. This diversity accounts for about 11% of your credit score. Managing various types of credit accounts can positively impact this aspect of your credit profile.
Opening multiple new credit accounts within a short period can be perceived as a financial red flag. New credit inquiries and account openings make up about 5% of your credit score. While seeking new credit for various reasons is natural, be mindful of the potential impact on your credit score and try to space out credit applications.
Understanding the factors that make up and impact credit scores is crucial when navigating the complex world of personal finance. Take control of your financial reputation by prioritizing timely payments, managing credit responsibly, and being aware of the various components contributing to your credit score. Regularly checking your credit report, correcting errors, and adopting healthy financial habits will contribute to a positive credit history, opening doors to better financial opportunities in the future. Credit Score powered by SavvyMoney is a free service available to our members through Home Banking and Mobile Banking. Enroll today to monitor your credit score and access your full credit report.
My husband and I have been using Maine Family FCU for over 20 years. We have trusted them with all our banking needs in the course of those years and have been very pleased with the customer service we have received. Over the past several months, we have reached out to different departments and have been given such amazing customer service. Their service has been so remarkable that we have now started our family’s next generation with all of their banking needs with Maine Family FCU with our continued trust in them!Kacey
I cannot say enough great things about the staff!!!! Always so helpful, knowable, upbeat and friendly. Kudos to all of you. I appreciate you!!!Joyce S.
My family has been using this credit union for 3 generations now. Great customer service and just really really helpful staff. Working with them is always a pleasure. They truly want the best for their members. Thank you Maine Family!Emily F.
Maine Family Federal Credit Union has been an outstanding financial partner. Their rates are some of the best around, whether you’re looking for a loan, savings account, or mortgage. The staff is always friendly, knowledgeable, and genuinely helpful—they take the time to explain your options and make sure you’re getting the best fit for your needs. It’s refreshing to work with a team that truly cares about their members. Highly recommend!Chris H.
I have nothing but high praise for the staff at the Auburn branch of MFFCU. For over 17 years I have been a loyal member. Any time I (or my son) have needed assistance from the loan department both you and Sue M. have been extremely helpful and friendly. I look forward to many more years as a member.Thomas F.
My experience with getting a loan was super easy, Danielle made the process smooth and was extremely professional and responsive to correspondence. I enjoyed the experience so much I sent my girlfriend to Maine Family recently to get an auto loan through Danielle as well. She's a great employee!Michael L.
Anytime I have questions about my loan, the lending team is there to help me, this is the only bank account I have and I don't see myself leaving anytime soon.Tyler G.
We are longtime members with the credit union. We've always had a great experience with the lending department and all other staff members. They are a great group of people. Very friendly! We will always bank and do our business there.Donald G.
I've been with Maine Family for a long time, you guys are always there for me and have been a great support while trying to build my credit. You treat me fairly and make me feel comfortable in sharing my story.Edward F.
The entire team is great and very accommodating. I’ve never had an interaction with a teller that left me feeling uncomfortable or not valued. They really are a great team.Gabriel J.
