⚠️ Online & Mobile Banking Unavailable for System Upgrades
Friday, 5/30 at 6:00 PM through Monday, 6/2
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It only takes five to ten minutes to complete the assessment and you get your results immediately.
Your Financial Checkup results will feature a budget breakdown, a review of your credit score, an overall financial wellness score, debt-to-income analysis, spending ratio, and more. Check back periodically to update your answers and get a fresh assessment! To complete your Financial Checkup:
Tip: For the best, most accurate results, fill out all the questions with accurate information about income, savings, expenses, financial goals, and more.
In its simplest form, a credit score is like a report card on how well you can pay back a loan.
Credit scores are important because they affect your financial options when making many life choices. Not only does your credit score affect your ability to open loans and services, but it also affects what extra benefits you receive. Your credit score can impact your interest rates, determine how large your line of credit can be, give you more home buying options, and even lower your insurance premiums. Your credit score also affects your ability to:
Luckily, increasing or maintaining your credit score only requires a little bit of research about where the score comes from. Your credit score is impacted by several factors.
Credit history can make up to 15% of your credit score. This includes the age of your oldest account, youngest account, and average age of all your accounts. The longer your credit history, the higher your score. Because of this, it is important to get a head-start on your credit history as soon as possible.
Payment history has the largest overall impact on your credit score. Whenever lenders are deciding whether to give you a loan, they look to see if you make your payments and if you make them on time.
The variety of your credit portfolio can make up to 10% of your credit score. It is important to have different types of credit accounts. These can be auto loans, student loans, mortgages, credit cards, and much more.
How you use your credit accounts once you get them is another huge influence on your credit score. Whenever you have a revolving credit account such as a credit card, try to use less than 30% of your available credit at any given time.
It is important to monitor your credit score frequently to know where you stand and where you have room to improve. That’s why we have made it easier than ever for our Members to check their credit score for FREE!
The amount of new credit accounts is a factor on your credit, and it also brings the average age of your credit accounts down.
Hard inquiries occur when you apply for a loan or line of credit and the lender requests to look at your official credit report. Hard inquiries only affect your credit for a few months, but they stay on your credit report for up to two years. This is why it is important to keep hard inquiries to a minimum when possible.
It is important to monitor your credit score frequently to know where you stand and where you have room to improve. That’s why we have made it easier than ever for our Members to check their credit score for FREE! Log in to Online Banking to see your credit score today!
Now you can see your credit score daily and get tips on how to maintain or improve it! Log in to online banking or the mobile app and look for Credit Score1 to get started!
With Credit Score you will get:
Get unlimited access to Credit Score, anytime and anywhere, by logging in to online banking or using the KTVAECU mobile app! Need assistance with logging into online banking or downloading the app? Check out our helpful tutorials in the links below.
Set your goal, get action steps, and track your progress to improve your score!
Select your desired score and a 6, 12, 18, or 24-month timeframe. Credit Score will track your progress and show personalized recommendations to help reach your goal.
To start the journey to your credit score goal:
If your credit score is not quite where you want it to be, we offer a few products to help you build or rebuild it!
CREDIT BUILDER LOAN2
Our Credit Builder Loan allows you to borrow up to $3,000.00. This borrowed amount is set aside for you in a secured savings account while paying off the loan. Each time you make a monthly payment towards your loan, the payment amount minus the interest charged becomes available to you in your account. We report these payments to the credit bureaus, which helps to build your score!
SECURED PERSONAL LOAN3
With our Secured Loans, you pledge a matching amount of funds in your account. We put these funds on hold and give them back to you in the form of a loan. As you pay off your loan, the funds (minus interest) become available in your account. These payments are also reported to the credit bureaus.
CREDIT CARDS4
We also offer a variety of competitive Credit Cards. Our credit cards come with NO annual fee, NO balance transfer fee, and $1.00 cash advance fee. If you are a first-time cardholder, our Share Secured Visa Platinum Credit Card is a great way to build credit! Secured cards are secured by money already in your Credit Union account, and just like a Secured Loan, your payments will be reported to the credit bureaus.
*Credit Score available for primary account holder only. Some restrictions may apply. Ask for details. Message and data rates may apply from your wireless carrier. Credit Score does not apply to business accounts.
In preparation for upcoming System Upgrades, the following services are unavailable:
If you need any of the above services, please visit a branch location or call (865) 544-5400 before Friday, May 30 at 6:00 PM.
All online services will resume on Tuesday, June 3.