FICO Credit Scores Explained

When you are getting a loan from a bank, one of the things they look at is your FICO Credit Score. SPIRE Credit Union CEO, Dan Stoltz, explains what that means and how to keep your score high.

F – FICO Score: Comes from Fair Isaac Corp, which introduced the score in 1989

I – Importance of a credit score: The higher your score, the better interest rate

C – Credit Score Factors: Payment history and amounts owed make up 2/3 of your score

O – Opportunity to Improve: Increase your score by making payments on time, not opening new accounts, and keeping your balances in the 30% range

You can get a free credit report on an annual basis at annualcreditreport.com. Open a new SPIRE checking account and get $100. Click here for more information.