Financial Wellness Minute: Credit Score Basics

Today, we are talking about Credit Scores. I'm Jackie Formo, manager at Mid Minnesota Federal Credit Union's Fergus Falls Office. A person's credit score is an indicator of their financial health. But it also can impact your insurance rates, ability to rent an apartment, or even get a job. So, here's the basics about credit scores:

• scores range from 0 to 850 being the best.
• A score of 640 or higher is considered "good", or like a "B" grade in school
• There are 5 factors that impact your score:
  • paying bills on time
  • the amount of debt you have
  • how long you have been paying your debt
  • if you have any new loans, and the types of debt- credit card versus a car loan.

Curious what your credit score is? Go to annualcreditreport.com and download your free credit report. Review the report with someone you trust for errors and any opportunities to improve. Want to know more about credit scores or have a weekly financial wellness tip sent to you? Sign up below or, contact your local Mid Minnesota Federal Credit Union Office. Sign Up for a Weekly Financial Wellness Tip Mid Minnesota Federal Credit Union is federally insured by the NCUA and we are an equal housing lender.