Empower Your Future: April is Financial Literacy Month
Financial Literacy is crucial for managing personal finances effectively and making informed economic decisions.
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Anytime. Anywhere. Staying on top of your credit has never been easier.
Credit Score and More
Your credit report provides insight into how lenders and others see you. Checking your report regularly is a great idea to ensure your information is correct and protect against identity theft.
With the SavvyMoney Monitor Your Credit Score tool, you’re taking steps to better manage your credit, at no cost to you. We’ll help you improve your financial health with tools, resources, and alerts personalized to you. You can access all these features in Online Banking and Mobile App anytime.
Build, repair or establish your credit
Savvy Money Monitor Your Credit Score
Mid Minnesota Federal Credit Union has your financial well-being as our number one priority, so we are making it easy for you as we partner with SavvyMoney so that you can monitor your credit score while using online and mobile banking.
Credit Builder Loans
A Credit Build Loan from your credit union is one way we are investing in you, our member owner. We provide the money from $500 to $2,000, also known as collateral, to you. As you make monthly loan payments, you build your credit history and we release the money to you to use or save as a down payment for a future purchase.
Secured Credit Card
Whether you are just starting to build credit or looking to improve your credit, a Secured Credit Card can help. By setting aside between $100 – $500 in a secured savings account, your credit card will have that secure amount balance for you to spend. By paying your bill when due, over time this will help build your credit. As you establish credit, your secured deposit will be refunded to you.
Share Secured Loan
Use funds in your savings account or term share certificate to borrow against, allowing you to build or improve your credit. Our share secured loans allow you to use your balance in your account while receiving a reduced rate on your loan.
Classic Credit Card
Our Classic Card has no annual fee and no balance transfer fee. A great card for the person that likes to keep a balance, or for those establishing or re-establishing credit.
Learn more with SavvyMoney SCORE TALK
Learn about SavvyMoney, credit scores and reports, how to use SavvyMoney and their many tools.
Benefits and Tools to Assist You in SavvyMoney
Whether you are looking to monitor your credit, build your credit or set goals for your credit, SavvyMoney has many benefits and tools to help you on your journey.
- Credit Score Analysis
- Create a Credit Score Action Plan
- Financial Checkup: Includes Financial Health Score, Monthly Budget Summary Breakdown and Debt to Income Ratio.
- Credit Monitoring Alerts will be emailed to you when a new loan account is opened up under your social security number.
- Email Alerts when credit score changes.
- Personalized Credit Offers
- Credit Score Simulator to help you see how your score may change with late payments, new loans, etc.
- Credit Score Goal
- Dispute errors on your report right in the tool.
How do I sign up for SavvyMoney Credit Score?
As long as you are an MMFCU Online Banking or Mobile App user, you are already signed up! Log into Online Banking and navigate to your Dashboard. You will see “Monitor Your Credit Score” on the right side. In the Mobile App, go to “More” in the lower right corner, and choose “Financial Tools” and choose “Credit Score and Report”.
Your Credit Score Action Plan
The Credit Score Action Plan in SavvyMoney is based on five factors that impact your credit score:
- Payment History
- Credit Usage
- Credit Age
- Account Mix
- Inquiries
A personalized plan is provided with detailed actions that can have the most significant impact on your score.
Credit Score and Report in SavvyMoney
- Score Analysis
Score Analysis, is a snapshot “report card” of your credit report. Each section provides additional information and recommended actions for:
- Score Rating
- Payment History
- Credit Usage
- Account Mix
- Credit Age
- Inquiries
- And More: Credit Score Action Plan, Financial Checkup and setup and check your progress of your personal Credit Score Goal!
- Credit Report
Credit Report, your credit report information affects your ability to get loans and the interest rate you’ll pay. Check your credit report regularly to verify accuracy. Should you find errors on your report, you can start a dispute directly from this screen with TransUnion.
- Score Simulator*
With interactive Score Simulator*, you can see how your score may change if you pay off a loan, apply for a new credit, use less of your total available credit, or manage your payments (on-time payments and late payments). It helps you better understand the financial impact of your choices and assists you to plan and budget your finances more effectively.
- Credit Score Goals*
Credit Score Goals*, is a custom tool within SavvyMoney that provides personalized action steps based on your credit profile to help you achieve your financial goals, along with recommendations on how to improve your score. You can track progress by logging in frequently to check your score and monitor your improvement. And, you will receive progress emails from SavvyMoney.
Alerts
Types of Credit Report Alerts You May Receive
You will see what changed in your credit score and learn how you can improve your financial wellness. Your credit report is monitored daily and can alert you of key changes.
- New Alerts
- Credit Updates
- Credit Monitoring Alerts
Credit Monitoring Emails You May Receive
The emails you will receive are to alert and inform you about changes on your credit report. Below are the types of credit monitoring alerts you will receive by email from SavvyMoney:
- Fraud Alert
- New Inquiry
- New Account
- New Address Reported
- New Employer Added
- Bankruptcy
- New Public Record
- Late Payment Reported
- Account Brought Current
If you receive one of these emails, check your credit report to make sure the information is correct. If you did not know about this change, take the necessary action to dispute the information. Remember checking your credit report will not hurt your score.
Monthly Emails You May Receive
In addition, you will receive monthly emails with a snapshot summary of your credit report. This will include:
- Your score increased or decreased since last month.
- The number of accounts you paid on time.
- Your credit usage went up, down or was constant.
- The number of alerts to your credit report you had this month.
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SavvyMoney Tools
Credit Score Goals and Resources
There are great resources and educational articles to help you find the answers as you set financial goals, help improve your financial health and well-being.
You can view your credit score and reports from here, FAQ’s, review your Profile Settings along with Terms and Conditions, and read SavvyMoney blog posts are great resources to check out.
Financial Checkup
The Financial Checkup assessment is a series of questions in an interactive model, where you can enter your financial goals for Savings and Planning, Financial Security, and Monthly Budget to get an overall financial wellness score.
Financial Wellness Score is aligned with four areas: Spend, Save, Borrow, and Plan. Final Checkup snapshot includes Financial Wellness Score, Credit Score, Debt-to-Income and Spending Ratio.
The assessment takes about 5 minutes to complete.
Loans and Offers
You will find and have access to personalized offers with the Credit Score tool. You will see pre-qualified* offers based on your current credit score, so you know you’re getting the most up to-date loan and savings rates. You’ll have access to calculate monthly payments and see your savings. You can even apply for a loan, credit card, or deposit account that fits your needs within the tool.
Frequently asked questions
- How is my credit score calculated?
- 40% Payment History: How well you’ve paid your bills on time. Consistently paying your bills on time is important.
- 23% Credit Usage: The amount of credit used out of the total credit available. Experts recommend using less than 30% of your total credit.
- 11% Account Mix: Revolving credit (credit cards, lines of credit) and installment accounts (student loans, auto loans, mortgage).
- 21% Credit Age: The longer your credit history, the better.
- 15% Inquiries: From “hard” inquiries, such as when you apply for a loan or credit card.
- How do I opt out of the Monitor Your Credit Score tool?
If you would like to opt out of the Monitor Your Credit Score tool, please use the directions below. Unfortunately the tool cannot be hidden at this time.
On a PC or Desktop:
- Go into the Monitor Your Credit Score tool and click “Show Full Report”
- Click the Resources tab in the upper left corner
- Click on “View Now” button in Profile Settings
- Then navigate to the bottom of the page and click “Deactivate Credit Score Account” button
- Last step is to click YES
On a Mobile Phone:
- Click the “More” icon in the bottom right corner of the screen
- Go to “Financial Tools” and click “Credit Score and Report”
- Click the Resources tab in the upper left corner
- Navigate down the page and click on the “View Now” button in Profile Settings
- Navigate to the bottom of the page and click “Deactivate Credit Score Account” button
- Last step is to click YES
- What's in your credit report?
Your credit report contains the following:
- More depth into payment history on loans and credit cards.
- Detail on any public records like liens or bankruptcies
- Recent inquiries or new credit applications.
- Personal information
Knowing what’s in your credit report before you apply for a loan empowers you to make better financial decisions.
- Why should I check my credit report?
Your credit report information affects your ability to get loans, and the interest rate you’ll pay. Check your credit report regularly to verify accuracy and it may help save you money.
- Will checking my credit score inside SavvyMoney hurt my score?
SavvyMoney tools do not hurt your credit score as the information is gathered through a “soft pull”.
Why Choose MMFCU?
It's time to do banking differently. At MMFCU, we believe that true financial growth can only happen when we all grow together. Credit union banking is rooted in locals serving locals, for the good of our community. We care about this community because it's our home too. When you progress, so do we and in turn, we help others do the same. Owned by members (that's you!) and led by members-that's the credit union difference.
Need help or have questions?
Chat with one of our expert staff:
SavvyMoney® pulls your credit profile from TransUnion, one of the three major credit reporting bureaus, and uses VantageScore 3.0, a credit scoring model developed collaboratively by the three major credit bureaus: Equifax, Experian, and TransUnion. This model seeks to make score information more uniform between the three bureaus to provide consumers with a better picture of their credit health.
Score Simulator: The simulations are hypothetical; they do not predict or guarantee that your actual score will rise or drop to the simulated score, nor do they guarantee that you will be approved or rejected for credit by any financial institution. Entering data into the Simulator does not affect your actual score.
Credit Score Goals: Credit Score Goals provides you the ability to select a goal credit score and see next steps to help you reach that score, based on the successful credit habits of millions of people. Suggested next steps are not based on a specific person’s credit profile, but rather on collective data from millions of people.
Offers: The credit score provided is intended to help you understand the factors that affect your credit score, and ways you may be able to save money with Mid Minnesota Federal Credit Union loan products. The credit score is not used for loan approval purposes, or for determining loan rates. Loan rates and approvals are based on information provided to the credit union when you apply for a loan. The credit score found in the credit report may be different than the credit score you see here. The offers presented are not offers to lend. Terms and conditions and offers are subject to change at any time.
*The credit score provided is intended to help you understand the factors that affect your credit score, and ways you may be able to save money with Mid Minnesota Federal Credit Union loan products. The credit score is not used for loan approval purposes, or for determining loan rates. Loan rates and approvals are based on information provided to the credit union when you apply for a loan. The credit score found in the credit report may be different than the credit score you see here. The offers presented are not offers to lend. Terms and conditions and offers are subject to change at any time.