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All Credit Union locations will be closed Monday, February 16, in observance of Presidents' Day.

Credit Score

Credit Score Key Factors

Credit scores are based on several core factors that reflect how credit is used over time. Understanding these key factors helps you focus on habits to improve or maintain your credit score. Read more about credit scores on our KTVAECU Blog.

Payment History

Payment history is the most important factor in your credit score. Lenders look closely at whether you pay your bills on time, so consistent, on-time payments are key to a strong credit score.

Credit Utilization

Credit utilization measures how much available credit is in use. Keep your credit card balances below 30% of your total credit limit to impact your credit score positively.

Credit History Length

Credit history length makes up 15% of your credit score. It reflects how long credit accounts have been open, including the oldest and average account ages. Longer credit histories provide lenders with more information to review.

Credit Mix

Credit mix accounts for about 10% of your credit score. Having a mix of credit types, like credit cards, auto loans, and mortgages, may improve your overall credit profile.

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Take Control of Your Credit Score 1

As a KTVAECU Member, you have free access to your Credit Score with digital banking. Check your score as often as you like and get tips on how to maintain or improve it! The Credit Score tool uses a soft inquiry and does not negatively impact your credit score.

With KTVAECU Credit Score, you have access to:

  • Free credit score, updated daily
  • Free credit monitoring alerts
  • Personalized credit report card
  • Tips based on your credit activity

Get unlimited access to Credit Score, anytime and anywhere!

CREDIT SCORE IN ONLINE BANKING    DOWNLOAD THE APP FOR CREDIT SCORE

Credit Score FAQs

  • How is my credit score number generated?

    Credit scores are calculated with information from your credit report. This includes your payment history, the types of credit you use, how long you’ve had credit, and how much credit you use compared to your limits. Credit bureaus receive updates from lenders regularly to calculate your score.

  • How often does my credit score change?

    Your credit score may change when lenders report new information to the credit bureaus. Most lenders report account activity about once every 30 days, though timing varies by lender. When new information is added to your credit report, your score may change.

  • Should I check my credit score?

    Yes. Check your credit score regularly to understand where you stand and notice changes over time. Through KTVAECU Online and Mobile Banking, Members have FREE access to their credit score.

  • How does new credit affect your credit score?

    New credit accounts may temporarily affect your credit score. New accounts may lower the average age of your credit history, and recent inquiries may have a short-term impact. Over time, responsible use and on-time payments help support your credit health.

  • What is a hard inquiry on a credit score?

    Hard inquiries, also called pulls, occur when you apply for a loan or line of credit, and the lender requests to look at your official credit report. Hard inquiries remain on your credit report for up to two years, though their impact on your score usually fades sooner. This is why it is important to keep hard inquiries to a minimum when possible.

  • What is the difference between a soft inquiry and a hard inquiry?

    A soft inquiry occurs when you check your own credit or when credit is reviewed for informational purposes. Soft inquiries usually do not affect your credit score. A hard inquiry occurs when you apply for a loan or credit account, and a lender reviews your credit report. Hard inquiries may cause a temporary, slight change in your credit score.

  • If I check my credit score with digital banking, will it affect my score?

    Your score is not impacted when you check it in digital banking.

  • Does my credit score in digital banking only reflect loans I have with KTVAECU?

    No, your credit score reflects credit activity reported across multiple lenders, not just loans or accounts you have with KTVAECU.

  • Why is this score different from my actual credit report?

    You may see different credit scores based on each credit bureau. Lenders do not all use the same bureau, so the scores may vary even when they reflect the same credit history.

  • Do I get my money back from a Credit Builder Loan?

    As you make each monthly payment on your loan, the amount of the payment minus the interest charged becomes available to you in your account.

Disclosures

1 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.

2 APR = Annual Percentage Rate. Terms up to 36 months. Minimum payment $25.00 per month. Rates subject to change. Rate can change after consummation. Membership must be 90 days or older to qualify. Some restrictions may apply. Ask for details. Payment example for Regular Share Account: 36 monthly payments at 2.10% APR is $28.69 monthly payment per $1,000.00 borrowed.

3 APR = Annual Percentage Rate. The APR may increase or decrease during the term of this loan based on the changes in an interest rate index. The index is the dividend rate or current earnings rate paid on the account on the date of the advance plus 2.00%, up to the maximum APR of 18.00% or the maximum rate allowed by the law. Any increase in APR will result in more payments. Rate subject to change. Rate can change after consummation. Payment per $1,000.00 is for example purposes.

4 Available to qualifying Members. Rate subject to change without notice and based on creditworthiness. Some restrictions may apply. Ask for details. View credit card disclosure at tvacreditunion.com/credit-card-disclosure.

5 APR = Annual Percentage Rate. Rate subject to change without notice and based on creditworthiness. Available to qualifying Members. Some restrictions may apply. Ask for details. View credit card disclosure at tvacreditunion.com/credit-card-disclosure.

6 Available to qualifying Members. Some restrictions may apply. Ask for details. Your account must be in good standing with the Credit Union. Funds must be available in the account at the time the order is placed. Cards will not be ordered if funds are not available. Fees apply.