FICO Scores: What are they and why should I care?

FICO® Scores are numbers that summarize your credit risk. Scores are based on a snapshot of your credit file at a particular consumer reporting agency. They help lenders evaluate your credit risk.

Similar to a credit score, FICO® Scores can influence the credit that's available to you and the terms, such as interest rate, that lenders offer you.

This means that your FICO® Score can impact (good or bad) your ability to obtain a new loan. The higher the score, the better.

A FICO® Score is one of many attributes that are considered by the Credit Union when reviewing loan requests. Factors such as your income, payment affordability, history with the Credit Union, and collateral value (if applicable) all play a role in helping us make lending decisions.

While your FICO® Score can change daily, we obtain the score four times a year - January, April, July, and October. Members can review their FICO scores in Online Banking. Regular reviewing of your scores can help you stay informed and prepared for major investments or purchases in your life.

If you notice any major changes in your score, they should be reviewed more closely by obtaining your credit report. Any changes could be an indication of a problem, unless you recently made significant changes to your loans and accounts included in your credit profile. You can obtain one free credit report per year from www.annualcreditreport.com.

Fortera Credit Union members who have an active Fortera Credit Card now have access to their FICO® Score through Online Banking. Credit card account holders will also have access to their FICO® Score with their monthly credit card statement. The FICO® Scores are retrieved from Equifax on a quarterly basis.