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A credit score predicts how likely you are to pay back a loan. Companies use a mathematical formula called a scoring model to create your credit score from information in your credit report. Your credit report contains information about your experience paying loans and other bills.
Some factors that make up a typical credit score include:
Banks, credit unions and other lenders use credit scores to make decisions about whether to offer you a mortgage, credit card, auto loan, or other credit product. The credit score is also used to determine the interest rate you receive on a loan or credit card, and the credit limit.
It’s important to know that there are many different types of credit scores available to you and lenders. The actual scores will vary depending on the scoring model, the source of your credit history, the type of loan product, and even the day it was calculated.
Stanford FCU uses two different credit scores:
Both credit scores range from 300 to 850 and were developed jointly by the three major credit bureaus (Experian, Equifax, and Transunion). Usually a higher score makes it easier to qualify for a loan and may result in a better interest rate.
Where did Stanford FCU get my VantageScore that’s posted online?
Stanford FCU partners with Experian to provide all of our members with your free VantageScore. You can also request your free credit report directly from annualcreditreport.com.
Will viewing my score hurt my credit?
No, Stanford FCU does a soft pull on your credit so it will not affect your score.
Can I opt out of viewing my score?
Stanford FCU provides your VantageScore based on Experian data to help you monitor your credit so you can qualify for more affordable loans. You can opt out of receiving it by calling 888.723.7328opens phone dialer or sending us a secure Message through Online Banking or the mobile app (App Store | Google Play).
Will this VantageScore be used for my consumer loan or mortgage loan application?
The credit score you see in your Online Banking and the mobile app (App Store | Google Play) is used for informational purposes only, as your actual score can change frequently. When you apply for a loan with us, we will pull your full credit report and use that credit score and history.
How often is my online score updated?
We will update your score four times per year at the beginning of each quarter (January 1st, April 1st, July 1st, and October 1st). New members won’t see their credit score until the beginning of the quarter following their new membership date.