Tag: credit score

Update: Upcoming FICO Changes

[ 0 ] May 4, 2020 |
Update: Upcoming FICO Changes

Consumers struggling with their finances may need extra help when new scoring models are implemented. FICO adjusts its credit score modeling every few years to adapt to consumer behavior. This summer, FICO 10 and 10 T will roll out. What does the T stand for? “T” is for Trend. These modeling changes will reflect new […]

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What Is Financial Aid for College?

[ 0 ] March 31, 2020 |
What Is Financial Aid for College?

Today’s skyrocketing college tuition prices mean most families can’t afford the whole bill on their own. Financial aid can help fill in the gaps. Here we explain everything you need to know about it, including: What is Financial Aid? Types of Financial Aid Which Form of Financial Aid is Best? How to Qualify for Financial Aid […]

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What to Do If Your Credit Score Has Fallen – 5 Tips

[ 0 ] March 23, 2020 |
What to Do If Your Credit Score Has Fallen – 5 Tips

Your credit score can affect your life in a lot of ways, from whether you are eligible for a loan or credit card, or qualified for a security clearance. If your credit score has fallen or you want to improve your credit score, these tips can get you started. What is a Credit Score? A credit […]

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Hard Inquiries vs. Soft Inquiries: What They Really Are, How They Affect Your Credit

[ 0 ] February 3, 2020 |
Hard Inquiries vs. Soft Inquiries: What They Really Are, How They Affect Your Credit

Your three-digit credit score will fall when a lender checks your credit reports or credit score, right? And if several lenders all check your credit during the same two-week period, the negative impact on your credit score will be even worse, right? Not necessarily. Sometimes your score doesn’t budge after lenders check your credit. And […]

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Become Financially Fit in 2018

[ 0 ] January 9, 2018 |
Become Financially Fit in 2018

Now that the Christmas season is behind us, the focus turns to 2018 resolutions. While many of us vow to eat better and get on the treadmill to improve our physical health, have you thought about your financial health in the New Year? Consider some statistics: A Consumer Financial Protection Bureau study found that seven out […]

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Credit Scores…..Where does that magical number come from?

[ 0 ] November 14, 2016 |
Credit Scores…..Where does that magical number come from?

We all know that most lending institutions are going to use a person’s credit score as a basis for approving a loan, and also to determine what their interest rate will be.  To many of us that credit score is just a number, and the higher it is the better.  But what is the credit score really?  […]

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ILFB Annual Meeting Micro-Talk: Credit

[ 0 ] December 28, 2015 |
ILFB Annual Meeting Micro-Talk: Credit

Just a few weeks ago, we attended the Illinois Farm Bureau Annual Meeting and held two Micro-Talks. One of them was titled “What the Heck Is Credit?” and was created to help you learn more about your credit score, how it is calculated, and how to take care of your credit. To summarize the Micro-Talk, […]

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Free Credit Counseling

[ 6 ] July 6, 2015 |
Free Credit Counseling

In the last issue of Money Rep, I briefly described some options our members have to avoid the heavy interest and fees associated with payday loans.   As identified in that article, one of the benefits of your membership at IAACU is free credit counseling.   There are five Certified Credit Union Financial Counselors (CCUFCs) on staff […]

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