Understanding Your Credit Score

Your credit score is a vital part of your financial health. It influences everything from your loan interest rates to your ability to rent an apartment or even land a job. At WyHy, we understand how important it is to stay informed about your credit score, and we're here to help!

woman with red nails typing on the computer with a credit score image next to her hands

What Is a Credit Score?

A credit score is a three-digit number that reflects your creditworthiness based on your credit history. It's calculated using information from your credit reports, which include details about your credit accounts, payment history, and overall financial behavior. The higher your credit score, the more favorably lenders and other institutions view you.

Why Is Your Credit Score Important?

Loan Approval: A higher credit score increases your chances of being approved for loans and credit cards.
Interest Rates: A good credit score often means lower interest rates on loans and mortgages, which can save you money over time.
Insurance Premiums: Some insurance companies use credit scores to determine your premiums.
Employment Opportunities: Some employers check credit scores as part of their hiring process.

How WyHy Supports Your Credit Health

At WyHy, we're committed to helping you maintain a healthy credit profile. That's why we perform a soft pull of your credit report and update your credit score quarterly.

Here’s how this benefits you:

No Impact on Your Score: Our soft pull does not affect your credit score, so you can stay informed without any worries.
Regular Updates: Quarterly updates ensure that you have the latest information on your credit score, allowing you to track changes and make adjustments as needed.
Personalized Advice: With updated credit scores, our team can provide you with tailored advice to improve or maintain your credit health.

How to Access Your Credit Score

WyHy members can easily access their updated credit scores through our online and mobile banking portal. Simply log in to view your score and review your credit report details.

Tips for Maintaining a Healthy Credit Score

Pay Your Bills on Time: Timely payments are crucial for a good credit score.
Keep Credit Balances Low: Aim to use less than 30% of your available credit.
Avoid Opening Too Many Accounts: Each new credit inquiry can impact your score.
Regularly Review Your Credit Reports: Check for errors or discrepancies that could affect your score.

At WyHy, we're here to support your financial journey every step of the way. Stay informed, stay proactive, and let us help you build a strong credit foundation for a brighter financial future!

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