Credit Score – What is it?
Credit score is a record showing how timely you’ve been able to pay back the credit union and other financial institutions on the credit and loans you’ve borrowed.
Credit Score is affected by what is paid off from a credit card. When a credit card is used, it has to be paid back by a certain date. If you miss the date agreed upon to pay off the card, are late with the payment, or don’t have the money for one reason or another, it affects your credit score. Negative actions on a credit card mean negative score on your credit record.
A bad credit score can affect your ability to receive loans and other resources. With a good credit score, such tools are more readily available to members.