SF Fire Credit Union

To enroll, sign-in to Online Banking or contact the Call Center.

SF Fire members can see and monitor their FICO credit score on their quarterly statements and within Online Banking.

Why You Should Monitor Your Score

Regularly monitoring your credit score allows you to estimate your borrowing capabilities, as well as help spot possible identify theft. The service is free to members but you must register in order to receive it.

Login to Online Banking and go to the Records & Information section, or contact us through the Call Center or Web Chat.

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Getting Your FICO Score in Shape

Your FICO score is the numerical representation of your credit worthiness, which is collected by credit reporting agencies such as Experian, Equifax and TransUnion. The score can be used to decide if you qualify for a loan, what the amount or interest rate will be, plus what other credit limits may apply.

The score was developed by the Fair Isaac Corporation and began being used in the late 1980s as a “snap-shot” of consumer behavior and risk. As a method of assessing risk, the FICO score is not limited to financial institutions—landlords, utility companies or potential employers can use it when making a decision about you.

Why is a FICO Score Important?

As indicated, your FICO is not only used by financial institutions but can also be used to determine if you get a job, whether or not you can rent an apartment or qualify for insurance. The score itself is calculated from different types of data found in your credit report and is grouped into five different categories, with some categories having more impact on your score than others.

Keep these factors in mind when trying to determine why your score is what it is:

1. Payment History

Paying bills on time matters. It is one of the biggest measures used in scoring and the easiest to control. A “clean” payment history (no delinquencies) and lack of adverse public records (bankruptcy, wage garnishment, liens, etc) will have a positive impact on your score.

2. Amounts Owed

A ratio of overall debt to available credit is one of the main factors in determining a score. Keeping that ratio lower than 75% is satisfactory but below 30% is better. Fewer accounts with balances, a lower proportion of credit lines used (not maxing out credit cards) and having paid down installment loans (auto loans, signature loans, etc.) can keep the ratio in your favor.

3. Length of Credit History

Accounts that have been open for long periods of time and in good standing (paid on time, a low debt-to-credit ratio) will have a positive impact on your score. Keep in mind that closing an unused credit card may work against you by increasing your debt-to-credit ratio.

4. New Credit

Opening new credit accounts all at once, to lower a debt-to-credit ratio, or increase your overall available credit can work against your score—lenders will submit inquiries to the credit reporting agencies and that activity will be noticed. The exception would be for those with payment history problems who need to re-establish credit history.

5. Types of Credit Used

The number of accounts and the various types of accounts (credit cards, retail credit, auto loans, mortgages, etc.) will impact your credit score. While it is considered generally positive to have established accounts (as in credit history), too many accounts or frequent loans from some finance companies can have a negative effect.

Rating FICO Scores

Scores help determine tiers, which are used to gauge what loan rate or credit limits could apply.

FICO Score	Credit Tier*
720—850	A
660—719	B
630—659	C
0—629	D

*Tiers are determined according to SF Fire Credit Union guidelines. Credit tiers may vary from institution to institution.