FICO® Score

If you have an active lending relationship with us, you can view your FICO Score in Member Access. While your FICO Score can change daily, we obtain the score from Equifax and update the score in Member Access on a quarterly basis.1


What is a FICO Score?

A FICO Score is the most common credit score used by lenders to make decisions about your credit worthiness when applying for a loan. Most scores range from 300 to 850. The higher your score, the better. A lower score can impact your ability to obtain new credit.

FICO Scores assess five main areas of your credit report:

  • Payment history (35% of score)
    Do you make your payments on time? Late or missed payments, collection items and bankruptcy filings can lower your score.
  • Amount owed compared to credit limits (30%)
    Having a lot of debt may not necessarily lower you score; however, carrying high balances (e.g., maxing out your available credit lines) can lower your score.
  • Length of credit history (15%)
    Generally, the longer you have had credit history, the better your score. FICO Scores consider the age of your oldest and newest accounts and the average age of your accounts overall.
  • New credit accounts and inquiries (10%)
    Frequent credit inquiries or opening a lot of new accounts in a short period of time can lower your score.
  • Credit mix (10%)
    Having a balanced mix of installment loans (e.g., car or mortgage loans) and revolving credit lines (e.g., credit cards or home equity lines of credit) can help increase your score.
Obtain a free copy of your credit report once a year from all three credit bureaus at Annual Credit Report.com to review your credit record. For additional information about FICO Scores, review the FICO® Score FAQ‘s* and Understanding Your FICO® Score.*


How We Use Your FICO Score

Most lenders base loan interest rates on a borrower’s FICO Score—the lower your FICO Score, the higher the interest rate you pay. Higher interest rates cost you more money.

At SECU, we do not base interest rates on your FICO Score. Every member who qualifies for a loan receives the same loan rate regardless of their credit score. Your FICO Score is only one factor considered when applying for a loan. Other factors such as your income, payment affordability, history with us, and collateral value (if applicable) all play a role in helping us make lending decisions. See our Qualifying page for more information about applying for a loan and how we make lending decisions.
* This material is provided by FICO. Information provided may not reflect the view of your Credit Union. FICO is a registered trademark of Fair Isaac Corporation in the United States and other countries.

1 The FICO Score service does not impact your credit score.