SeaComm Federal Credit Union OFFICIAL BLOG

What Affects Your Credit Score?

credit score

It’s quite simple to figure out what is affecting your credit score. Behind the number itself, there are four main factors. Continue reading to learn what they are, and how you can work towards an improved score!

payment history

Your payment history. The timeliness of your payments makes up the majority of your FICO score, the credit score used by most lenders. Lenders want to be sure that you will pay back your debt, and on time, when they are considering you for new credit. Always pay your bills on time to give yourself the best shot at a great score.



Your credit utilization. Credit agencies look at how much of your available credit you are using. Contrary to popular belief, a large amount of open credit is not always considered a good thing. Your credit utilization ratio is calculated by dividing the total revolving credit you are currently using by the total of all your revolving credit limits. Using more than 30% of your available credit is a negative to creditors.



age of credit

The age of your credit. How long have your credit cards been open? Lenders want to see a long and active history of credit cards and timely payments. Generally, the longer your credit history, the higher your credit scores.




The types of credit you have. A variety of credit indicates that you are an attractive borrower. People with top credit scores often carry a diverse portfolio of credit accounts, which might include an auto loan, credit card, mortgage or other credit products. Credit scoring models consider the types of accounts and how many of each you have as an indication of how well you manage your debts.




In an effort to protect your credit score from identity theft and fraudulent activity, consider upgrading your basic checking account to a Benefits Plus® checking with SeaComm! Your Benefits Plus® membership provides you with access to Identity Theft Services, which includes Fraud Alerts and IDT Restoration Rescue®. Benefits Plus® will assist in filing police reports and contacting all credit bureaus, creditors, financial institutions, merchants, and even utility companies on your behalf. Click here to discover even more advantages of a Benefits Plus® membership, or stop by your nearest SeaComm branch to enroll!

For complete information, terms, conditions and exclusions please visit or call 866-329-7587.

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