Monitoring your credit score is one of the most important steps you can take to manage your financial health. Wings members have a powerful tool to support their financial success: credit score reporting from VantageScore.
A credit score is a number that summarizes your credit risk, based on your credit data. A credit score helps lenders evaluate your credit profile and influences the credit that’s available to you, including loan and credit card approvals, interest rates, credit limits and more.
Although each consumer reporting agency formats and reports this information differently, all credit reports contain basically the same categories of information: Identifying Information, Credit Accounts, Credit Inquiries, and Bankruptcies and Collections.
Credit scores are calculated from the credit data in your credit report. This data is grouped into five Categories:
No. The reports pulled for this are called “soft” inquiries. Soft inquiries are all credit inquiries where your credit is NOT being reviewed by a prospective lender.
VantageScore is one of the leading credit scoring models, and VantageScore 4.0 is a highly predictive model of an individual's credit behavior. It offers these benefits:
Credit scoring models weigh many different factors, including the mix of types of accounts, the number of accounts you have and the length of time you've had them.
It's important to recognize that the various scoring models use slightly different criteria to determine your credit score. Newer models like VantageScore 4.0 are designed on the most recent timeframe and represent current consumer and lending practices. More data is incorporated to give a more complete picture of your credit standing. Also:
No. A change in your credit score will not impact existing credit accounts. However, it could influence the rates you are offered on future applications for credit.
First, enroll in credit score reporting. Once you have enrolled:
It all comes down to when the report is pulled. If your member report and loan application are pulled on the same day, they should show the same number. But keep in mind, credit scores can change more than once per month, so the odds are low that they will be identical. Your member report should provide a general idea of where you stand.
To begin receiving complimentary credit score reporting from VantageScore, you will need to enroll and agree to user terms – even if you were previously signed up for credit score reporting through Wings.