Routing #313186909
Phone # (979) 316-4833
Locations + ATMs
Drive Thru Hours
Mon-Fri: 9am-5pm
Lobby Hours
Mon-Fri: 9am-5:30pm
979-316-4833
Routing Number
313186909
How your credit score is determined, and three ways you can improve it
Maybe you’ve applied for a loan in the past and the loan officer gives you your credit score. It may be high, it may be low, but you’ve probably wondered how exactly is it measured?
First, credit scores are usually used to differentiate the likelihood that you will pay back a loan, or not. The main consumer credit scoring models, FICO® and VantageScore®, rank consumers using a 300-to-850 score range. The lower the number the more risk a lender sees. The higher the number the less risk there is of you defaulting.
Second, how is this number calculated? FICO® Scores are calculated using several different pieces of your credit history in your credit report. This data is grouped and weighted into five categories: payment history (35%), amounts owed (30%), length of credit history (15%), new credit (10%), and credit mix (10%).
It’s important to know that your FICO® Score is calculated only from the information in your credit report. However, when you apply for a loan, loan officers may look at many things when making a decision, such as your income, how long you have worked at your current job, how long you have lived at your current address, and the kind of credit and amount of credit you are requesting.
Many members ask us “how can we improve our credit score?” Dialing that 800 number from a roadside sign promising to give you a better credit score fast is not only expensive, but rarely do they work. Here are three things you can do right now that will help you earn a better score.
A low credit score won’t just potentially keep you from getting a loan, it determines the rate you pay when you do get a loan. The lower the credit score the higher your rate, which means a higher payment and more paid interest over time. A low credit score can also increase your insurance premiums and potentially keep you from renting a home.
Want to learn more about your credit score and get tips from an expert on how to improve your credit score, and ultimately your finances?
Old Ocean Federal Credit Union wants to help. Reach out and schedule a time to meet with us. We promise we won’t judge you. Our job is to give you a proper perspective and help you achieve a better financial life.
Welcome to Old Ocean Federal Credit Union, proudly serving Sweeny, West Columbia, Brazosport, Old Ocean and all of Brazoria County, Texas. Here, you’re more than a customer. You’re a member and owner. That means we put you first, not fees or profits. It’s what sets us apart from banks and other lenders and why we’re confident you’ll love experiencing the credit union difference.
Old Ocean Federal Credit Union provides links to web sites of other organizations in order to provide visitors with certain information. A link does not constitute an endorsement of content, viewpoint, policies, products or services of that web site. Once you link to another web site not maintained by Old Ocean Federal Credit Union, you are subject to the terms and conditions of that web site, including but not limited to its privacy policy.
Click the link above to continue or CANCEL