Knowing your FICO® Credit Score Lets You Reach Higher

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Couple reviewing credit report

You make important financial decisions every day, and many of those decisions are linked to your credit score. At Merrick Bank, we’re committed to giving you the tools you need to monitor your credit score.

Learn more about why your FICO® Score is so important and what it means to really understand your credit score.

Why is your FICO® Score so important?

FICO® is now the leading credit score on the market in the U.S., used by 90 percent of lenders, so it’s important to understand all of the decisions that may be affected. Whether you’re getting a loan for a car or a home or starting a new business, the better your credit score, the lower the interest rate you’ll pay. In short, a high FICO® Score usually means money saved, because applicants with higher FICO® Scores will generally receive more favorable rates that can translate into thousands of dollars in savings over the life of a loan.

Understanding your credit score.

Understanding what your credit score means and what affects it is the best way to get on track toward improving it. And that’s important, because establishing good credit can save you thousands of dollars a year, and even more with big purchases. It’s important to note, not all banks or lenders use the same version of FICO® Score. For example, some FICO versions are used for auto lending, while other versions are used for when lenders make decisions about whether to extend you a credit card offer.

The good news is that the average score has been rising; yours might be one of them. In April 2017, the national average FICO® Score hit 700. To see your FICO® Score take advantage of Merrick Bank’s goScore by simply logging into the Cardholder Center and accessing your up-to-date FICO® Score for free. If you aren’t enrolled in the Cardholder Center yet, you can enroll today. It’s free for all Merrick Bank customers. Plus, you can enroll in email alerts that can help you manage your account. 

For even more information on credit scores, be sure to check out the new video series from FICO available at MerrickBank.com/goScore.

 
Couple reviewing credit report

The power to make the best credit choices starts with your FICO® Score. Find out what yours is today at Merrick Bank.com.