Say it with us now, “Your credit score MATTERS.” But what exactly is it? You’d be surprised at how many people don’t know how their credit score is determined. But to answer the first question, a credit score is the three-digit number that tells lenders if you’ll pay them back on time for your credit card or loan. If it’s high, that’s a good sign. If it’s low, that’s not such a good sign.

So, how do we translate our spending history into a positive credit score? If you’re looking for answers on how to improve your special three-digit number, you came to the right place. We offer DEXSTA credit cards and loans that can improve both your credit score and your life. It just depends on how you use them—we’ll teach you how. 

What’s a Credit Score?

In laymen terms, it’s a three-digit number associated with each person’s credit history. That means banks, lenders,  credit card companies, and even car dealerships use it to determine if they can offer you credit. It’ll also decide what terms you qualify for on the offer. For example, if you have a low credit score, you might still qualify for a high-interest rate or significant down payment. 

Credit Scores: What’s Considered Good or Bad?

Scores range from 300-850, with FICO® Scores widely used throughout industry lenders. Any score above a 670 is good, while 800 and above are particularly exceptional. If yours is above 800, you’re eligible for the best rates from the nation’s lenders. Meanwhile, applicants are qualified for better than average rates from lenders. 

Once your credit score falls below 670, things start getting dicey. As we’ve been saying, credit scores determine whether or not you’re eligible for loans at competitive interest rates. When your score is considered low, you may receive higher interest rates than usual. Worse, you may not even get approved. 

How Can We Improve It?

You have a lot of different routes you can take. But with DEXSTA, we offer a multitude of different credit cards and loans that will put you on a path towards your financial freedom. We’re also transparent with our loan rates and DEXSTA’s official Lending Help Guide so that you know what you’re getting into before we even sit down and crunch the numbers. 

Until then, pay your bills on time, pay off your debt, and keep balances low on credit cards so that it doesn’t negatively impact your credit utilization ratio.

Contact DEXSTA today, and we’ll schedule an appointment that evaluates your credit score. If you need help improving it, we can help get you there. After all, we are Delaware’s top credit union and believe in honoring that fact.