The Basics of Credit Scores

Who has a credit score? 

• Everyone who has at least one line of credit open under their name. 
• One month after the first line of credit in your name is opened you will get a credit score. 

What is a credit score? 

A number from 300 - 850. The number determines how likely you are to pay back the money you might borrow from the financial institution. 

Factors that go into your score. 

• Paying bills on time
• Credit usage
• Amount of credit lines open 
• Age of credit lines and credit history

Where can you check your credit score? 

• Through your bank
• Through the credit bureau directly
• Through a credit score or (your) credit card website

When is your credit score used? 

When you want to borrow money from a bank or credit union for a personal loan, student loan, or a mortgage on your house. 

The higher the score, the better! 

• Good: 660 - 779
• Excellent: 780 - 850

You are more likely to get approved for a loan if your credit score is high. 

Why is a credit score important? 

Your credit score is an indicator of your financial responsibility.  It can tell anyone who is going to lend you money how likely you are to pay back the loan. 

Soft Pull versus Hard Pull 

Soft Pull

• Usually when you personally check your credit score.  
• It will not show up on a credit report. 

Hard Pull 

• Usually when you are opening a new line of credit. 
• It will show up on a credit report and may affect your score. 

Protect and Manage Your Credit with Credit Sense. 

You can access your credit score* along with personalized tips on how to improve or maintain an already great score with Credit Sense. It's built right into your First National Bank Online and Mobile Banking App, so you won't need a new login.

*Know Your Score Today!

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