Get Your FICO® Credit Score

FICO® Scores are the most widely used credit scores. Each FICO® Score is a three-digit number calculated from the data on your credit reports at the three major consumer reporting agencies — Experian, TransUnion, and Equifax. Your FICO® Scores predict how likely you are to pay back a credit obligation as agreed. Lenders use FICO® Scores to help them quickly, consistently, and objectively evaluate potential borrowers’ credit risk.

Nearly all lenders in the U.S., including Velocity Credit Union, use FICO® Scores as the industry standard for determining credit worthiness. Reviewing your FICO® Scores can help you learn how lenders view your credit risk and allow you to better understand your financial health.

FICO® Scores are calculated from the credit data in your credit report. This data is grouped into five categories; the information below shows the relative importance of each category.

35% — Payment history: Whether you’ve paid past credit accounts on time
30% — Amounts owed: The amount of credit and loans you are using
15% — Length of credit history: How long you’ve had credit
10% — New credit: Frequency of credit inquiries and new account openings
10% — Credit mix: The mix of your credit, retail accounts, installment loans, finance company accounts, and mortgage loans

Score factors, delivered with a consumer’s FICO® Score, are the top areas that affected that consumer’s FICO® Scores. The order in which the score factors are listed is important: The first factor indicates the area that most affected the score and the second factor is the next most-significant influence. Addressing these factors can benefit the score.

There are many different credit scores available to consumers and lenders. FICO® Scores are the credit scores used by most lenders and different lenders may use different versions of FICO® Scores. In addition, FICO® Scores are based on credit file data from a consumer reporting agency, so differences in your credit files may create differences in your FICO® Scores.

There are many reasons why a score may change. FICO® Scores are calculated each time they are requested, taking into consideration the information that is in your credit file from a consumer reporting agency at that time. So, as the information in your credit file at that CRA changes, FICO® Scores can also change. Review your key score factors, which explain what factors from your credit report most affected a score. Comparing key score factors from the two different time periods can help identify causes for a change in a FICO® Score. Keep in mind that certain events such as late payments or bankruptcy can lower FICO® Scores quickly.

No. The FICO® Score we provide to you will not impact your credit.

You are entitled to a free copy of your credit report from each of the three major consumer reporting agencies annually. To request a copy of your credit report, visit: www.annualcreditreport.com. Please note that your free credit report will not include your FICO® Score. Because your FICO® Score is based on the information in your credit report, it is important to make sure that the credit report information is accurate.

Your current FICO® Score will be provided on a quarterly basis.

• You are a new account holder and your FICO® Score is not yet available.
• Your credit history is too new.
• You are not the primary account holder.