Credit 101

Building credit or improving your credit score can be confusing if you don’t understand which factors impact your credit history.  As part of the Credit Strong platform we provide your FICO 8 score.

It’s important to understand how FICO score is different from other providers and what causes it to change over time. Keep reading to get an overview and see how Credit Strong can help you improve your credit score.

Credit Strong provides the FICO score to Credit Strong account holders and updates your FICO score monthly free of charge when you have an open Credit Strong account. We also provide the top two factors that are currently impacting your FICO credit score. Unlike the Vantage 3.0 credit score, which is provided by several free credit monitoring websites, FICO is the Score Lenders Use®. 90% of top lenders use FICO scores when making lending decisions.

How FICO Scores Work

Your FICO® Score is calculated by a computer algorithm that evaluates many sources and types of information on your credit report when you apply for credit.  READ MORE

Payment History

Payment History is a record of every payment or non-payment for past extensions of credits you received.  READ MORE

The Amount You Owe

Amounts Owed reflects  how much you owe each creditor individually and in total. It includes your utilization rate for revolving lines of credit (e.g. credit cards).  READ MORE

Length of Credit History

Length of Credit History is the length and age of each trade line on your credit report individually and in aggregate.  READ MORE

New Credit

New Credit is the new account opening activity and any recent ‘hard’ credit inquiries from lenders on your credit report.  READ MORE

Credit Mix

Credit Mix is the types of credit used. Examples may be revolving credit cards or revolving lines of credit,  or installment credit like a fixed loan amount.  READ MORE

Accountholders must be at least 18 years old and a citizen of the United States or permanent resident with a valid social security number. Applicants for accounts are subject to verification of identity. A valid bank account or debit card account are required for payment. All loans are subject to consumer report review and approval.

Credit Strong is NOT a credit repair service and does not remove negative credit history from your credit profile. Disclaimer: Credit profile improvement is not guaranteed. Changes in your credit score reflect individually specific financial behavior and history. Failure to make minimum required loan payments on-time may result in your loan payment(s) being reported as delinquent to credit bureaus which may negatively impact your credit profile.

Testimonial Disclaimer: Individual results may vary. Unique experiences and past performance for individuals do not guarantee future results for other individuals. Testimonials may not be representative of all individuals and certain individuals may have inferior results than indicated in testimonials.

Credit Strong® is a registered trademark of Austin Capital Bank SSB. FICO® is a registered Trademark of Fair Isaac Corporation. Austin Capital Bank SSB. Member FDIC. Equal Housing Lender. © 2019 Austin Capital Bank SSB. All Rights Reserved.