What is a FICO® Score?
Score is a three-digit number calculated from the credit information on your credit report at a consumer reporting agency at a particular point in time. It summarizes information in your credit report into a single number that lenders can use to assess your credit risk quickly, consistently, objectively and fairly. Lenders use the FICO®
Score to estimate your credit risk – how likely you are to pay your credit obligations as agreed. It helps you obtain credit based on your actual borrowing and repayment history.
Free access to your FICO® Score?
If you have a TruMark Financial Visa®
credit card, the credit union provides FICO®
scores based on information from your TransUnion credit report on your e-Statements so you can monitor your credit. Providing your FICO®
score will never impact the score.
How the FICO® Score is calculated?
FICO® Scores take into consideration five main categories of information in a credit report. The chart below shows the relative importance of each category to FICO® Scores.
Learn more about understanding your FICO® Score
What your FICO® credit score means to lenders
Frequently Asked Questions
- Why is my FICO® Score different than other scores I’ve seen?
There are many different credit scores available to consumers and lenders. FICO® Scores are the credit scores used by most lenders, but different lenders (such as auto lenders and credit card lenders) may use different versions of FICO® Scores. In addition, your FICO® Score is based on credit file data from a particular consumer reporting agency, so differences in your credit files may create differences in your FICO® Scores. The FICO® Scores that are being made available to you through this program are the specific scores that we use to manage your account. When reviewing a score, take note of the date, bureau credit file source, score type, and range for that particular score.
- Why does my FICO® Score fluctuate/change?
There are many reasons why your 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 particular consumer reporting agency at that time. So, as the information in your credit file at that bureau changes, your 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 changes in FICO® Scores. Keep in mind that certain events such as late payments or bankruptcy can lower your FICO® Scores quickly.
- How often will the FICO® Score be updated?
TruMark Financial will update FICO® Scores quarterly.
More Frequently Asked Questions
*Must be a current TruMark Financial credit cardholder.
The score used by TruMark Financial is the FICO® Score 8 based on TransUnion data and may be different from other credit scores. This information is intended for and provided to the Primary cardmembers only that have an available score and is provided on the statement for individual accounts. See FICO® Score FAQs about the availability of your score. TruMark Financial and other lenders may use different inputs like a FICO® Score, other credit scores and more information in credit decisions. This benefit may change or end in the future. FICO is a registered trademark of the Fair Isaac Corporation in the United States and other countries.
TruMark Financial and Fair Isaac are not credit repair organizations as defined under federal or state law, including the Credit Repair Organizations Act. TruMark Financial and Fair Isaac do not provide “credit repair “ services or advice or assistance regarding “rebuilding” or “improving” your credit record, credit history, or credit rating.