Carolina Collegiate Federal Credit Union
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Credit Sense FAQs

What is Credit Score?
Credit Score is a comprehensive program designed to help you stay on top of your credit.

You’ll get your credit score, an understanding of the key factors that impact it, and access to special loan and credit card offers that can help you reduce interest costs.

This program will also monitor your credit report on a daily basis to help you keep an eye out for identity theft.

Is there a fee for me to enroll?
No. Credit Score is entirely free and no credit card information is required to register.

Will accessing Credit Score ‘ping’ my credit and potentially lower my credit score?
No. Checking your credit score is a “soft inquiry”, which does not affect your credit score.  Lenders use ‘hard inquiries’ to make decisions about your credit worthiness when you apply for loans. Hard inquiries can lower a credit score.

How often are credit scores updated?
The credit scores are automatically updated every 30 days, although you can click “update” to refresh it every day.

Why is this credit score different from others I’ve received?
There are three major credit reporting bureaus — Equifax®, Experian® and TransUnion® —and two scoring models — FICO and VantageScore® — that determine credit scores. Different financial institutions use different bureaus, as well as different scoring models. Over 200 factors of a credit report may be taken into account when calculating a score, and each model may weigh credit factors differently, so no scoring model is completely identical

What if I don’t have a credit history?
If you don’t have a credit history, you can still view the educational articles. In some cases, you may also be eligible for loans or credit cards that will help you build your credit.

There is a section in Credit Score that features product offers? Can you explain more about this?
Depending on your credit score, you may receive pre-qualified offers on products that may be of interest to you. These offers are tailored specifically for you based on your credit history, so you’ll always know what rates you are eligible for.

Does Credit Score monitor my credit report?
Yes. When you successfully pull your credit score for the first time, you are automatically enrolled into credit monitoring. Your file is scanned daily for key changes, and an alert will be sent to you via email if one of the following key changes are detected:

  • An account has been included in bankruptcy
  • An account is reported as delinquent
  • A fraud alert has been placed on the credit file
  • A previously derogatory account is now current
  • A new account has been opened
  • An account in your name shows a different address
  • An account in your name lists a new employer
  • A new inquiry appears on the credit file
  • A new public record has been reported

Will I receive an actual credit report?
No. With this program you’ll receive your credit score, ranging from 300 to 850, and key factors that are impacting your score. It does not include an actual credit report (a detailed report of credit history).

What if my credit score appears to be wrong or inaccurate?
Credit Score shows you the most relevant information from your credit report, but it is not a full credit report. If you think the information is wrong or inaccurate, we encourage you to obtain a free credit report from www.annualcreditreport.com, and then pursue the discrepancy individually with the bureau. Each bureau has its own process for correcting inaccurate information. The Federal Trade Commission website offers step-by-step instructions on how to contact the bureaus and correct errors.

 

 

 


The TV program guests told appalling stories. "I owe more than $26,000 on my credit cards," one said defiantly. Another, confessing that he liked to treat friends to expensive dinners out, admitted, "I've trashed my credit rating." And another, insisting she could manage her bills, and she's charged a staggering $50,000 on 11 different credit cards.

And the biggest jolt of all? These guests on TV's Oprah show all are college students in their late teens and early 20s. Two of them already have declared bankruptcy. Many of the student guests said they'd first gotten a credit card at the sign-up tables at college registration areas. One young man,- a student who had worked registration as a recruiter for a national credit card company said, "Students are the bait, and we're the sharks." He explained that he earned points for each student he signed up (or suckered in). He said that the national credit card company used students to appeal to other students, "sort of like I'm a student, too, and I wouldn't give you anything bad, would I?" He rolled his eyes as if to say, "Yeah. Right."

All the participants said they'd learned some hard facts about using credit cards:

  • Be realistic about your expenditures. If you're covering routine expenses with credit (like burritos and underwear), you're living beyond your means. Period.
  • Understand the wrap of minimum monthly payments. If you make the minimum payment - say the lesser of 2% of the balance, or $25 - on a $2,000 credit card balance, paying 18% interest, you won't pay off the balance for nearly 16 years. And you'll have paid $3,328 in interest charges.
  • If you can't keep up with one credit card, it's foolish to add more. More cards do not mean more money coming in - they mean more going out, and for a much longer time.

When you agree that you're ready to handle a credit card, give us a call at 1-800-476-5861 or (803) 227-5555 or come in and visit us. Carolina Collegiate will help you enjoy the convenient of a credit card, without putting you in a lifetime of credit jeopardy.

If you're already in credit trouble, there is help. Contact Consumer Credit Counseling Services at (803)929-6666 or 1-800-223-9213.

Don't get in over your head.

 









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Copyright 2015 Carolina Collegiate Federal Credit Union
Carolina Collegiate Federal Credit Union
Phone: 803.227.5555 • Toll Free: 800.476.5861 • Fax: 803.227.5566
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Carolina Collegiate Federal Credit Union is a BBB Accredited Credit Union in Columbia, SC