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Credit Education
Being Smart About Credit Can
Make All The Difference
Having financial freedom starts by understanding how credit works and being as creditworthy as possible. That means having a credit score of at least 700 or higher on a scale from 300 to 850. Every credit score is determined by five factors: payment history, how much you owe, how long you’ve had credit accounts, secured credit (like a mortgage) versus unsecured credit (like a credit card), and the number of recently opened accounts.
The good news is that even if you don’t have a great credit score, you can fix it. First, pay your bills on time. Then, pay down your debt. Third, don’t open new cards, but do keep your paid off cards open. Finally, give it time. Your score won’t improve overnight, but by doing all the right things consistently, you can be sure it will go up over time.
How Your Credit Score Adds Up
You hear a lot about credit scores, but how does your number add up? Basically, it’s determined by five key factors.
Payment History
The biggest factor in your score. Why? It means you take financial commitments seriously and pay your bills on time. Lenders like to see that.
Outstanding Debt
Everything you owe… home, auto and student loans, and credit cards. It’s the second biggest factor because lenders won’t lend if they think you’re in over your head.
Length of History
Still have the very first credit card you’ve ever opened? Good! Having established credit accounts in good standing, and not opening lots of new ones, shows you’re responsible with credit.
Type of Credit
Again, a small factor but important, because it looks at the type of debt you have, good or bad. Good is debt that’s secured by an asset, say, a car loan or a mortgage. Bad is unsecured debt, such as credit cards and student loans.
Credit Applications
Have you opened any new accounts in the last year? While this is only 10% of your score, you can seriously hurt yourself here by suddenly applying for lots of new credit cards. That’s a sign you may be on thin ice, financially.
How To Fix Your Credit Score
Credit scores are measured on a scale of 300 to 850, and where you want to be is 700 or higher. Not there yet? Don’t worry. Your score isn’t set in stone, and here’s how you can improve it.
Don’t Miss a Payment. Automated bill pay services, such as Grow Online Bill Pay, can ensure that your payments are made on time, all the time.
Reduce Your Debt. Got a maxed out card? Un-max it. Make an effort to pay down/pay off unsecured debt, like credit cards and student loans.
Don’t Open New Cards. And don’t close out old cards for two reasons. First, it reduces the amount of available credit you can draw on. Second, you lose that long history of credit management when you close an old card.
Give It Time. Your score won’t improve overnight, but it will improve. Just making payments on time for six months can notch your score up a bit. And past mistakes, like late payments, do eventually fade away.
How to Find Your Routing & Account Numbers
When you make a payment online, by phone or on a mobile device, you may be asked for our routing number and your checking account number. Credit unions and banks use these numbers to identify accounts and make sure money gets where it’s supposed to be. You’ll also need to provide your routing and checking account numbers for:
- Direct deposits
- Electronic checks
- Military allotments
- Wire transfers
Where to Find Your Routing & Checking Account Numbers
Your personal checks include both our routing number and your account number, as shown on the Grow check example below.
Don’t have a Grow check? No worries.
Visit any Grow store and ask for a Direct Deposit Form. It lists both your routing number and checking account number.
Making a Loan Payment
Nobody likes paying bills. We get it. That’s why at Grow, we make it as painless as possible to pay your loan every month. You can even choose how to do it.
Pay From Another Credit Union or Bank
You have two ways to pay by transferring funds online from another institution.
- Debit Card or ACH
We accept both Mastercard® and Visa® debit cards and ACH. With debit cards you’ll also pay a convenience fee of $4.95. To make a loan payment other than your mortgage or Grow Visa® credit card, click the button below.
- Grow Online Banking
You can make one-time payments or set up automatic recurring payments in your Grow Online Banking account. Simply select “Transfer/Payments” from the menu. And if you’re not enrolled in Grow Online Banking, you can set up your account in just a few minutes.
Pay by Mail
You can also pay your loan by check through the mail. Please remember to include your account number and Grow loan number on the check.
Send auto, credit card and personal loan payments to:
Grow Financial Federal Credit Union
P.O. Box 10006
Irmo, SC 29063-5006Send home loan and home equity payments to:
Grow Financial Federal Credit Union
P.O. Box 11733
Newark, NJ 07101-4733You Are About To Leave GrowFinancial.org
At certain places on this site, there are links to other websites. Grow Financial Federal Credit Union does not endorse, approve, represent, certify or control those external sites. The credit union does not guarantee the accuracy, completeness, efficacy, timeliness or accurate sequencing of the information contained on them. You will not be represented by Grow Financial Federal Credit Union if you enter into a transaction. Privacy and security policies may differ from those practiced by the credit union. Click CONTINUE if you wish to proceed.