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Credit Score

A couple consulting with woman about an auto refinance

Will Refinancing My Car Help Or Hurt My Credit Score?

Your credit score can impact many factors of your life. Everything from insurance and interest rates to how much you can borrow for a mortgage relies in some respect on your credit score. A great credit score can open many doors, but the opposite also holds true. 

Our life circumstances are constantly changing and sometimes it makes sense to think about refinancing your car or house. But if you’ve worked hard to improve your credit history in recent years, keep in mind that certain financial activities could hurt your credit score. 

Below we will be discussing whether refinancing your car …

Complete Guide to Using a Credit Card

Your Guide to Using Credit Cards

Q: I’d love to improve my credit score, but I can’t get ahead of my monthly payments. I also find that my spending gets out of control when I’m paying with plastic. How do I use my credit cards responsibly?

A: Using your credit cards responsibly is a great way to boost your credit score and your financial wellness. Unfortunately, though, credit card issuers make it challenging to stay ahead of monthly payments and easy to fall into debt with credit card purchases. No worries, though; we are here to help!

Here’s all you need to know about responsible credit …

Why is my credit score important?

Why Does my Credit Score Matter?

Your credit score is made up of three numbers, serving as an indicator of your financial history, wellness and responsibility. These three little numbers can spell the difference between approval and rejection for a mortgage, a job, a rental unit and so much more.

We have outlined how your credit score is calculated, why it matters and steps you can take to improve your score.

How is my credit score calculated?

There are three major credit bureaus in the U.S.: Experian, TransUnion and Equifax. Each one collects and shares information about your credit usage with potential lenders and financial institutions. …


APY = Annual Percentage Yield ▪️ APR = Annual Percentage Rate ▪️ All rates and offers are subject to change without notice. ▪️ All financing is subject to approval and is based on an evaluation of credit history, so your rate may differ. ▪️ Please consult with qualified professionals to discuss your situation. ▪️ The calculators on the TEGFCU website are provided for educational purposes and results may differ based on the terms and conditions of specific products and may not apply to you.
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