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Ridgewood Savings Bank

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Wealth Management
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Credit Score

 

Credit Score is available to our customers through online and mobile banking. SavvyMoney Credit Score is a free service offered to help our customers understand their credit score, give access to their full credit report, provide credit monitoring and alerts, simulate, and learn ways to improve their score, and learn how they can save money on new and existing loans.

Credit Score Powered By Savvy Money Frequently Asked Questions

SavvyMoney is a comprehensive platform that provides our customers with free and ongoing access to their latest credit scores and reports, real-time credit monitoring, and savings opportunities on existing and new loans and credit cards – all through our online and mobile banking.

SavvyMoney Credit Report provides our customers with all the information they would find on a standard credit file including a list of current or previous loans and accounts and credit inquiries. Customers can see details on their payment history, credit utilization, and the public records that show up on their accounts. Like Credit Score, when a customer checks their credit report, there’s no impact on their credit score.

Score Simulator is an interactive tool that allows customerrs to see how hypothetical actions may affect their credit score, including things like paying off a credit card balance or applying for a loan. Just like checking their credit score through SavvyMoney, using the simulator does not affect the user's credit score.

No. Credit Score Powered by SavvyMoney is entirely free to our customers, and no credit card information is required to register.

Every 7 days scores are updated and displayed in digital banking. Users can also refresh their score and full report every 24 hours by clicking “Refresh Score” and navigating to the detailed Credit Score Dashboard within digital banking.

There are three major credit reporting bureaus—Equifax, Experian, and Transunion—and two scoring models—FICO or VantageScore—that determine credit scores. Financial institutions use different bureaus and scoring models. Over 200 factors of a credit report may be considered when calculating a score and each model may weigh credit factors differently, so no scoring model is completely identical although there are similarities. SavvyMoney Credit Scores are represented in ranges, shown as follows:

780–850 – This scoring range is considered “Excellent.” Users in this range have very healthy credit histories and are usually eligible for the lowest rates on loans and offers on credit cards.

660-779 – This score range is considered “Good.” These users have good credit but may have a few minor issues. These users may still receive favorable rates on loans and cards.

600-659 – This scoring range is considered “Fair.” Users in this range may not get the lowest rates on loans and opportunities to borrow start becoming limited.

500-599 – This scoring range is “Unfavorable.” Users in this range are generally new to credit or have serious issues with their credit history. Users in this range may still get loans but usually at significantly higher rates.

Below 500 – This range is “Deficient.” Users in this range are generally new to credit or have had significant defaults or other negative marks. Users in this range may find it hard to get loans.

No, Ridgewood Savings Bank uses their lending criteria and credit bureau reports when making final loan decisions and has no access to SavvyMoney Credit Score. 

 

Products, services, terms and conditions subject to change without notice.