(SPEECH)
- Do you guess what my friends are always asking me about? Credit. What is credit? Why do I need it? How does it work? Where do you get it? Does someone hand it out? No, seriously, someone asked me that.
(DESCRIPTION)
Text, Navy Federal Credit Union. Making Cents. What is credit? A woman sits at a desk with a laptop in front of her. Her shirt says Navy Federal Credit Union. A man sits at an identical desk beside hers but is facing the opposite direction. She waves.
(SPEECH)
They think just because I work at Navy Federal Credit Union that I know all the answers to their financial questions. Hi, I'm Amber. And the truth is, my job here has allowed me to work with some of the sharpest minds in finance. And they've taught me a ton about meeting money goals. And if I don't know the answer, I know someone who does.
(DESCRIPTION)
The man sitting at the nearby desk looks at her, pursing his lips.
(SPEECH)
Maybe not him, but you know what I mean.
- Seriously?
(DESCRIPTION)
Clip art appears in a bubble next to the woman. It shows credit cards, a car, and a house. Then there is a hand holding a meter. Text, Financial Power. A bubble says 750. It goes down to 300 and then up to 850. The meter gets higher and higher and then a magnifying glass hovers over it. A car appears next to the meter. Text, Approved, Declined.
(SPEECH)
- So here's my insight into credit. That way, if you're trying to get a credit card, buy a car, or a home, and in some cases get a job, you know what you're doing. After all, that's what I'm here for. MakingCents of your money together. In a nutshell, credit is part of your financial power. It helps you borrow money or purchase a product. And a three digit number is associated with your credit. That number is your credit score. Usually ranging from 300 to 850. Generally, the better your history of repaying debt, the higher your credit score.
So when you apply for a car loan, lenders will review your score and repayment history, and either decide you're likely to pay back the money or you're not. Plus, your score typically gets used to determine your interest rate. Higher credit score, lower interest rate, which ultimately saves you more money in the long run. Now that what credit is, how it works, and why need it, do you know where your credit stands? Here's a smart money strategy for you. Navy Federal members can view their credit scores for free using our Mission: Credit Confidence Dashboard to see how their credit holds up.
(DESCRIPTION)
Text, Mission, Credit Confidence Dashboard. Clip art of a man sitting cross-legged, holding his phone. An oversized laptop is behind him, and a blue circle next to him says 710. The man sitting at the desk raises his hand.
(SPEECH)
- For the record, I am one of those sharp minds.
(DESCRIPTION)
He points to himself. The woman furrows her eyebrows and lifts up her hand.
(SPEECH)
- Sure you are, Bryan. Sure you are.
- She messing with me?
(DESCRIPTION)
The man furrows his eyebrows, glancing at the woman. The woman smiles. Text, Navy Federal Credit Union. Making Cents. For more smart money tips, visit: navy federal dot org forward slash making cents. Insured by N C U A. This information is not legal or financial advice. Instead, it is provided for general informational purposes only. You should consult your own attorney or financial advisor regarding your particular situation. The credit score and report you will receive through Mission, Credit Confidence Dashboard is a Trans Union credit report with a Trans Union Vantage 3 Score.
