When was the last time you checked your credit score?
If your answer is “I’m not sure,” you’re not alone. Your credit score can feel like one of those numbers that quietly follows you around—until you need to borrow money, apply for a credit card, rent a home, or make another major financial decision.
The good news? It’s easier than ever to see where you stand and understand what is affecting your score.
For Missouri United Methodist clergy, the Foundation’s free Your Money Line (YML) service makes it simple. Just log in to the YML platform (don’t have an account? Register here!) and visit the My Credit platform. You’ll find your current credit score along with a summary of your credit report.
Taking a few minutes to review this information can help you spot errors, understand your credit habits, and identify areas that may be affecting your score.
Your credit score doesn’t tell the whole story of your financial health. A high score doesn’t necessarily mean you’re in great financial shape, and a lower score doesn’t mean you’re doing everything wrong.
But your credit score does matter.
A lower score can make it harder to qualify for credit and may mean paying a higher interest rate when you borrow money. Credit scores can also be considered by insurance companies when determining premiums and by landlords when evaluating rental applications.
So, what is actually behind that number?
The Credit Score Factors page in YML breaks it down for you. You can see the six factors that influence your score:
· Payment History
· Credit Use
· Derogatory Marks
· Credit Age
· Total Accounts
· Hard Inquiries
Click on any of these factors when in the My Credit platform to learn more about what goes into your rating and what you can do to strengthen your score over time.
The goal isn’t simply to have a good credit score. It’s to understand your credit so you can make informed financial decisions.
Take a Look at Your Debt
While you’re exploring your credit information, take a look at the Debt Analysis feature on the Credit Score Factors page.
This tool can help you calculate your debt-to-income ratio (DTI)—the percentage of your gross monthly income that goes toward monthly debt payments.
Why does that matter? Your credit score is only one piece of your financial picture. Understanding how much of your income is already committed to debt can give you another helpful perspective on your overall financial situation.
Not sure what your DTI number means? Click the information icon next to your DTI to learn more about what is generally considered a healthy ratio.
Take a Few Minutes for Your Financial Checkup
Your credit report and score are not something you need to obsess over. But it is worth checking from time to time—just like you would check your bank account or review your monthly budget.
YML gives Missouri United Methodist clergy an easy, confidential way to do just that. Visit the My Credit platform in Your Money Line to explore these tools. You’ll need to sign in or register to access or enter your personal credit information.
Take a few minutes to find out what’s behind your number. Understanding your credit today can help you make more confident financial decisions tomorrow.