Welcome To Making Money Prosper
At every stage in life, we all need a routine checkup for our financial health. That is why we’ve launched Making Money Prosper! This blog is dedicated to you, our PEFCU members. We’re here to help you live your best financial life by teaching you to successfully save, invest, and manage your money. Adulting can be hard–we get it! We want you to find success through all of life’s stages: like purchasing your first car, traveling the world, planning for retirement, and everything in between. At PEFCU, our goal is to educate you and your family about your personal finances…
Credit Scores: FICO vs. VantageScore Models
Imagine you’ve worked diligently to increase your credit score as you prepare to buy a new car. You check your score one last time online before you apply. Then, the lender pulls your credit, and it’s an entirely different number. How can that be? It can be frustrating, for sure, but it’s not out of the ordinary. While most online credit score platforms use one credit scoring model, lenders often use another. These credit scoring models are very similar in how they calculate scores, but key differences do exist that can affect the outcomes. In this article, we’ll explain the two most common credit scoring models, highlight their differences, and provide guidance on how to maximize your overall score. The…
