--- title: SavvyMoney Can Help You Stay On Top of Your Credit description: Here’s a rundown of everything you need to know about your credit score and how RMCU's SavvyMoney tool can help you monitor it. image: https://rmcu.net/hubfs/RMCU_SavyMoney_Blog_010621_1-1.jpg --- [![RMCULogoColor.jpg](https://rmcu.net/hubfs/RMCU-logo.svg "RMCULogoColor.jpg")](https://rmcu.net) [Online Banking Login](https://banking.rmcu.net/auth/signin) [Online Banking Login](https://banking.rmcu.net/auth/signin) [![RMCULogoColor.jpg](https://rmcu.net/hubfs/RMCU-logo.svg "RMCULogoColor.jpg")](https://rmcu.net) - - [Home Loans](https://rmcu.net/home-loans) - [Personal](https://rmcu.net/personal) - [Business](https://rmcu.net/business) - [Membership](https://rmcu.net/membership) - [Careers](https://rmcu.net/membership/about-rmcu/careers) - [Contact Us](https://rmcu.net/contact-us) - Search - [Financial Education ▾](https://rmcu.net/blog/savvymoney-help-credit#financial-education-nav) - [About RMCU ▾](https://rmcu.net/blog/savvymoney-help-credit#about-rmcu-nav) - [Security](https://rmcu.net/membership/security) - [TruStage: Security Alert](https://rmcu.net/trustage-security-alert) - [Money Mastermind](https://rmcu.net/money-mastermind-lessons) - [Financial Counseling](https://rmcu.net/financial-counseling) - [Savvy Money](https://rmcu.net/membership/financial-education/savvy-money) - [Blog](https://rmcu.net/blog) - [Resources](https://rmcu.net/resources) - [RMCU Team](https://rmcu.net/membership/about-rmcu/rmcu-team) - [Member Information](https://rmcu.net/membership/about-rmcu/member-information) - [Annual Meeting](https://rmcu.net/membership/about-rmcu/annual-meeting) - [Community](https://rmcu.net/membership/about-rmcu/community) - [Our History](https://rmcu.net/membership/about-rmcu/history) [back to blog](https://rmcu.net/blog) [Financial Literacy](https://rmcu.net/blog/topic/financial-literacy) # SavvyMoney Can Help You Stay On Top of Your Credit Read Time **4 mins** | Written by: Rocky Mountain Credit Union [mailto:?subject=SavvyMoney%20Can%20Help%20You%20Stay%20On%20Top%20of%20Your%20Credit&body=https%3A%2F%2Frmcu.net%2Fblog%2Fsavvymoney-help-credit](mailto:?subject=SavvyMoney%20Can%20Help%20You%20Stay%20On%20Top%20of%20Your%20Credit&body=https%3A%2F%2Frmcu.net%2Fblog%2Fsavvymoney-help-credit) Your credit score is a vital part of your financial health and wellness. When was the last time you got a checkup? With Rocky Mountain Credit Union’s SavvyMoney tool, you can keep an eye on your credit score with sophisticated monitoring and reporting to help you stay on top of your credit and keep your finances fit. Here’s a rundown of everything you need to know about your credit score and how SavvyMoney can help you monitor it. ## Why is your credit score so important? If you’re buying a home or a new car, applying for a credit card, or simply thinking about doing any of those things in the future, your credit score matters. This number helps lenders understand how likely you are to repay your loan and make payments one time. It speaks to the level of risk they’d be taking on by lending to you. In general, the higher your credit score, the better terms and interest rates you may qualify for.  ![RMCU\_SavyMoney\_Blog\_010621\_2](https://rmcu.net/hs-fs/hubfs/RMCU_SavyMoney_Blog_010621_2.jpg?width=2894&name=RMCU_SavyMoney_Blog_010621_2.jpg) ## What is SavvyMoney? SavvyMoney is a credit monitoring program that you can take advantage of directly through your RMCU online account. It gives you a real-time picture of your credit score and the factors affecting it so you can keep track of what’s going on. You’ll find insightful reports that break down the factors affecting your credit, and it helps you monitor for unexpected changes to your credit. Keeping on top of your credit health goes a long way toward thriving finances.   ## What contributes to your credit score? Factors like your payment history, credit usage, credit age, mix of credit and recent credit can all impact your score. Payment history is just what it sounds like: do you have a history of paying at least your minimum payment, on time? Credit usage measures how much of your available balance you’re using at any given time. If you have a credit limit of $5,000, and your balance is $2,500, you have a credit utilization of 50 percent. For an optimal credit score, you usually want to keep that number below 20 percent.  Credit age refers to the length of time you’ve had a particular line of credit, and what your recent usage has been. In general, the longer your history, the better. Whether or not you have a mix of credit, like student loans, auto loans and a mortgage, not just credit cards, also has an impact. And recent credit looks at your latest activity. If you’ve opened a lot of new credit lines in a short period, it could signal to lenders that something’s up.  ![RMCU\_SavyMoney\_Blog\_010621\_3](https://rmcu.net/hs-fs/hubfs/RMCU_SavyMoney_Blog_010621_3.jpg?width=2894&name=RMCU_SavyMoney_Blog_010621_3.jpg) ## What is a credit inquiry and how does it affect my credit? A credit inquiry is when an organization looks into your credit for any reason. There are two types of inquiries: hard and soft.  A hard inquiry on your credit is what typically happens when you apply for a loan or a new credit card. These inquiries require your permission and show up on your credit history, typically for about two years. If you have too many hard inquiries in a short period of time, it can negatively impact your credit score. But if you’re shopping around for a mortgage or something similar, don’t worry — multiple of the same type of inquiry within a two-week period only get counted as one. A soft inquiry, on the other hand, is commonly used for employment verification, insurance quotes, and you personally checking up on your credit score. This is what SavvyMoney uses to monitor your credit, so you can see what’s going on day to day without your credit taking a hit.    If you’re a member interested in using SavvyMoney to monitor your credit, you can do so through the RMCU mobile app or [online banking](https://www.rmcu.net/). If you’re not a member, make an appointment at your local branch to [become a member](https://www.rmcu.net/membership/become-a-member)and start taking advantage of SavvyMoney today!       ***If you enjoyed this blog, you might enjoy these other related blogs:***  - [So You Want to Take Your Kids to Disney World: How Much to Save and How to Do It](https://rmcu.net/blog/so-you-want-to-take-your-kids-to-disney-world-how-much-to-save-and-how-to-do-it) - [Budgeting Your Money Doesn't Have to Stink! Try These Ideas to Make Budgeting Easier](https://rmcu.net/blog/budgeting-your-money-doesnt-have-to-suck-try-these-ideas-to-make-budgeting-easier) - [Creative Ways to Save for College](https://rmcu.net/blog/creative-ways-to-save-for-college) [![Subscribe To Our Blog!](https://hubspot-no-cache-na2-prod.s3.amazonaws.com/cta/default/2687142/dda73c99-1639-4c70-8bd2-a6d699cfcee5.png)](https://hubspot-cta-redirect-na2-prod.s3.amazonaws.com/cta/redirect/2687142/dda73c99-1639-4c70-8bd2-a6d699cfcee5)       ##### Rocky Mountain Credit Union Share the Love [mailto:?subject=SavvyMoney%20Can%20Help%20You%20Stay%20On%20Top%20of%20Your%20Credit&body=https%3A%2F%2Frmcu.net%2Fblog%2Fsavvymoney-help-credit](mailto:?subject=SavvyMoney%20Can%20Help%20You%20Stay%20On%20Top%20of%20Your%20Credit&body=https%3A%2F%2Frmcu.net%2Fblog%2Fsavvymoney-help-credit) You May Like These ## Related Articles ![](https://rmcu.net/hs-fs/hubfs/RMCU_CreditScoreTools_Blog_Images-01%20(1).jpg?width=700&name=RMCU_CreditScoreTools_Blog_Images-01%20(1).jpg) Tips from the Pros ### [Why Free Credit Score Tools Are More Helpful than You Think](https://rmcu.net/blog/why-credit-score-tools-are-more-helpful-than-you-think) Here are a few ways that free credit score tools like RMCU's SavvyMoney can be more helpful than you... Keep Reading ![](https://rmcu.net/hs-fs/hubfs/RMCU_use-your-hsa-blogHeader.jpg?width=700&name=RMCU_use-your-hsa-blogHeader.jpg) Financial Literacy ### [Surprising Ways to Use Your HSA](https://rmcu.net/blog/surprising-ways-to-use-your-hsa) A Health Savings Account (HSA) makes a brilliant addition to your savings roster. Here are a few sur... Keep Reading ![](https://rmcu.net/hs-fs/hubfs/X%20Tips%20on%20Using%20Your%20Credit%20Card%20Responsibly1.jpg?width=700&name=X%20Tips%20on%20Using%20Your%20Credit%20Card%20Responsibly1.jpg) Financial Literacy ### [6 Tips on Using Your Credit Card Responsibly](https://rmcu.net/blog/6-tips-on-using-your-credit-card-responsibly) Credit cards can be some of the best tools to reach your financial goals. Here’s how to make the mos... 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