Why choose ACMG for your next loan? Every time you choose ACMG, it builds a stronger credit union for you and every other member
. As the credit union grows, we offer more free and discounted member benefits, and accomplish more outreach projects in our community
We have competitive rates, great service and easy repayment options! Credit Unions cannot lend to non-members, but ACMG has no waiting period so even new members can immediately apply for any loan type. Interested in seeing how much we can lower your current monthly payments? Stop by with your current credit card statements, auto contract or payment books and one of our loan officers can show you the options.
Learn what makes up your credit score & it’s impact on your ability to borrow.
Every time you complete an application for credit (mortgage, credit card, car loan, etc.), the lender must decide if they will grant you the loan. Your credit score plays part in the decision-making process because it reflects your overall credit history. In other words, it shows the lender your track record in terms of repaying debt. You actually have three credit scores, one for each of the credit bureaus - Experian, TransUnion, and Equifax. Each credit bureau maintains a file about your credit history. (You can request one free report from each of the credit bureaus per year at www.annualcreditreport.com
.) Over time, the information in your credit history changes & your credit score changes based on how you handle re-payment of debt owed.
Watch this Unlocking the Secrets of Your Credit Score video
to learn more. Your credit score will largely determine:
- how much money a lender is willing to loan you & what rate of interest you will pay
- the length of time the lender is willing to give you a loan
What makes up your overall score?
- 35% - Payment History - Most important to show whether you've paid your credit accounts on time.
- 30% - Amount Owed - Looks at how much of your available credit limit is being used and compares to the original loan amount.
- 15% - Length of Credit History - How long your credit accounts have been established.
- 10% - Types of Credit In Use - Looks at the mix of credit cards, retail accounts, installment loans and mortgages.
- 10% - New Credit - Opening multiple new accounts in a short time represents a greater risk for future lenders and lowers the average age of your credit history.