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Use Gate City Bank’s Credit Score Simulator1 to explore how different financial scenarios might affect your credit score before making a financial move.
Key Takeaways
If you’ve ever wondered how a financial decision, like paying off a loan or increasing your credit limit, could impact your credit score, you can now find out.
With the Credit Score Simulator available through Gate City Bank’s Preferred Perks Checking2 account, you can explore different scenarios before making a financial move. The simulator lets you see how different actions could impact your VantageScore – a score created by Equifax, Experian and TransUnion to measure how likely you are to repay debt.
The Credit Score Simulator is an educational tool that lets you explore how changes in your financial behavior could affect your credit score. This can be especially useful if you’re planning to apply for a loan. Typically, the better your credit score, the better your loan rate, so you want your score to stay as high as possible.
While the simulator can’t tell you what your actual score will be, it can estimate based on the following scenarios:
Applying for new credit
Choose a number of credit applications to simulate.
Getting a new loan
Select a type of loan to see its potential effect.
Opening a new credit card
Enter a credit limit and indicate whether you would transfer existing balances to the card.
Closing your oldest credit card
See how closing the account could potentially affect your score.
Changing credit card balances or limits
Explore what could happen if the amount you owe changes or your credit limit increases.
Changing payment history
Simulate adding late payments, removing missed payments or letting a card go into collections.
If you don’t know your credit score, you can quickly and easily find out through your Preferred Perks Checking account. Using your Gate City Bank mobile app, simply tap "More" and choose "Preferred Perks." In the "Credit Benefits" section, select "ACCESS BENEFIT" to see your latest score every month!
Our Credit Score Simulator is just one of the many credit monitoring benefits available with Preferred Perks Checking. Others include access to your credit report and score1, credit file monitoring*, automated alerts about key changes to your credit report and a Credit Score Tracker1,3.
Note: Using the credit monitoring benefits included with Preferred Perks Checking does not impact your credit score.
Bottom line: The Credit Score Simulator can help you stay on top of your financial health and goals by exploring possible outcomes before making a financial move.
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1 Credit Score is a VantageScore 3.0 based on single bureau credit data. Third parties may use a different VantageScore or a different type of credit score to assess your creditworthiness. Once credit file monitoring has been activated, you may request your credit score. Once you have done so, you will have access to your score on a monthly basis.
2 Available to individuals ages 18 or older upon approval of account opening. Access to features may be subject to additional terms and conditions and is subject to change.
3 Credit Score Tracker: Once credit file monitoring has been activated and you have requested your first credit score, you may request a new credit score each month to be plotted on your Credit Score Tracker graph. Monthly email notifications will be sent to let you know when your new score is available.
* Registration/activation required.
