Magnolia State Bank | My Credit Score via SavvyMoney

My Credit Score via SavvyMoney is a credit monitoring tool that gives you instant access to your credit score and credit report, along with personalized tips on how to improve or maintain your score.

This new, free tool breaks down and grades each section of your report on payment history, credit usage, total balances, credit age, and recent credit. My Credit Score via SavvyMoney tells you why your grade is what it is and how to improve and increase you score.

My Credit Score is located within your Magnolia State Bank online banking and available for existing customers. It is simple to activate:

Logging in from your computer: On the new widget on the left hand side of the screen, click SHOW MY SCORE. On the next screen Enroll and you will be all set.
Logging in from your mobile app: On the home screen, click SHOW MY SCORE. On the net screen follow the instructions to Enroll and you will be all set.

Benefits of activating MY CREDIT SCORE:

Receive daily credit monitoring with alerts for major changes
Identify credit bureau errors
Understand the factors that impact your score
Tips to improve your credit score.
Helps you reach your financial goals!

My Credit Score via SavvyMoney FAQs

On September 1, 2021, My Credit Score via SavvyMoney will be available to you through online and mobile banking access through your existing Magnolia State Bank account. My Credit Score via SavvyMoney is a free service offered as a tool of your Magnolia State Bank account to help you understand your current credit score, give access to your full credit report, provide credit monitoring alerts and show you how you can improve it.

Q. What is My Credit Score via SavvyMoney?
A. My Credit Score via SavvyMoney is a comprehensive Credit Score program offered by Magnolia State Bank that helps you stay on top of your credit. You get your latest credit score and report, and an understanding of key factors that impact the score. With this program, you always know where you stand with your credit.
My Credit Score via SavvyMoney also monitors your credit report daily and informs you by email if there are any big changes detected such as: a new account being opened, change in address or employment, a delinquency has been reported or an inquiry has been made. Monitoring helps users keep an eye out for identity theft. The email sender name for all communication regarding this service will generate from: My Credit Score via SavvyMoney.
Q. What is My Credit Score via SavvyMoney Credit Report?
A. My Credit Score via SavvyMoney provides you all the information you would find on your credit report including a list of open loans, accounts and credit inquiries. You will also be able to see details on your payment history, credit utilization and public records that are reflected on your account.
Q. Is there a fee?
A. No. My Credit Score via SavvyMoney is entirely free as a tool with your Magnolia State Bank account and no credit card information is required to register.
Q. How often is my credit score updated?
A. As long as you are a regular online banking user, your credit score will be updated every month and displayed in your online banking screen. You can click “refresh score” as frequently as every day by navigating to the detailed My Credit Score via SavvyMoney site from within online banking.
Q. How does the My Credit Score via SavvyMoney differ from other credit scoring offerings?
A: My Credit Score via SavvyMoney pulls your credit profile from TransUnion, one of the three major credit reporting bureaus, and uses VantageScore 3.0, a credit scoring model developed collaboratively by the three major credit bureaus: Equifax, Experian, and TransUnion. This model seeks to make score information more uniform between the three bureaus to provide consumers a better picture of their credit health.
Q: Why do credit scores differ?
A: There are three major credit-reporting bureaus—Equifax, Experian and Transunion—and two scoring models—FICO or VantageScore—that determine credit scores. Financial institutions use different bureaus, as well as their own scoring models. Over 200 factors of a credit report may be taken into account when calculating a score and each model may weigh credit factors differently, so no scoring model is completely identical. No matter what credit bureau or credit scoring model is used, consumers do fall into specific credit ranges: Excellent 781–850, Good 661-780, Fair 601-660, Unfavorable 501-600, Bad Below 500.
Q: Will Magnolia State Bank use My Credit Score via Savvy Money to make loan decisions?
A: No, Magnolia State Bank uses its own lending criteria for making loan decisions.
Q: Will My Credit Score via SavvyMoney share my credit score with Magnolia State Bank?
A: No, your My Credit Score via SavvyMoney is a service to help you understand your credit health and how you may make improvements in your score.
Q: How does My Credit Score via SavvyMoney keep my financial information secure?
A: My Credit Score via SavvyMoney uses bank level encryption and security measures to keep your data safe and secure. Your personal information is never shared with or sold to a third party.
Q: If Magnolia State Bank does not use My Credit Score via SavvyMoney to make loan decisions, why do we offer it?
A: My Credit Score via SavvyMoney can help you manage your credit so when it comes time to borrow for a big-ticket purchase—like buying a home, car or paying for college—you have a clear picture of your credit health.
Q: What if the information provided by My Credit Score via SavvyMoney appears to be wrong or inaccurate?
A: My Credit Score via SavvyMoney makes its best effort to show you the most relevant information from your credit report. If you think that some of the information is wrong or inaccurate, we encourage you to take advantage of obtaining free credit reports from www.annualcreditreport.com, and then pursuing with each bureau individually. Each bureau has its own process for correcting inaccurate information but every user can “File a Dispute” by clicking on the “Dispute” link within My Credit Score via SavvyMoney. However, The Federal Trade Commission website offers step-by-step instructions on how to contact the bureaus and correct errors.
Q: There is a section on the site that features both Magnolia State Bank products and financial education articles. Why am I seeing this?
A: Based on your My Credit Score via SavvyMoney information, you may receive Magnolia State Bank information on products that may be of interest to you. The educational articles, written by Jean Chatzky and the SavvyMoney team, are designed to provide helpful tips on how you can manage credit and debt wisely.
Q: Will accessing My Credit Score via SavvyMoney ‘ping’ my credit and potentially lower my credit score?
A: No. Checking My Credit Score via SavvyMoney is a “soft inquiry,” which does not affect your credit score. Lenders use “hard inquiries” to make decisions about your creditworthiness when you apply for loans.
Q: Does My Credit Score via SavvyMoney offer credit report monitoring as well?
A. Yes. My Credit Score via SavvyMoney will monitor and send email alerts when there’s been a change to your credit profile. The email sender name for all communication regarding this service will generate from: My Credit Score via SavvyMoney.
Q. How do I change my email address or other personal information?
A: If you access My Credit Score via SavvyMoney program through your online banking, you have to do nothing! Your email address will get updated automatically in SavvyMoney when you update it in your online banking. However, we always encourage you to inform us of any contact information updates.
Q: Can I use My Credit Score via SavvyMoney on mobile devices?
A: Yes, My Credit Score via SavvyMoney is available for both mobile and tablet devices and is integrated inside our mobile application.