Five factors make up your FICO Score: Payment history, amounts you owe, the length of your credit history, new credit (if you recently applied for it), and the types of credit you currently have.
Most lenders look at your credit score when they decide whether to loan you money. A higher credit score gives you a better chance of getting a loan. A lower credit score could cause your loan application to be declined, or you could be accepted but charged a higher interest rate, paying more over the lifetime of the loan.
Always pay your bills on time. Keep your credit card balances low if possible.
Tip: Have a balanced mix of different credit account types, such as a credit card, car loan, and mortgage. These show lenders your financial health.
Monitor your account for suspicious transactions and contact us immediately if you spot anything. Keep your contact information with us up to date, too. We monitor your account, and if we spot questionable transactions we will contact you by phone or email, or by text if you’re enrolled in digital banking and have given us your mobile phone number.
Tip: Don’t share your account information with anyone who calls you, and never write down your PIN where it could be seen by others. See more tips.
Our mobile app includes Quick glance balance view for one-click access to your account balance and recent transactions. In digital banking, see recent transactions right away in the main dashboard, or select Transactions to see more.
Within digital banking you can also set up alerts to notify you if your account balance falls below a certain amount or when certain payments process. You can have alerts sent to the mobile app by selecting push notifications as the delivery option.
Tip: Enroll in online statements so you don’t have to wait to get your paper statement in the mail.
Phishing is when you get emails, calls or texts that seem to be from companies or people you know. But they’re actually from scammers. They want you to click on a link or provide personal information so they can steal your money and/or identity.
Buying a home is a big deal! We want to equip you with all the knowledge you need to get the most of what you want. This step-by-step guide can help you make better choices along your path to owning a home.
Your payment will vary depending on several factors, like how much you will be borrowing, the interest rate, and the length of your loan. Use our mortgage calculator to help you calculate your monthly payment.
Whether you’re ready to tackle a major renovation, or just have some basic repairs you’ve been putting off, there are lots of options to pay for home improvements. A TCF home equity line of credit, or HELOC, works much like a credit card; it allows you to tap into your home equity to borrow funds up to a certain credit limit usually on an as needed basis. A TCF home improvement loan is another option to get the funds you need for renovations. These loans have a fixed loan amount and term. Our home loans experts can help you find the right solution for your unique situation!
The TCF Financial Fitness Program helps you grow your financial confidence with free courses about monthly budgeting, mortgage refinancing and more!
If you’re looking for specific topics, check out these playlists:
Compare ways to pay and learn how to create a monthly budget
Navigate the home ownership process with confidence
Prepare to buy a house, car, or save up for college tuition
Forecast how much to save for retirement and learn about investments
You may have heard that in order to buy a home, you need to have saved at least 20 percent of the purchase price in a down payment.
And if you believe this and you're in this camp, you're not alone as nearly 50 percent of renters also believe this to be the case.
The reality is, this is simply not true.
There are a wide variety of options that allow for far less than 20 percent down the purchase price for a down payment.
First, we have conventional loans offered by Fannie Mae and Freddie Mac.
For home buyers with qualifying credit, the conventional mortgage offers fixed and adjustable rates, with down payments as low as 3 percent of the purchase price.
Next, is an FHA loan by the Federal Housing Administration, which is designed for home buyers seeking more flexible qualification requirements.
FHA loans require a down payment as low as 3.5 percent, again with both fixed and adjustable rate options.
Finally, there are 0 percent down payment options available for qualified veterans and service members offered by the VA, in addition to home buyers who are looking for more rural properties as defined by the United States Department of Agriculture, or the USDA.
It's important to know, there's not a one-size-fits-all approach when selecting a home loan.
Your credit score, the funds you have available for a down payment, and their source, in addition to other factors, will determine what option is best for your situation.