Not too long ago we asked our members what they wanted to see within the Stability Hub. A whopping 86% expressed that they wanted to see how their Financial Stability Score improved over time and what caused the improvement.
We understand just how important building financial stability is to each of our members, so we are very excited to unveil the NEW score update!
With a sleek and structured look, members will now be able to pinpoint a specific area they can focus on in order to improve their score. Using 3 foundation pillars to determine just how ‘healthy’ members are, the new and improved score will enhance members relationship and understanding with their finances, all while building their credit score.
Join the Stability Hub today to get the NEW Stability Score!
To calculate your Stability Score we analyse 3 foundation pillars. Those are- financial health, credit slack and credit score.
We calculate financial health by analysing the results of an internal stability check-up survey we conduct. The data collected here is all self-reported so it is as accurate as YOU make it. We recommend members to retake this survey every month so that it remains accurate and up to date as changes within your stability and your finances evolve.
Credit slack compares your available credit to your income. It measures what the risk level is to lend to you. Your credit slack helps lenders predict the type of borrower you are so this is a very important pillar when calculating your Financial Stability Score.
Your credit score is influenced by the amount of debt you have and how long you take to pay that off, amongst other factors. 20% of your Stability Score is calculated using your credit score it is important that you continue to follow tips and guidelines in order to improve your credit score and keep it in good standing.
We continue to offer tools and tips that will help improve each foundation pillar along with your overall stability score. We believe that before borrowing, building a foundation with good financial habits will better people's relationship with credit. This is why the Stability Score is an important tool in your stability building journey.
With the new score available now you gain a better understanding of where you are financially, and we will continue to improve The Hub with useful tools and tips that will help guide and build your relationship with your finances. We are here to help. Let’s continue to build your financial stability together.