Did you know you are entitled to a free credit report from each of the national consumer credit reporting agencies once every 12 months? Visit the official AnnualCreditReport.com website. (To ensure that you are visiting the legitimate site, type https://www.annualcreditreport.com directly into your address bar on your browser. Do not follow links from unknown sources as there are many fraudulent credit report websites.)
A periodic review of your credit reports will help ensure that the information it contains is accurate and that there has not been any fraudulent activity.
Showing posts with label tips. Show all posts
Showing posts with label tips. Show all posts
Friday, October 9, 2009
Monday, July 27, 2009
Some info regarding CARS (Cash-for-Clunkers)
There has been a lot of news about the Car Allowance Rebate System, or CARS (formerly known as Cash-for-Clunkers), offered by the federal government to encourage consumers to trade-in their older, non-fuel efficient vehicles for incentives of $3,500 or $4,500 towards the purchase or lease of a new vehicle.
Here are a few points about the program:
Here are a few points about the program:
- Your vehicle must be less than 25 years old on the trade-in date
- Only purchase or lease of new vehicles qualify
- Generally, trade-in vehicles must get 18 or less MPG (there are different requirements for large trucks and cargo vans)
- Trade-in vehicles must be registered and insured continuously for the full year preceding the trade-in
- You don't need a voucher, dealers will apply a credit at purchase (credit amount is $3,500 or $4,500)
- Program runs through Nov 1, 2009 or when the funds are exhausted, whichever comes first.
- The program requires the scrapping of your eligible trade-in vehicle (destroying the engine so that it can never be used again), and that the dealer discloses to you an estimate of the scrap value of your trade-in.
Here are additional links to some of the automakers' websites regarding Cash for Clunkers:
Friday, May 15, 2009
Social Media 101
Everyday and everywhere we hear and see the words, "facebook" and "twitter" as well as countless other social media "hotspots". For those who haven't, you may be wondering what exactly are social media websites? They are a fusion of sociology and technology which has transformed people from being the readers of contents to the publishers. It allows people from all over the world to connect with each other online to form relationships for personal or professional reasons.
Here is a list with a brief description for each of the more popular social networking websites and services available today.
Blog
Blog is a combination of the words Web and log. It is a website, like the one you are reading now, with regular entries of commentary, descriptions of events, or other material such as images and videos.
Twitter [twitter.com]
Twitter is a micro-blogging service through which people communicate via updates known as "tweets". Tweets are text-based posts of up to 140 characters in length.
Facebook [facebook.com]
Facebook is a website where users can join networks organized by city, workplace, school, and region to connect and interact with others. Users can send messages and update their personal profiles to notify friends about themselves.
Our Facebook Page: Join us on Facebook.
MySpace [myspace.com]
MySpace is a website with an interactive, user-submitted network of friends, blogs, groups, photos, music, and videos for all age groups internationally.
Flickr [flickr.com]
Flickr is an image and video hosting website and online community platform. It is a popular website for users to share personal photographs as well as a service widely used by bloggers as a photo gallery.
Check out our Flickr page. flickr.com/teamonecu
YouTube [youtube.com]
YouTube is a popular video sharing website where users can upload, view and share video clips.
We'll be adding some more videos soon on our YouTube page: youtube.com/teamonecu
Here is a list with a brief description for each of the more popular social networking websites and services available today.
Blog
Blog is a combination of the words Web and log. It is a website, like the one you are reading now, with regular entries of commentary, descriptions of events, or other material such as images and videos.
Twitter [twitter.com]
Twitter is a micro-blogging service through which people communicate via updates known as "tweets". Tweets are text-based posts of up to 140 characters in length.
Facebook [facebook.com]
Facebook is a website where users can join networks organized by city, workplace, school, and region to connect and interact with others. Users can send messages and update their personal profiles to notify friends about themselves.
Our Facebook Page: Join us on Facebook.
MySpace [myspace.com]
MySpace is a website with an interactive, user-submitted network of friends, blogs, groups, photos, music, and videos for all age groups internationally.
Flickr [flickr.com]
Flickr is an image and video hosting website and online community platform. It is a popular website for users to share personal photographs as well as a service widely used by bloggers as a photo gallery.
Check out our Flickr page. flickr.com/teamonecu
YouTube [youtube.com]
YouTube is a popular video sharing website where users can upload, view and share video clips.
We'll be adding some more videos soon on our YouTube page: youtube.com/teamonecu
Tuesday, March 10, 2009
Important Reminder Regarding Proper ACH Account Number Format
When providing your account number to a third party for automatic (electronic) deductions or deposits, you must use a specific 8-digit format in order for it to process correctly. Please use the guidelines below for the proper account number format. The “X” represents the digits in your account number. Please do not use the account number as it is provided on the bottom of your checks when using the format below.
Please Note: For automatic (electronic) payments involving a loan, please contact the Credit Union.
Providing your ACH account number in the proper format will avoid delays in processing your deposit or payment and any possible late fees.
Also, please note that it is the merchants responsibility that while requesting or depositing funds to the correct share, savings/checking, be coded. By properly doing so both 00 and the check digit after the account number will assure transactions are completed correctly
For more information contact a Team One representative at 989.754.6575, toll-free at 888.288.3261 or by using our secure live chat from our website.
| Savings or Checking | |
|---|---|
| 3 Digit Acct # | 000XXX00 |
| 4 Digit Acct # | 00XXXX00 |
| 5 Digit Acct # | 0XXXXX00 |
| 6 Digit Acct # | XXXXXX00 |
Please Note: For automatic (electronic) payments involving a loan, please contact the Credit Union.
Providing your ACH account number in the proper format will avoid delays in processing your deposit or payment and any possible late fees.
Also, please note that it is the merchants responsibility that while requesting or depositing funds to the correct share, savings/checking, be coded. By properly doing so both 00 and the check digit after the account number will assure transactions are completed correctly
For more information contact a Team One representative at 989.754.6575, toll-free at 888.288.3261 or by using our secure live chat from our website.
Friday, February 27, 2009
Refinance Your Mortgage While Rates Are Low
By Jeanne S. Kearly, Mortgage Supervisor
Mortgage rates are still low, and it's still a good time to conduct a "Mortgage Check-Up” because you could possibly save money by refinancing. It is important to periodically review your mortgage to determine if it still fits your current financial situation. Remember to contact the credit union if you have any questions about your options even if you didn’t get your Mortgage from us.
Mortgage rates are still low, and it's still a good time to conduct a "Mortgage Check-Up” because you could possibly save money by refinancing. It is important to periodically review your mortgage to determine if it still fits your current financial situation. Remember to contact the credit union if you have any questions about your options even if you didn’t get your Mortgage from us.
- 5 Factors to Consider about Refinancing
- Are interest rates lower than what I currently have?
- Is my payment changing due to an adjustable rate mortgage?
- Is my home value appreciating?
- Am I having trouble making my payments?
- Do I have a second mortgage?
- 5 Reasons to Refinance your Mortgage
- Lower your monthly payment
- Switch from an Adjustable Rate Mortgage (ARM) to a Fixed Rate loan
- Free up tax deductible cash for debt consolidation, home improvements, college expenses, etc.
- Eliminate your Private Mortgage Insurance payment
- Build Equity by shortening your term and save thousands in finance charges
Wednesday, January 21, 2009
Small Savings Can Add Up
By Konnie M. Werner, President/CEO
I was at the grocery store the other day and noticed more shoppers were using coupons than I’ve seen in recent years. I guess I shouldn’t be surprised, saving money seems to be the new buzz word and I think it’s great.
Small savings can add up. With many consumers cutting back on spending on almost everything, many retailers and restaurants are offering coupons, discounts, sales, and 2 for 1 offers to entice customers. The Sunday newspaper is well worth $2 for all the coupons that you get. The internet has lots of online offers and printable coupons too. These offers can save you a good deal of money, but only if you were planning the purchase anyway. Be sure to make informed decisions before making a purchase.
At Team One, we also have lots of ways to help you save money. In fact, with mortgage rates decreasing, many members have been able to save a lot of money by refinancing their current mortgage.
As everyone’s financial situation is unique, it is important to know your options and who you can turn to regarding questions about your finances. We at Team One hope that you’ll continue to put your trust in Team One for your financial needs.
I was at the grocery store the other day and noticed more shoppers were using coupons than I’ve seen in recent years. I guess I shouldn’t be surprised, saving money seems to be the new buzz word and I think it’s great.
Small savings can add up. With many consumers cutting back on spending on almost everything, many retailers and restaurants are offering coupons, discounts, sales, and 2 for 1 offers to entice customers. The Sunday newspaper is well worth $2 for all the coupons that you get. The internet has lots of online offers and printable coupons too. These offers can save you a good deal of money, but only if you were planning the purchase anyway. Be sure to make informed decisions before making a purchase.
At Team One, we also have lots of ways to help you save money. In fact, with mortgage rates decreasing, many members have been able to save a lot of money by refinancing their current mortgage.
As everyone’s financial situation is unique, it is important to know your options and who you can turn to regarding questions about your finances. We at Team One hope that you’ll continue to put your trust in Team One for your financial needs.
Tuesday, January 20, 2009
Just File It! We'll Help.
We will begin offering web access to FREE tax preparation software that will enable individuals and families to file their state and federal income taxes. New this year…credit union members, regardless of income, can use the "Just file it! We'll help" software*.
You may be eligible for a variety of tax credits, including the Earned Income Tax Credit (EITC), Savers Credit, Student Loan Deductions, Child and Dependent Care Expenses Credit, Michigan Homestead Property Tax Credit, Michigan Home Heating Credit, Education Credit and more. The credits are generally based on gross income, but serve a wide variety of needs. Some credits are available to those who don't make enough to pay taxes.
The program is especially helpful for members and families who qualify for credits such as the Home Heating Credit and Prescription Drug Credit. The federal EITC benefits alone can be as great as $4,824 for families with two or more children, and can increase when paired with state tax credits.
For more information or to determine if you are able to use the FREE tax preparation software, visit the I-CAN! E-File website.
*Those not able to file through "Just File It" include business owners, church employees or members of the clergy, those who have sold real estate in the past year, employees who have a non-US address (or whose employer does). Individuals with disabilities or in the Military may be eligible for tax credits not included in the program. The software does allow for Schedule A –Itemized Deductions, Schedule B – Capital Gains and Losses, Schedule C-Profit and Loss from Business (Profit only, 1099-MISC box 7 only).
You may be eligible for a variety of tax credits, including the Earned Income Tax Credit (EITC), Savers Credit, Student Loan Deductions, Child and Dependent Care Expenses Credit, Michigan Homestead Property Tax Credit, Michigan Home Heating Credit, Education Credit and more. The credits are generally based on gross income, but serve a wide variety of needs. Some credits are available to those who don't make enough to pay taxes.
The program is especially helpful for members and families who qualify for credits such as the Home Heating Credit and Prescription Drug Credit. The federal EITC benefits alone can be as great as $4,824 for families with two or more children, and can increase when paired with state tax credits.
For more information or to determine if you are able to use the FREE tax preparation software, visit the I-CAN! E-File website.
*Those not able to file through "Just File It" include business owners, church employees or members of the clergy, those who have sold real estate in the past year, employees who have a non-US address (or whose employer does). Individuals with disabilities or in the Military may be eligible for tax credits not included in the program. The software does allow for Schedule A –Itemized Deductions, Schedule B – Capital Gains and Losses, Schedule C-Profit and Loss from Business (Profit only, 1099-MISC box 7 only).
Thursday, December 18, 2008
With the New Year Comes a Renewed Sense
By Konnie M. Werner, President/CEO
Dear Members,
With the new year comes a renewed sense among many of us to reduce debt and get our finances under control. In fact, according to a recent Federal Reserve report, consumers' household debt fell for the first time ever, based on data going back to 1952. In most cases, by lowering the amount of debt obligations that you have, you are actually increasing your ability to pay down other debt, save more money and be in a better position when unexpected financial events occur. Striving to live with less debt can provide you with a new sense of responsible money management, not to mention improving your credit score.
Review your old spending habits and determine those expenses that you can eliminate or drastically reduce. For example, if you have any recurring monthly memberships/obligations (movie rentals, magazine subscriptions, health club, music club, etc.) that you are paying for that have no real value, cancel them. Also, do your best to eliminate at least one of your indulgent purchases (gourmet coffee, fast-food, clothing, etc.) a week and watch the savings add up.
I know I’ve said it before, but it’s really not about how much we make but how we spend our money that determines our financial success. Remember it all starts with small changes in our financial behavior today that can have a large impact in the future. Saving money really can be contagious!
Stay tuned to future monthly newsletters for more tips on “Living Within Your Means”. For more information on personal finances and ways to safeguard your financial information including free informational pamphlets, please visit our “Planning for Life” webpage.
Dear Members,
With the new year comes a renewed sense among many of us to reduce debt and get our finances under control. In fact, according to a recent Federal Reserve report, consumers' household debt fell for the first time ever, based on data going back to 1952. In most cases, by lowering the amount of debt obligations that you have, you are actually increasing your ability to pay down other debt, save more money and be in a better position when unexpected financial events occur. Striving to live with less debt can provide you with a new sense of responsible money management, not to mention improving your credit score.
Review your old spending habits and determine those expenses that you can eliminate or drastically reduce. For example, if you have any recurring monthly memberships/obligations (movie rentals, magazine subscriptions, health club, music club, etc.) that you are paying for that have no real value, cancel them. Also, do your best to eliminate at least one of your indulgent purchases (gourmet coffee, fast-food, clothing, etc.) a week and watch the savings add up.
I know I’ve said it before, but it’s really not about how much we make but how we spend our money that determines our financial success. Remember it all starts with small changes in our financial behavior today that can have a large impact in the future. Saving money really can be contagious!
Stay tuned to future monthly newsletters for more tips on “Living Within Your Means”. For more information on personal finances and ways to safeguard your financial information including free informational pamphlets, please visit our “Planning for Life” webpage.
Wednesday, December 3, 2008
Steps to Weather These Trying Economic Times
By Konnie M. Werner, President/CEO
Dear Members,
Although everyone’s financial situation is unique, there are steps that we can take to help us weather these trying economic times. These include striving to live within our means, cutting back on non-essentials, saving more and reducing our dependence on credit.
It starts with reviewing the way that you spend money currently and identifying those “luxury” items that you could cut or even greatly reduce. For example, target those expensive coffee drinks or even those fast food meals that seem to be purchased more frequently than you ever intended. You would be amazed by the amount of money many people spend on items like these on a daily basis and how much it can impact your bottom line.
Even though the best way to use a credit card and avoid paying interest charges is to pay the balance once it becomes due, if you have a large outstanding balance, that’s just not possible. In these cases, it's important to try and pay as much as possible monthly or even make more than one payment per month. This will help you pay off the debt sooner and also increase your available credit amount. Having credit available gives you a little cushion of available money in case an emergency expense comes up. As a rule of thumb, do not use your credit cards for non-essential items, if you cannot pay the balance in full when you receive the statement. Only paying the minimum balance on your cards(s) as you continue to rack up new charges is very dangerous. This practice only adds to the actual cost of the items (when you include interest) and adds a greater financial burden on your future. So remember, before you make that next purchase using your credit card to ask yourself a few questions, “Is this really worth the added cost if I don’t pay it off immediately?” or “Can I budget and save for this item instead?” In most cases you will be glad that you took the time to have a talk with yourself to help safeguard your finances. Credit is easy to get but can be very difficult to payoff when you aren’t careful.
Remember, in most cases it isn’t about how much you earn, but instead how you spend your money!
Stay tuned to future monthly newsletters for more tips on “Living Within Your Means”. For more information on personal finances and ways to safeguard your financial information including free informational pamphlets, please visit our “Planning for Life” webpage.
Dear Members,
Although everyone’s financial situation is unique, there are steps that we can take to help us weather these trying economic times. These include striving to live within our means, cutting back on non-essentials, saving more and reducing our dependence on credit.
It starts with reviewing the way that you spend money currently and identifying those “luxury” items that you could cut or even greatly reduce. For example, target those expensive coffee drinks or even those fast food meals that seem to be purchased more frequently than you ever intended. You would be amazed by the amount of money many people spend on items like these on a daily basis and how much it can impact your bottom line.
Even though the best way to use a credit card and avoid paying interest charges is to pay the balance once it becomes due, if you have a large outstanding balance, that’s just not possible. In these cases, it's important to try and pay as much as possible monthly or even make more than one payment per month. This will help you pay off the debt sooner and also increase your available credit amount. Having credit available gives you a little cushion of available money in case an emergency expense comes up. As a rule of thumb, do not use your credit cards for non-essential items, if you cannot pay the balance in full when you receive the statement. Only paying the minimum balance on your cards(s) as you continue to rack up new charges is very dangerous. This practice only adds to the actual cost of the items (when you include interest) and adds a greater financial burden on your future. So remember, before you make that next purchase using your credit card to ask yourself a few questions, “Is this really worth the added cost if I don’t pay it off immediately?” or “Can I budget and save for this item instead?” In most cases you will be glad that you took the time to have a talk with yourself to help safeguard your finances. Credit is easy to get but can be very difficult to payoff when you aren’t careful.
Remember, in most cases it isn’t about how much you earn, but instead how you spend your money!
Stay tuned to future monthly newsletters for more tips on “Living Within Your Means”. For more information on personal finances and ways to safeguard your financial information including free informational pamphlets, please visit our “Planning for Life” webpage.
Wednesday, August 27, 2008
Should I Refinance My Home Mortgage?
By Jeanne S. Kearly, Mortgage Supervisor
Did you know that Mortgage rates are still very low? Now would be a great time conduct a "Mortgage Check-Up” because you could possibly save money by refinancing. It is important to periodically review your mortgage to determine if it still fits your current financial situation. Remember to contact the credit union if you have any questions about your options even if you didn’t get your Mortgage from us.
Did you know that Mortgage rates are still very low? Now would be a great time conduct a "Mortgage Check-Up” because you could possibly save money by refinancing. It is important to periodically review your mortgage to determine if it still fits your current financial situation. Remember to contact the credit union if you have any questions about your options even if you didn’t get your Mortgage from us.
- 5 Factors to Consider about Refinancing
- Are interest rates lower than what I currently have?
- Is my payment changing due to an adjustable rate mortgage?
- Is my home value appreciating?
- Am I having trouble making my payments?
- Do I have a second mortgage?
- 5 Reasons to Refinance your Mortgage
- Lower your monthly payment
- Switch from an Adjustable Rate Mortgage (ARM) to a Fixed Rate loan
- Free up tax deductible cash for debt consolidation, home improvements, college expenses, etc.
- Eliminate your Private Mortgage Insurance payment
- Build Equity by shortening your term and save thousands in finance charges
Monday, August 18, 2008
5 Ways to Save for Back-to-School Shopping
Find bargains online
Before you waste time and gas, get online to find competitive prices and store coupons from websites like fatwallet.com. During this time of the year, many shopping sites offer free shipping as well.
Take inventory
See what your children already have from last year that could still be used this year and see what still fits before buying new clothes. Shop for clothes that do not easily go out-of-style so that they can be worn by younger siblings in the following years.
Make a list
Creating a shopping list in advance will help you to not forget items or feel compelled to buy more than what's needed. Websites like target.com provide an online shopping to-do list.
Don't ignore thrift or discount stores
There's nothing wrong with saving money on brand name staples like jeans from retailers like Wal-Mart and TJ Maxx. Thrift stores are another place to get great bargains (and you don't have to pay $$$ for brand new clothes to look vintage).
Set a reasonable budget
Try to stick to an achievable budget. Be careful not to rack up too much on credit cards. Use credit cards that offer something back like our Visa Platinum with ScoreCard, and keep track of your spending with convenient and instantaneous tools like online banking. Keep in mind overlooked expenses like year book photos, science projects and extra-curricular activities.
Monday, August 11, 2008
5 Most Frequently Asked Questions About the New Website
1. What have you done?
After almost 6 years of the old website, we've upgraded teamonecu.org to bring you the information you're looking for right on the homepage. Navigation has been improved to reduce the number of "clicks" to get around our website.
2. Why doesn't everything look or work right in old web browsers?
Old web browsers were not built to comply with new web standards. The pace of modern technology makes even a year seem ancient at times. And to give you an idea of how outdated the previous versions of the most widely used web browser, Internet Explorer, has become:
The contents of the new teamonecu.org will be accessible on any browser, but the design and functionality will work in browsers that support modern web standards such as the latest version of Firefox and Internet Explorer.
3. Why have you done this and why now?
We have strived to design teamonecu.org to meet the current web standards and be prepared for new web technologies and enhancements that will make our online services more secure and convenient for our users.
And most importantly, outdated browsers are simply not safe to use. The longer an outdated browser is used, the more time it has had for hackers to exploit security vulnerabilities that have already been fixed in the new versions of the browser.
As a financial institution that provides personal account access online, we are audited by security experts and follow government mandated rules and regulations, as well as recommendations by security consultants, to keep our members' personal profile safe online.
4. How can I tell what web browser and version I'm using?
Please visit our web browser detection page on our website.
5. Where can I download the latest upgrade?
For the best teamonecu.org experience and security, we recommend the latest version of the Firefox browser at http://www.firefox.com/.
The latest version of Internet Explorer can be downloaded at http://www.microsoft.com/ie/.
Other alternatives include the Safari browser (http://www.apple.com/safari/) and the Opera browser (http://www.opera.com/).
Please note that while Team One will be glad to assist you with issues regarding teamonecu.org and CU@Home, we can not provide technical support with issues or installation of software/hardware on your PC.
* Source: WebSiteOptimization
After almost 6 years of the old website, we've upgraded teamonecu.org to bring you the information you're looking for right on the homepage. Navigation has been improved to reduce the number of "clicks" to get around our website.
2. Why doesn't everything look or work right in old web browsers?
Old web browsers were not built to comply with new web standards. The pace of modern technology makes even a year seem ancient at times. And to give you an idea of how outdated the previous versions of the most widely used web browser, Internet Explorer, has become:
- Internet Explorer version 5.0 was released in 1998. Pentium II 266 mhz was considered a fast CPU speed. Today, 3,800 mhz is considered pretty fast for home PCs.
- Version 6.0 was released in 2001 and only 30% of home users had high-speed internet. As of today, it is over 90%.*
- The latest version, 7.0, has already been released for 2 years. Microsoft has announced version 8.0 to be released this year.
The contents of the new teamonecu.org will be accessible on any browser, but the design and functionality will work in browsers that support modern web standards such as the latest version of Firefox and Internet Explorer.
3. Why have you done this and why now?
We have strived to design teamonecu.org to meet the current web standards and be prepared for new web technologies and enhancements that will make our online services more secure and convenient for our users.
And most importantly, outdated browsers are simply not safe to use. The longer an outdated browser is used, the more time it has had for hackers to exploit security vulnerabilities that have already been fixed in the new versions of the browser.
As a financial institution that provides personal account access online, we are audited by security experts and follow government mandated rules and regulations, as well as recommendations by security consultants, to keep our members' personal profile safe online.
4. How can I tell what web browser and version I'm using?
Please visit our web browser detection page on our website.
5. Where can I download the latest upgrade?
For the best teamonecu.org experience and security, we recommend the latest version of the Firefox browser at http://www.firefox.com/.
The latest version of Internet Explorer can be downloaded at http://www.microsoft.com/ie/.
Other alternatives include the Safari browser (http://www.apple.com/safari/) and the Opera browser (http://www.opera.com/).
Please note that while Team One will be glad to assist you with issues regarding teamonecu.org and CU@Home, we can not provide technical support with issues or installation of software/hardware on your PC.
* Source: WebSiteOptimization
Monday, July 7, 2008
4 Steps to Help Protect Your Financial Information
Here are some steps to help protect your financial information:
- Review your credit report annually for free with one of the credit report bureaus. Equifax (1.800.525.6285), Experian (1.888.397.3742), or TransUnion (1.800.680.7289).
- Review monthly statements to ensure they match your record of activity.
- Never share your account numbers or other personal financial information over the phone unless you initiate the call.
- Shred all personal and financial information before discarding it.
Friday, July 4, 2008
10 Tips for Improving Your Credit Score
Your credit score is a three-digit number that ranges from 300-850, and it's based on your payment history, outstanding debts, length of credit history and amount of new credit. The higher your credit score, the less risk you pose to lenders and the more likely it is that you'll ge their best available rates.
Here are some tips that can improve your credit score:
- Request a copy of your credit reports and review it for accuracy. You can request a copy of your credit report free from each of the three credit reporting agencies (Equifax, Experian and Trans Union) at www.annualcreditreport.com or call 877-322-8228.
- Pay your bills on time. Even if you have had late payments in the past. Many lenders place greater importance on more recent credit history.
- Use credit cards responsibly. Showing that you can manage credit cards responsibly; you will appear less risky than someone who does not use a credit card.
- Reduce your credit card balances. Having a lot of outstanding credit card debt or being at or near your credit limit can lower your score.
- Open new credit cards only as needed. Opening many new accounts will lower your average account age, which can have a negative effect on your score if you don’t have enough other credit information.
- Avoid opening new accounts when you're applying for a loan. If you have a short credit history or very few accounts, opening a new credit line may lower your score.
- Shop for a loan within a focused period of time. When you comparison shop for a single loan at various financial institutions, your potential lenders may request your credit score. Each inquiry will appear on your credit report. The inquiries that occur within a short period of time won’t lower your score, but those that occur over a longer period of time could.
- Re-establish your credit history. If you have missed payments or had credit problems in the past, opening new accounts responsibly and paying them in a timely manner will raise your score over time.
- Consult a credit counselor. If you are in danger of falling behind on your payments or if you already have, a legitimate, non-profit credit counselor can negotiate lower interest rates on your behalf and set up a debt repayment plan.
- Stay away from bankruptcy. Filing bankruptcy can lower your score by 200 points or more. In addition, bankruptcies are reported for up to ten years, so your ability to get a loan could be decreased during that time period.
Call or stop in to speak to one of our Member Service Specialists to discuss how to improve your credit score.
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