Credit scores are an essential part of financial well-being, especially when it comes to taking on debt. A credit score is a number that represents a person’s creditworthiness, and it can range from 300 to 850. The higher the score, the better the creditworthiness, and vice versa. Several factors contribute to a person’s credit score. In this blog post, we’ll look at five common factors that hurt your credit score and how you can avoid them. Late or Missed Payments Late or…
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There are many advantages and disadvantages to using cash, debit, or credit for your spending needs. Here are some tips to help you decide when to pay with cash, debit, or credit. When should I use cash? Cash is still the best option for small transactions. It is also helpful when shopping at places that don’t accept debit or credit cards. Additionally, using cash can help you stick to your budget, as it provides a physical representation of how…
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Most people ignore this most basic fact: Our largest purchases are almost always made on credit. Not only will you need a decent credit score and history to qualify for a large loan, but a better score can literally save you hundreds of dollars a month because you’ll score better interest rates on loans. There are two main components to your credit: CREDIT SCORE. This is based on your payment history, the amounts you owe on your cards, the length…
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Getting rejected for a loan can feel like a kick in the teeth. No way around it, rejection is painful. But a loan rejection may be a gift in disguise. All too often, borrowers get the loan they want and end up wishing they hadn’t because they can’t afford the payments. Lenders have good reasons for denying loans; they need to know you will be able to repay the amount you borrow from them. With some effort, you can turn…
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Want to know what goes into your credit score? If you’d like to change your score for the better, we’ll work with you to develop a plan to improve it. Contact us today.
Financial loss from elderly fraud is in the billions annually. Seniors are the fastest-growing population segment in Ohio and the Scripps Gerontology Center projects more than 1 in 4 Ohioans will be age 60 and older by 2025. Unfortunately, that growth has contributed to high rates of fraud and financial exploitation targeting the elderly in our state. The national rate of elder financial abuse is also high, with 1 in 20 cases of seniors falling victim to the crime, according…
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Is a Consolidation Loan Right for Me? Here at Midwest Community, we offer a range of products and services to help our members make the most of their money and get financially healthy. One of those products is the consolidation loan. In the short video below, we tackle a few frequently asked questions to help you decide if a consolidation loan might be a smart choice for you.
If you’re new to the idea of owning your own home, you likely have a lot of questions. Here’s the answer to one common question that will help you become a successful homeowner. What’s the difference between being prequalified and preapproved? Prequalification Prequalification simply involves a rough calculation of the mortgage payment you can afford. Your credit union lender can help you with this. Preapproval Preapproval means you’re essentially good to go. You formally apply for the mortgage and pay…
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Understanding behaviors that impact credit score is important According to a 2018 Credit Health survey by Discover, 85 percent of U.S. consumers are aware of their credit standing, a statistic that increased 12 percentage points over the previous year. Consumers across the U.S. seem to grasp the importance of the credit score – but may fall short of understanding the specific behaviors that affect it. A study from U.S. News & World Report on Americans’ understanding of credit scores suggests…
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This infographic has 4 tips to help you clean up and unclutter your finances this Spring. Click the image below.
