Financial Fitness Workshop Series

We will be conducting a "Financial Fitness Workshop Series" of financial literacy programs on April 1st, 8th, 15th, 22nd, and 29th from 6:00 to 7:00 p.m. at Great River Regional Library in downtown St. Cloud.

Week 1 – April 1st, 2014 Don’t Be An April Fool! Attend Financial Fitness!

Presenter: St. Cloud State University’s Center for Economic Education

• Intro Quiz- What is your Money Personality? 
• Budgeting Project- How should you allocate your income (activity)? 
• Mending Your Spending 

Week 2 – April 8th, 2014 Your Credit: The Good, The Bad, The Ugly

Presenter: St. Cloud State University’s Center for Economic Education and St. Cloud Federal Credit Union

Credit

• How it works 
• How to build it 
• How to talk to your kids about it 

Week 3 – April 15th, 2014 Home Buying 101

Presenter: Jim Arnold – St. Cloud Federal Credit Union

• Buying vs Renting 
• Analyzing income and expenses 
• Credit Scores 
• Different Loan Types 
• Money needed to purchase 

Week 4 – April 22nd , 2014 Drafting Your Financial Blueprint

Presenter: Jackie Evavold – St Cloud Federal Credit Union

• Funding college education 
• Minimizing taxes by allocating your resources 
• Consider the benefits of a Roth IRA 
• Planning for income in retirement 
• Do you need an estate plan? 

Week 5 – April 29th, 2014 Protecting Your Good Name

Presenter: St Cloud Federal Credit Union

• Credit Monitoring 
• Identity theft 
• Payday loans, credit cards and other products 
• Credit Awareness 
• Program Evaluation & Wrap Up

ID Theft: It Can Happen to Anyone!

Safety of our Members and our Community is always a priority at St. Cloud Federal Credit Union.  In the past, we’ve posted blog about how to stay safe online, and what we can do to help should any sort of identity theft occur. 

Over the past months, we’ve been focusing on the Financial Fitness of our Youth Members, in addition to our adult Members.  ID Theft criminals are using children’s social security numbers more frequently for anything from employment, apartment applications, open credit, checking, or phone accounts, and even access government benefits.  Mark Pribish, Merchant’s Info Group Vice President, and ID Theft Practice Leader covers a plethora of ID Theft safety tips for children on the internet, and even their personal information in schools.  We’ve highlighted a few of these below…

Online:

- Discuss the differences between a safe and secure website, and one that is not.

- Consider creating a list of which sites are OK to visit and which ones are definitely not.

- Talk with your children about letting you know when they come across a website they feel is suspicious. 

- Keep virus and malware software up to date and running properly.

- Remind youth of some basic online safety practice like: never give a phone number or address, don’t use full first and last names, don’t post photos without permission, and don’t download or open unknown files or programs.

At School:

 - Ask schools how your child’s information is collected, used, stored, and thrown away each school year.

- Make sure you know how school and extra curricular programs use your child’s date of birth, address, telephone number, and photo.

- If you feel as though information is requested that is not necessary, inquire why such details are needed.

- Thoroughly read privacy policies and make sure you are aware of how information is used and shared.

Some other basic safety tips are to always keep confidential documents (social security cards, passports, birth certificates, etc.) in a safe or locked file, and never give more information that you feel comfortable with.  Go with your gut feeling, and your child will thank you!

Our mission is to educate, support, and encourage our Members to become Financially Fit.


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Deter, Detect, Defend: Enroll in Free Credit Monitoring!

There is no absolute 100% guaranteed way to prevent fraud, but we believe the best way to protect yourself and your assets is to monitor your credit activity.  We offer Credit Monitoring as a benefit with all personal checking accounts at St. Cloud Federal Credit Union.

While this service is automatically included with all our personal checking accounts, you must enroll to activate your Credit Monitoring. 

 

Once enrolled, you will automatically receive alerts by email (or text if you choose) when changes are made to your credit. Our daily monitoring service will notify Members of any new inquires, certain derogatory information, accounts, public records, or change of address that have been added to their credit reports by any of the three major credit reporting agencies. 

Credit Monitoring is a service provided in the form of 3-Bureau Credit Alerts from Merchants Information Solutions.  Through this service, your credit history at all three credit reporting agencies (Equifax, TransUnion, and Experian) is monitored 24/7 for any changes made to your personal records.

Monitoring your Credit is a great step toward becoming more Financially Fit, and we’re here to help in any way we can.  To learn more about our Credit Monitoring services or enroll, stop by or contact us as 320-252-2634.

Our mission is to educate, support, and encourage our Members to become Financially Fit.


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Credit Reports: Get Yours FOR FREE!

Part of working toward Financial Fitness is keeping your Credit Score on your radar.  When was the last time you've seen your Credit Report? ......Still thinking? Then it’s probably been too long.

The Fair and Accurate Credit Transactions (FACT) Act enables you to obtain a free copy of your Credit Report once a year from each of the three major Credit Bureaus (Equifax, Experian, and TransUnion).  Obtaining this free copy of your Credit Report is easy, and can help you work toward Financial Fitness!

You can access your free Credit Report by logging on to www.annualcreditreport.com, or by calling (877) 322-8228.  If you’d like assistance looking up your Credit Report, stop in – we’d be happy to help you out.

Remember, there is no single Credit Report.  Each of the three major Credit Bureaus (listed above) operate nationwide and have a report on you.  The information may be slightly different in each report, which is why we advise you to get your report from each Bureau.  Keep in mind, you can get one free copy from each Bureau every year… if you look up one report every four months you'll be able to track your Credit throughout the entire year!

If you ever have any questions or concerns about the items on your Credit Report, please feel free to give our Loan Department a call at 320-258-2190, or stop by! 

Our mission is to educate, support, and encourage our Members to become Financially Fit.



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Help Your Credit Score Soar!

We recently posted a blog breaking down the basics of what a Credit Score is for better understanding.  As promised, below is a list we've compiled of ways you can boost your Credit Score and make it soar!

-Pay Your Bills on Time:
Late (aka: ‘delinquent’) payments have a huge negative impact on your overall score.  The more you’re on time with bills, the better your score will get.

-Don’t Open More Cards than Necessary:
Multiple new accounts can start to lower your account ‘age’ and in turn, drop your score as well.

-Be a Responsible Manager:
Having Credit Cards is good, as long as you are good about keeping track of them (limits, payments, etc.).  Having no cards at all can be a higher risk, so be on top of the ones you do have.

-Maintain a Low Balance:
A higher ‘outstanding debt’ can really affect your overall score – it can be lowered over 50 points just by maxing out a card!

-Keep an Eye on your Credit Report:
From time to time, outdated or inaccurate details can show up on your Credit Report – this too can really damage your Credit Score.  Check your Report often, and if/when you see an error file a claim to get it fixed.

-Be Active:
Just having a credit card isn't going to increase your Credit Score – you have to use the card to really establish a strong credit.  Even if it’s a card you only use on groceries, get it – and use it wisely!

Last, but certainly not least --
-Be Persistent:
Improving your Credit Score can take years of diligent spending and dedication to watching your finances – it may not be easy, but we can promise that it will be worth it.  Commit yourself to practicing Financial Fitness today!

Good Credit can be essential to living without financial stress.  If you’d like to talk with one of us, or get help pulling your free Credit Report, call or stop in – we’re here for you!  Our Member’s financial being is always our priority.  We are People Helping People.

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Credit Scores? Just Smile and Nod…

We often hear about the importance of a strong, well-kept Credit Score; but do you really understand what a Credit Score is?  Although the details are far from simple, we did our best to break it down and cover some main points to help you become more informed, so next time you’re asked about a Credit Score, you don’t have to just smile and nod…

What Exactly is It?
A Credit Score is a 3 digit number generated by mathematical algorithms taken from various pieces of information within your Credit Report.  Basically, this calculated number aims to predict your risk as an individual and analyze the chances of you becoming a “delinquent” on different credit obligations. 

Who Uses It?
Your Credit Score is often used by financial institutions and credit card companies to evaluate your eligibility for lending money.  Your score can help determine if you qualify for a loan, what your limits are, and the interest rate.  However, Credit Scores are not only for financial institutions.  A variety of organizations (cell phone companies, insurance companies, landlords, etc.) can use your Credit Score information for the same techniques.  Your Credit Score can be the difference between a low or high interest rate, qualification for an apartment rental, and much more.

Are they All the Same?
While there are all kinds of existing Credit Score models, the most common is the FICO.  According to myFICO.com, “90 percent of all financial institutions in the U.S. use FICO scores” when making decisions.  Your FICO score can be anywhere in the 300 – 850 range; a higher FICO score number indicates lower risk.  There are three different Credit Bureaus that gather your score: Experian, Equifax, and TransUnion – this means each consumer has three FICO scores.  Your FICO score is made up from your Credit Report’s data that is sorted into 5 main categories (see below).  Within this model, some factors are weighed more heavily – like debt and payment history.

What Makes up the Score?
On the right, you’ll see a model of what goes into your Credit Score.  Your Payment History (35%) includes account payment information, including delinquencies and public records.  Your Amounts Owed (30%) is how much you owe on each of your accounts.  The Length of Credit History (15%) is the amount of time between activity on accounts and how long they've been open.  Types of Credit Used (10%) is the variety of accounts you have (installment and revolving).  Lastly, New Credit (10%) includes credit inquiries you've made, recently opened accounts, and your pursuing of new credit.  It is important to note that personal and demographic information (age, marital status, race, income, address, employment, etc.) do not affect your score.

With a better understanding of your Credit Score you can practice better control of your score.  Stay tuned for future blogs about how to build good scores, what can hurt your score, and becoming financially fit. If you have any questions, call or stop by today! We are People Helping People.

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