Posts Tagged ‘ credit report ’

Lose Some Debt Weight in 2015


So many bills!

 

Do you have multiple department store or gas cards that you never use? Do you pay annual fees for cards that never see the light of day?  Maybe it’s time to clean out your wallet and lose a little debt weight this year. Here are some tips:

PAY. If you have numerous credit card balances, tackle the one with the highest interest rate first and pay the minimum amount required on all of your other balances. When that one
is paid off, consider rolling that amount into the next highest credit card balance (old amount plus the minimum payment required).

TRANSFER. Consider transferring your higher rate credit card balances and loans to a Members 1st VISA®, which could save you money! Take advantage of our 1.90% APR VISA® Balance Transfer option. Call (800) 283-2328, ext. 6040, visit a branch or log into Members 1st Online » Card Services » VISA® Balance Transfer. This offer is available on balance transfers received through June 30, 2015.*

CHOOSE. Figure out which card you’ve had for the longest amount of time. Make sure to keep this card open, since lenders often see borrowers with short credit histories to be riskier than those with long credit histories. Determine one or two cards to utilize regularly and leave the rest at home. If you have a card that has a low-interest rate or offers rewards, it may be best to keep it open. It’s alright to close those credit cards that you’re no longer using, as long as they don’t have balances and you have other cards.

FOLLOW UP. If you choose to close a credit card, make sure to send a letter to the issuer sharing your decision. Double check your credit report to see if the card is reported as “closed.”

*The 1.90% Annual Percentage Rate (APR) on Balance Transfers using the specific form or online submission is a “Discounted” rate that will be in effect from the time of the posting of the balance transfer to your card account for six consecutive billing cycles afterwards, which will be considered the promotional period expiration date of that specific balance transfer. After the expiration of your “Discounted” rate the remaining unpaid portion of the original balance transfer request will be subject to your normal APR as outlined on your monthly statement based on the specific Members 1st FCU credit card selected. Consumer Cards (Business Cards are ineligible) may have up to 10 individual balance transfers open at any given time period. If you default through becoming 60 days or more delinquent we may increase your APR on the balance transfer and other balance amounts as defined within the cardholder agreement and disclosure, which is provided upon card issuance and available online at http://www.members1st.org. All payments received on your account in excess of your minimum payment requirement will be applied first  to the highest rate balances, secondly to the lowest rate balances and finally  to new purchases. All rates are effective as of January 1, 2015 and this offer may be withdrawn at any time. Other restrictions or conditions may apply. You may not pay off your current Members 1st loans or lines of credit by using this balance transfer option. For current rates, fees and other cost information, please reference the Visa Balance Transfer disclosure or contact the Members 1st FCU Card Services Group at (800) 283-2328, ext. 6035. We do business in accordance with the Federal Fair Housing Law and Equal Credit Opportunity Act.

 

Organize Your Finances in Five Easy Steps


File-Folder-$$Do you know your net worth? Do you know how much you spend each month…and on what? Do you know how much you can expect from your pension plan or Social Security when you reach retirement?

If you answered “no” to at least one of these questions, you’re not alone. The majority of Americans don’t have an accurate pulse on their finances. Some people may feel they don’t have time to organize their finances. For others, the thought of doing so is too overwhelming. They may not know where to start, so they just never try.

Even so, it’s important to know where you stand financially and where you’d like to be in the future. Then, you can enjoy those short-term gains, while still being on track to meet your long-term goals.

Here’s a five-step action plan to help you take control of your money:

Set up a financial filing system. This can be as simple as making sure that all the bills you receive in the mail get put in the same spot every month. It also includes setting up a budget so you know your monthly income and expenses.

Gather important records. Look through your records to identify missing information. For example, if you need an estimate of your Social Security retirement benefits, contact the Social Security Administration at (800) 772-1213. Also, make sure to gather copies of your health, disability, life, homeowners and vehicle insurance policies. You’ll also want to keep a copy of your credit report with these documents. You can request a free credit report yearly at www.annualcreditreport.com. If you find any discrepancies, correct them immediately. Keep all of these records in one place and update the old copies with the new documents each year

Size up your situation. Add the estimated current value of all assets, including your home, car, personal property, savings, investments and retirement accounts. Next, add all liabilities, including mortgage, credit card balances and any other outstanding debt. Then subtract liabilities from assets to figure out your net worth.

From there, make a list of income and expenses by reviewing paycheck stubs, your checkbook register and credit card statements from the past year. Finally, track spending for a month by saving all of your receipts or recording cash purchases in a notebook. A spending plan form or a money management software program helps organize spending by category.

Chart a course. Once you know your net worth and you’ve developed a baseline for your monthly spending habits, the next step is to set financial goals – both long-term and short-term – and figure how much money you’ll need for each. Create a targeted saving and spending plan that meets your needs using your list of income and expenses. For a month or more, track actual spending to see how you’re doing, making adjustments as necessary.

Brush up on money-management basics. This can include developing a budget, being diligent at balancing your checkbook and even visiting a financial advisor.

By taking these actions to organize your finances, you’ll feel a sense of accomplishment when you reach your short-term goals. Plus, you’ll feel peace of mind knowing you’re working toward your long-term plans.

Concerned About Debt? Read this


We offer free access to money management and financial education services through GreenPath, a financial management program. Through comprehensive education and exceptional service, GreenPath has been assisting individuals for more than 50 years. As a member, you can receive assistance with:

  • Personal and family budgeting
  • Understanding your personal credit report and how to improve your score
  • Personal money management
  • Debt repayment
  • Avoiding bankruptcy, foreclosure, and repossession

Free Financial Counseling. GreenPath’s certified and degreed experts will work with you to develop a budget and action plan based on your personal financial situation and goals.

Looking for a Debt Management Plan? GreenPath can help. GreenPath can set up a payment plan with your creditors to potentially eliminate collection calls, reduce interest and eliminate fees. This isn’t debt settlement. It is a plan where you pay your entire principal balance but would do so more quicly while paying less interest and eliminate fees.

Credit Report Review. GreenPath can help you evaluate your credit report, learn to dispute inaccurate information, and understand credit scoring.

Get Help with Housing Issues. GreenPath can help you explore options for avoiding foreclosure, including contacting your mortgage servicer if necessary. They also offer pre-purchase education and reverse mortgage counseling.

Call a Counselor Today. GreenPath counselors are available Monday through Thursday 8 a.m. to 10 p.m. (EST), Friday 8 a.m. to 7 p.m. and Saturday from 9 a.m. to 6 p.m. To use this new service, simply call (877) 337-3399 or click www.greenpathref.com. Tell them you found out about them through Members 1st.

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