Posts Tagged ‘ credit ’

Credit Scores Explained in (Exactly) 250 Words


What credit scores are: Three-digit numbers expressing the likelihood you’ll repay someone who lets you use their money (like a loan or credit card).

Who has a credit score: People who have been listed on an account that was reported to any of the three credit bureaus: Equifax, Experian and TransUnion. An account can be a student loan, car loan, credit card, credit-builder loan or maybe rent. It represents something you are obligated to pay.

Where the number comes from: Data is collected by the credit bureaus, which get the information from lenders, credit card issuers and public records. Then it is weighted to produce a score, typically on a 300 to 850 range. Higher is better. There are hundreds of scoring models, so most consumers have many credit scores.

How do I get started?

  • If someone with good credit makes you an authorized user on an account that’s reported, that can help.
  • Student loans and sometimes car loans can be relatively easy to qualify for.
  • Credit-builder loans and secured credit cards are made for people building credit or re-establishing credit.

What should I do to boost my credit?

  • Pay all bills on time, every time.
  • Use your credit cards lightly — that is, don’t use more than 30% of your credit limit on any card.
  • Keep old accounts open unless you have a good reason to close them (like high fees).
  • Apply for credit sparingly.
  • Consider having both installment (level monthly payments for a set period) and credit cards.

The article Credit Scores Explained in (Exactly) 250 Words originally appeared on NerdWallet.


Understanding your credit score doesn’t have to be difficult. For additional information regarding credit scores, click here.

Members 1st is here to help you to achieve your financial goals and assist you through all of life’s moments and milestones. If you have any questions, please call Customer Service at (800) 237-7288, visit our website, or visit one of our various branch locations.

Labor Day and celebrating the worker


This weekend marks the official end of summer. It’s Labor Day weekend, a time typically marked by the beginning of football season, the last of the summer picnics, fireworks, various festivals, and back-to-school. It began in New York City in 1882 as a day to celebrate the economic and social achievements of American workers.  So here’s to you, the American worker!

Given the ups and downs of the economy, it’s not always easy being an American worker or any kind of worker for that matter. That’s why it’s important to always be prepared in the event you find yourself involuntarily unemployed for reasons such as downsizing, companies closing, medical emergencies, illnesses, disability or even your own death. When you’re not working and not bringing in money, it’s hard to pay the bills. The last thing we want to see is all of your hard work and well-earned money be turned into foreclosures, bankruptcies, delinquencies or repossessions.

We want to help you protect your credit and your good name. The next time you get a loan from us, ask us about Member Value Protection (MVP).  When you opt to purchase MVP, you’ll get the peace of mind in knowing that your monthly loan payments will be cancelled in the event of death, disability or involuntary unemployment. Your consumer loan payment will be cancelled without penalty, added interest, or being reported as delinquent to the credit bureau.*

This program offers several different options. That means flexibility in choosing the package that’s right for you. Each option has specific eligibility requirements and a different range of benefits. For complete details, including monthly costs for each option, be sure to inquire about MVP when you apply for your loan.

* Whether or not you purchase Member Value Protection will not affect your application for credit or the terms of any existing credit agreement you have with Members 1st Federal Credit Union.  There are eligibility requirements, conditions and exclusions that could prevent you from receiving Member Value Protection benefits. Ask us for details or refer to your contract and/or terms and conditions.

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