24 Jun

4 Things You Must Do To Build Your Credit

Build your credit score RMLEFCUWe know you’re a trustworthy, reliable person. Anyone who has ever met you can tell right away that you fulfill obligations and that your word is as “good as gold.” I have bad news and more bad news. First, the price of gold is dropping and second, your reliability and trustworthiness, at least to people who might lend you large sums of money to buy a car or a home, relies on three little numbers – your credit score.

So, what are 4 things you need to do to build your credit?

  1. Get a credit card. First check out RMLEFCU’s visa cards. We have a couple options available depending on whether you want better rewards or a lower interest rate. If you’re unable to get an unsecured credit card, look into a gas card or store card. We would suggest if it’s a store card, to get one at a place where you normally do your shopping. For example, check out Target or Wal-Mart store credit cards. With Target you’ll get 5% off with every purchase, no shipping if you shop online and you’ll have 30 extra days to return items. With Wal-Mart, when you first open your account and spend $75 at Walmart.com, you’ll save $25. You’ll also receive 5 cents off per gallon at participating Wal-Mart gas stations. Bonus: Neither card has an annual fee.
  1. Pay your card IN FULL and ON TIME each month. We know what you’re thinking, isn’t this two things in one? “Paying in full” is like the peanut butter to the jelly that is “on time.” They are best when they are done together. Contrary to popular belief, you don’t need to carry a balance to build an awesome score. If you absolutely cannot pay it in full, always pay the minimum balance.

To make sure you are never late, set up an automatic payment. If for some reason that option is not available, ensure you have some kind of reminder, handwritten or electronic, to pay the bill each month. Thirty-five percent of your credit score is determined by your track record with making on-time payments on your bills.

There are a couple of myths out there about building credit that, like cockroaches, are hard to kill. Carrying a large balance will help boost your score and so will closing old accounts you don’t use. Doing either of these can really HURT your credit, so avoid them at all costs. Little known fact: Fifteen percent of your credit score is based on the length of time you’ve maintained a credit account.

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18 Jun

5 Reasons to Apply for College Scholarships

shocked-graduateAttending college, technical or vocational school is an investment students make that benefits their community  As a credit union, we are invested in each other and to that end, we award four William Threlkheld scholarships each year to deserving members. The scholarship is named after the retired Division Chief of the Denver Police Department who passed away on 11/8/11.

RMLEFCU has identified 5 reasons why potential awardees should spend time this summer completing scholarship applications.

1) Not all scholarships are based on need, some are based on academics, personal achievements, characteristics, or unique talents.

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11 Jun

Get a credit score so strong that Chuck Norris will think twice before fighting it!

chuck-norrisDid you know RMLEFCU offers a Credit Builder loan?

This is specifically designed for:

  • Members with little to no credit history
  • Members with low credit scores

RMLEFCU members are able to establish or re-establish their credit rating with the three major credit bureaus with RMLEFCU acting as a gatekeeper. It works like a layaway plan: instead of getting the money upfront, borrowers make payments on the loan over a period of time, perhaps a year, and RMLEFCU puts the money in an interest-bearing savings account. As loan payments are made, the borrower can begin to access the money, although we recommend waiting until the loan is paid in full.

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