Rocky Mountain Law Enforcement Federal Credit Union understands the value of opening up your first credit card account as a young adult. You’re establishing your creditworthiness early and setting the tone for the soundtrack that is your life. Whether that soundtrack will be “I Wanna Rock n Roll All Night” or “Pressure” is still to be determined. All you know is that your first semester of college is around the corner and you need a few things for your dorm.
It’s the start of a new year, and everyone is filled with motivation to try and better themselves in someway. We all know it won’t last long, so seize this moment to make a change that matters: establishing and keeping good credit through the use of a credit card.
What exactly is credit, and why is good credit important?
Your credit, which is reflected in your credit score, is your financial history including credit accounts, account history, outstanding loans, paid off loans, and a history of your debt repayment. Lenders will review your credit score when deciding whether or not to give you a loan, or to decide the interest of the loan. How you’ve handled your bills in the past is the best indicator of how you will handle your bills in the future.
Establishing good credit early can be hugely beneficial for goals later in life: buying a car, buying a house, or getting a loan to start your own business. Establishing good credit is important because it allows you to pay less in the future for your loans. With bad credit, every purchase you finance will be considerably more expensive because your interest rates will be higher. Bad credit can also prevent you from being able to finance something in the first place, usually large purchases like a house or an apartment. It can even affect your chances at employment!
How do I establish credit?
We have a simple, three step program for you to start establishing credit.
Credit card debt can really feel like you are chasing your tail. Interest builds and builds making it hard to keep up with payments. There are a hundred reasons why someone has managed to accumulate a large balance on a credit card. Whatever the reasons are behind the issue matter less than our plan to help fix your situation. Rocky Mountain Law Enforcement Federal Credit Union wants to help our members by offering a credit card balance transfer** with 0% APR for 6 months and then a low 12.25% APR* after that! There are no fees, zero fraud liability, and credit limits up to $20,000. Our RMLEFCU Visa Platinum Card offers great rewards for merchandise, travel, and even cash back.***
Use this opportunity to get out of debt and/or save some money. Here is some information on balance transfers to help you understand and prepare for transferring your credit card balance to a RMLEFCU Visa.
What is a balance transfer? A balance transfer is when you use a credit card to pay off the balance of another credit card. This moves the debt from one credit card to another. Read More
5 tips for keeping your money safe when you travel.
Are you traveling in the near future? Hopefully you have brought your sunscreen, packed your underwear in your carry-on, and put all your toiletries in a see through zip-loc plastic bag. When we travel, we are looking to enjoy our vacation but also protect ourselves from unforeseen circumstances (including body cavity searches from TSA agents.) We usually prepare for the specific trip we are going on by bringing bathing suits, jackets, or hiking boots, but the one thing we must prepare for in almost every trip is money.
I’m not necessarily talking about financing the trip. In this article we assume you have already saved up the money you will need or have taken advantage of our special summer travel promotion loan for $2500 at 5.95% APR* with 12 months to repay (contact us if you are interested in this loan!) We are talking about protecting the money you have for travel and making sure you don’t get stranded! Here are some helpful travel tips to protect your money while on vacation. Read More