Archive for March 2018

Choosing the Right Credit Card in 3 Easy Steps

When it comes to choosing a credit card, it’s important to pick the right one for your needs and uses. Credit union credit cards can offer users many benefits, but it’s also a major financial responsibility. Because of this, it’s important to choose wisely. This article is going to provide a step-by-step guide to choosing the right credit card.

 

  1. Check your credit score. In order to know which credit cards you will be eligible for, you need to start by checking your current credit score. Generally, the better your score is, the better chance you have of being approved for a credit card. It’s important to remember that applying for credit cards can have a negative impact on your score, so don’t apply hastily. Fortunately, there are free ways to check your score and make sure it’s where it should be.
  2. Pick a credit card type. Depending on what you’re going to use the credit card for, this may influence which credit union credit cards you apply for. There are numerous types of cards, including those that help you improve your credit, cards with low interest rates, and cards that allow users to earn rewards when they put money on them. You should determine what you plan on using the card for before deciding which type of card to choose.
  3. Narrow down your choices. Once you’ve determined which card is right for you, it’s time to narrow down the choices. To do this, you should do some research and ask any questions you may have. One of the great things about a credit union is that they offer unbeatable customer service. This means the establishment is truly invested in your financial wellbeing and will be willing to answer any questions you have regarding credit card options. Additionally, checking credit card reviews can help you compare a few credit cards you’re looking into.

After all of this is done, it’s time to apply for a credit card. When applying for a credit card, it’s important to read all of the fine print and make sure you fully understand the responsibilities attached to the card. While approximately seven out of 10 Americans are owners of at least one credit card, they should be used responsibly. Credit union credit cards are a great option and can offer users exceptional benefits and rewards.

4 Factors to Consider Before Applying for an Auto Loan

credit union auto loanIf you’re not already one of the 43% of people who are choosing to finance their vehicle, you may be looking for a credit union auto loan in the future. But before you jump right in, there are a lot of factors to consider, and if you overlook something important, you may find yourself stuck with a lot of debt you can’t afford to pay off.

As your trusted financial support system, we’re here to help. Below is a list of a few important factors to consider before taking out an auto loan.

Length of the loan: The length of the loan is one of the most important conditions you’ll want to consider. While it is possible to have a fairly long loan term, this typically means an increase in interest rates. So while your monthly payments may be lower, it’s essential to remember this may hurt your financial situation in the long run. Additionally, you’ll be wise to consider the condition of the vehicle when thinking about how long to have the loan for.

Your budget: Before even looking at cars, you should decide how much you can afford to spend and create a budget. You will have to put down a downpayment, but it’s also important to consider monthly payments. Remember, putting down a large sum up front will allow you more flexibility later on. And monthly payments should be an amount you will be able to afford even if your income unexpectedly drops.

Your credit score: Your credit score is a major contributing factor when it comes to getting approved for a credit union auto loan. It’s important to consider any credit cards you haven’t paid off or any previous loans that could hurt your chances of getting approved for a credit union auto loan. Additionally, lenders consider your credit score when determining what kind of interest rates you’ll get. So before you apply for a loan, make sure you check your credit score.

Interest rates: After learning your credit score, it’s vital to determine how much you will be paying in interest. Car loan interest rates can vary depending on the lender, and you’ll want to factor in interest rates when determining how big of a loan you can afford to take out.

Taking out an auto loan is not a decision you should rush into. It’s important to find a lender who will take the time to go over all of these details and important factors to ensure you understand the terms of the loan. In doing this, you’ll be sure to get the best loan possible.

Fortunately, Members Choice Credit Union is a member-friendly institution that always puts people first. We will walk you through the entire process to ensure that you get the best loan terms for your situation.