Compound interest can kill you.

Pay only the minimum on your high interest credit card bill for a year while you keep charging away and watch your Balance Due number shoot up.
 
Compound interest is also your good friend. Start tucking away a small amount from each paycheck and, when you’ve scraped together $500 or more, invest it in something you can’t easily get your paws on. Like a CD or an interest bearing investment account. Then leave it alone. DON’T borrow from it to buy this year’s latest smartphone. Let Creighton Federal help you. The service is free. FREE!
 
You won’t see compound interest at work at first. But down the road you won’t believe what compound interest will do for your bank account. Think retirement. Then click this link https://cusolutions.pc.cdn.bitgravity.com/video/creighton16/15-high.mp4 and get smart about compound interest. The personal finance specialists at Creighton Federal Credit Union  can help with all of this. And the service is free. FREE! Just ask.

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Tom Kjar

Here’s Lookin’ Up Your Old FICO!

That’s what they do, you know. When, say, you go to rent an apartment or buy a house. Or buy a sofa for your new apartment or house. Or buy a car to drive to work so you can pay for the things you buy.
 
It doesn’t matter what FICO stands for. What does matter is what it means when you go to buy those things. It’s your credit score. https://en.wikipedia.org/wiki/FICO And, unless you’re paying with cash, your credit score determines whether or not you get whatever it is you’re buying.
 
We know credit scores because we understand credit. We also know how to help our members get good credit and keep it. You might want to give us a shout to see what we can do for you. The service is free and you might be pleasantly surprised. https://www.creightonfederal.org/

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Tom Kjar

Can We Have a Little Chat? No, Really.

We’re always looking for ways to do a better job of getting you what you want and need. We know you like to bank remotely on your phone or tablet or laptop. But we know sometimes you have a question or problem that takes some explaining. So, Creighton Federal – your hometown, full-service credit union – has added a Chat function. It’s working and working well.

Say you have a question about a loan application and you need some information. Just click “Chat” on the home page of our website at creightonfederal.org. The button is on the lower right or center on most screens. Give it a click. Our average response time is about 18 seconds.

So, next time you need an answer let’s have ourselves a little chat.

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Tom Kjar

Controlling Spending.

You know what’s so hard about controlling you spending? Believing you can’t control your spending. You can. https://www.daveramsey.com/blog/the-cure-for-excessive-spending

Here’s the truth. Controlling spending isn’t hard. It takes courage and commitment. And some help, if and when you need it. That’s where we come in. Say the word and the personal finance professionals here at Creighton Federal https://www.creightonfederal.org/ will actually sit down with you, analyze your spending and work with you to get you where you need to be.

The process might not be entirely painless. But any pain will be temporary. The peace of mind and confidence you’ll gain will be worth its weight in . . . you fill in the blank.

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We’re there when you need us, not when you don’t.

For all the digital capability we make available to our members ‒ the mobile banking you’ve told us you want, and there’s more coming later this year ‒ we’re going to stay analog in one important way.

More and more of our members do most or all their banking on their phone, tablet or laptop. https://bankingjournal.aba.com/2017/09/aba-survey-two-thirds-of-americans-use-digital-banking-channels-most-often/ They don’t need us. Until they do. The sound of a real person on the other end of a phone call when they need to solve a big problem or get out of a jam is, as the saying goes, like music to their ears. https://www.newvoicemedia.com/en-us/news/new-research-reveals-75-percent-of-customers-still-favor-live-agent-support-for-customer-service-vs-25-percent-self-service-and-chatbots

So, if you don’t need us you won’t see or hear us. But if you do, and it happens all the time, we’ll be there for you.

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Tom Kjar

News Flash: You’re Stealing from Yourself and Giving it All Away!

Lemme’ ask you this. How much less could you be spending each month on your mortgage payment? Don’t know, do you? All you have to do is ask and we’ll tell you. No charge. No obligation.
 
Right now mortgage refi rates – interest rates on mortgage refinancing – are crazy low. And if you have a mortgage that’s more than about two years old you’re needlessly handing over to your lender too much of your hard earned cash. Creighton Federal can probably save you a bucket load.

For you it’s a win – win. Win: we drop your mortgage payment each month. Win: If we can’t you rest your eyelids each night knowing you’ve got a great rate on your mortgage.

Click here to have a Creighton Federal loan officer figure your monthly savings. No cost, no obligation.

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Tom Kjar

So, You’re Paying on Your Student Loans and You Need Help!

Where do you turn for answers and advice about #federalstudentloans? You could try the genie in the glass globe with the answer that pops up when turn it over. You could. But try this link instead: https://studentaid.gov/manage-loans/repayment

Understanding the details of #studentloanrepayment can save you time and money. Click the link above to:

If you’re falling behind the link might help you:

No, we can’t make your student loan payment but we can help you with information like this and in lots of other ways. Like how to improve your credit score. Check out our FI-Q Lesson 4 – How Your Credit Score is Determined.

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Check Your Credit Report at Least Once a Year

So, what’s on #yourcreditreport? You have a pretty good idea what a credit report is – (psssst … it shows how #creditworthy you are) – but do you know what’s included in your credit report? The correct answer is no, you probably don’t.

Well, remember way back, that store credit card you had so much trouble paying on each month? Is that “trouble” still on your credit report and dragging #yourcreditscore into the sub-basement? Or maybe it’s that used car that was repossessed. The used car you never bought! So, you couldn’t have not paid on the loan, because you never took out a #carloan for the car you didn’t buy! It has to be a mistake! Exactly.

And that’s why you should check your credit report at least once a year. You might be surprised what you find.

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How to Rebuild Your Credit

So, after #checkingyourcredit the guy with the bad comb-over and stinky cigar at the dealership said he could arrange a car loan with a “special finance” lender but it would be at a slightly higher one billion percent annual interest rate, along with some “miscellaneous fees.” And you’re beginning to think it’s time to rebuild your credit. You think?!

Here’s the problem. Like it or not, we all need credit at certain times. Like getting financed for a #carloan. Here’s help. Click here for FI-Q lesson 1 Many people, especially people under 40, don’t pay much attention to their #creditscore – a measure of how likely you are to repay a loan – until they get turned down for a loan because of a #poorcredit history. Luckily, there’s something you can do about it. It’ll take some time but it’ll be worth it in the end. (source: Bureau of Consumer Financial Protection consumerfinance.gov)

  1. #Payyourbills on time, every time. It’s a habit you’ll get use to and feel good about when you do.
  2. Don’t get anywhere near your limit on credit cards. Keep charges about 30% of your limit.
  3. Don’t apply for lots of credit in a short period of time. The credit gods don’t like that.
  4. If you use a credit card pay off the balance every month. Do it! And keep it up. Good credit is built over time. And keeping your balance at 30% or less of your credit limit makes paying it off each month a lot easier.
  5. If you can’t get a regular credit card, get a secured credit card. You’ll put an amount equal to your credit limit in a special account as security.
  6. Check you credit reports for errors. They happen and it’s up to you to have the credit bureaus correct them. They’ll help you.

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A Question You’ll Probably Never Ask Yourself

If you can answer the following question you get a “high five” from all of us:
Q: How do credit unions differs from banks, especially big, mega banks? Here’s help: invest 3 minutes and 3 seconds watching Lesson 11, “Why a Credit Union is Not a Bank,” in our series of FREE lessons in personal finance. We call it FI-Q – stands for Financial IQ.

Think I’m nuts giving you help? I’m not nuts. I’m – what’s the $2 word – incenting – you to watch the FI-Q videos. I’ll be happy if you just watch Lesson 11. I’ll be ecstatic if you watch more. And you’ll be able to catch me in the Hubble telescope if you watch them all.

Look, we invest time and money in these video lessons and we want people – our members and non-members, too – to get smarter about their personal finances, saving money and protecting their identity. Believe me, there’s good stuff here.

Stay in touch,