Metro Cu Blog

<p>Have you ever had your holiday plans disrupted by a bad online shopping experience, like a gift that never arrived? If so, you're not alone. As the holiday season approaches, the chances of running into issues with online orders increase. But don&rsquo;t worry&mdash;there are ways to protect yourself. With online holiday shopping the preferred option for many consumers today, here are a few best practices to keep in mind, from placing your orders to receiving and verifying your deliveries.</p><h3>Be a Savvy Shopper</h3><p>You&rsquo;re excited about a great deal, only to receive a damaged or completely different item&mdash;or sometimes, nothing at all. To help you stay ahead of these potential problems, it&rsquo;s important to take a few precautions before and after your purchase:</p><ul><li>Ensure the product you&rsquo;re purchasing is exactly what you want. </li><li>Verify the brand name, check the size or dimensions of the product.</li><li>Inspect your purchase immediately. </li><li>Look for any signs of damage, discrepancies, or counterfeit goods. </li><li>Take some photos of the item and its packaging&mdash;this can serve as proof of its condition when you receive it.</li></ul><p>While many well-known retailers have consumer-friendly policies, it&rsquo;s always worth reviewing their terms before committing to a purchase. If you&rsquo;re considering an order from a small business or a company you&rsquo;ve never shopped with before, take the time to read their terms and conditions and look for customer reviews to evaluate their reliability.</p><p>Extra caution is especially important when buying from third-party sellers through online marketplaces, as scams tend to spike during the holiday season. Always be wary of scam websites&mdash;check for "https://" in the web address to ensure a secure connection. For example, <strong>nike2024airjordandeals.com</strong> is not an official Nike website. And remember, if a deal sounds too good to be true, it probably is.&nbsp;</p><h3>Payment Options<o:p></o:p></h3><p>Many online retailers now accept payments through digital wallets, which can provide extra security by protecting your card information. Be cautious if a seller asks for payment through peer-to-peer (P2P) services like CashApp, or Venmo&mdash;these transactions are treated as cash transfers, not product purchases, making disputes impossible to file against the seller.</p><h3>Shipping &amp; Delivery<o:p></o:p><br /></h3><p>Use services that provide tracking numbers and enable delivery notifications so you can keep tabs on your shipment. For expensive items, consider shipping to your workplace or requiring a signature upon delivery, it ensures that your package is delivered safely and directly to you. Most online retailers aren&rsquo;t responsible if a package is stolen from your porch, and they may not replace or refund the item.</p><h3>Retain Documentation<o:p></o:p></h3><p>When shopping online always keep your digital receipts. It is standard for online retailers to send order confirmations and invoices, and many will follow-up with shipping and delivery updates as well. It&rsquo;s important to retain this documentation in case something goes wrong with your order.</p><h3>What if Something Goes Wrong?<o:p></o:p></h3><p>In the event you do not receive your order in the expected timeframe, or you receive a damaged or different product, you should always reach out to the merchant first for resolution. If there was an error, they can often resolve the issue faster than through a dispute claim. However, if the merchant is unable or unwilling to correct the problem with your online purchase, you could reach out to Metro Credit Union to initiate a dispute claim if you made the purchase using a Metro debit or credit card.&nbsp;</p><h3>How to Dispute a Purchase</h3><p>If you need to dispute a purchase, it's essential to document everything, including your attempts to resolve the issue directly with the seller. If you are unable to resolve the issue, you have at least 60 days after the charge originally posted to file a dispute with Metro Credit Union. </p><p>To file a dispute, gather all relevant documents, such as photos, receipts, and communication records, and then call us at 800-301-8549, message us via <a href="https://my.metrofcu.org/Authentication?ReturnUrl=MessageCenter" target="_blank" data-sf-ec-immutable="" data-sf-marked="">Online Banking</a>, or stop by your nearest <a href="/about-us/locations-hours" target="_blank">branch location</a>. </p><p>Once you submit your claim to Metro Credit Union, we will begin the review process to assess the details of your submission. If we require additional information, we may reach out to you via email for clarification. Typically, the entire process takes about 30 to 45 days to evaluate your claim, and you can expect to receive an email with the outcome within 60 to 90 days of your submission.</p><h3>How to Report Fraud</h3><p>If you believe you&rsquo;ve been a victim of fraud or have unrecognized transactions on your Metro Credit Union account, freeze or block the affected card on our mobile app and contact us immediately:</p><ul type="disc"><li data-list="0" data-level="1"><strong>By Phone:</strong>&nbsp;<a href="tel:402.551.3052" data-sf-ec-immutable="">402.551.3052</a></li><li data-list="0" data-level="1"><strong>In Person:</strong>&nbsp;Visit one of our branches</li><li data-list="0" data-level="1"><strong>Online:&nbsp;</strong>Use the secure Message Center in the Metro Credit Union app or website</li></ul><h2><hr />Related Blog:<br /></h2><p><a href="/resources/blog/metro-blog/2023/12/18/safeguarding-your-packages--essential-safety-tips-from-metro-credit-union" target="_blank">Safeguarding Your Packages</a></p>

<p>When applying for personal credit, the first thing that matters is your credit score. Just like a report card describes what kind of student you were, your credit score tells credit unions and other lenders what type of borrower you are. It indicates how well you&rsquo;ve repaid loans in the past and how likely you are to repay a loan in the future. </p><p>Your credit score can determine not only whether you get a loan but also how much you pay in interest. A better credit score can save you hundreds or even thousands of dollars in interest.</p><p>Is your credit score good, average or bad? Here's how to tell &ndash; and what you can do to increase your credit score.</p><h3>Check Yourself: Monitoring Your Credit Score</h3><p>Monitoring your credit score is crucial. Accessing your FICO Score, a commonly used credit scoring model, is easy and available at any time. At Metro Credit Union, we share updated FICO scores with members quarterly via online banking under the tools section. Regularly checking your FICO Score helps you stay aware of changes in your credit profile, make informed decisions, and take steps to improve your credit if necessary.</p><h4>FICO Credit Scores range from 300 to 850:</h4><ul><li>Scores of at least 740 (45% of consumers) typically receive the best rates and terms.</li><li>Anything between 670 and 740 (20%) is considered a good credit score, with borrowers generally able to get credit, though not always at the best rates.</li><li>Scores below 670 are divided into:<ul><li>"Fair" (580-669)</li><li>"Poor" (below 580)</li></ul></li></ul><p>Consumers with credit scores below 670 often face difficulties in obtaining credit and, when they do, frequently pay higher interest rates.</p><p>Keep in mind, too, by law everyone is entitled to one free copy of their credit report every year from each of the three main credit reporting agencies. You can get yours at <a href="https://www.annualcreditreport.com/" target="_blank" title="https://www.annualcreditreport.com" data-sf-ec-immutable="">www.annualcreditreport.com</a>. While valuable for ensuring there are no errors impacting your credit score, your free credit report does not include your score.</p><h3>The FICO Score is composed of five key components:</h3><h4>Payment History (35%) </h4><p>The most significant factor, making up 35% of your score, is your payment history. Consistent, on-time payments will improve your score, while late or missed payments will negatively impact it. The more frequent, recent, or severe missed payments are, the greater the damage to your score.</p><h4>Amounts Owed (30%)</h4><p>Thirty percent of your score is based on the amount you owe, particularly in relation to your available credit. Maxing out your accounts can harm your score, while keeping your balances at half your limits or below can help maintain a strong score.</p><h4>Length of Credit History (15%)</h4><p>The age of your accounts contributes 15% to your score. Generally, a longer credit history is better, as it provides more data for lenders to base their decisions on.</p><h4>Credit Mix (10%)</h4><p>Having a variety of credit types, such as credit cards, personal loans, mortgages, car loans, and installment loans, is beneficial and makes up 10% of your score. It demonstrates your ability to manage different types of credit.</p><h4>New Credit (10%)</h4><p>Opening many new accounts or having numerous credit inquiries can signal greater risk, as it may indicate that you need a lot of credit quickly. This component accounts for 10% of your score.</p><p><strong><em>Important Note:</em></strong> Your income is not included in your credit score. While income and debt-to-income ratio are important factors for lenders, they are not part of the FICO Score calculation. Lenders consider these factors in addition to your credit score when making lending decisions.</p><h3>How to Improve Your Credit Score</h3><p>Improving your credit score takes time, but by following these simple rules, you can see gradual and significant improvements:</p><h4>Make Payments on Time</h4><p>The most crucial factor for your credit score is making timely payments. Even if you've missed payments in the past, all is not lost. Late payments stay on your credit report for several years but have less impact over time.</p><h4>Pay Down Your Debt</h4><p>Paying off debt will improve your score, but prioritizing credit card debt can boost your score more quickly. Keeping low or no balances on credit cards increases your "capacity," which adds points to your score.</p><h4>Keep Credit Cards Open</h4><p>When you pay off credit cards, resist the urge to close them. Keeping these cards open with no balance increases your capacity and adds points to your score. This requires discipline to avoid building the balance back up.</p><h4>Avoid Applying for Excessive New Credit</h4><p>Applying for many new loans or credit cards in a short period can hurt your score. While it's beneficial to show some experience repaying loans, too many new applications can indicate financial instability.</p><h4>Dispute Inaccuracies on Your Credit Report</h4><p>Errors on your credit report, such as incorrect late payments or unpaid balances, can negatively affect your score. Dispute inaccuracies directly with the credit bureau or the lender to correct these mistakes.</p><p>&nbsp;</p><hr />Credit problems don't have to last forever. By following these guidelines, anyone can improve their score over time. A higher score makes it easier to secure the best rates from lenders, making the effort worthwhile.<p>&nbsp;</p><h3>Take Charge of Your Financial Future</h3><p>Understanding and managing your credit score is crucial for reaching your financial goals. Keep an eye on your credit, make improvements, and be proactive. By doing so, you can borrow more easily and save on interest. Improving your credit score takes time and effort, but it's worth it. Start today and take charge of your financial future.<br /></p>

<p>Imagine this: you're part of Generation Z, a generation facing unique financial challenges in an ever-changing world. You're just starting your financial journey, but what happens when your vehicle suddenly breaks down and you have to pay for car repairs, you face unexpected medical bills, or perhaps you lose your job without warning? </p><p><img src="/images/default-source/blog-article-images/untitled-7.png?sfvrsn=e7f9bf1_1" style="background-color:initial;font-family:inherit;font-size:inherit;text-align:inherit;text-transform:inherit;word-spacing:normal;caret-color:auto;white-space:inherit;" sf-size="100" alt="" /><br /></p><p>These real-life scenarios can be a massive financial blow in the short-term, and that's where an emergency fund comes to your rescue.</p><h3>Defining Your Lifeline: The Emergency Fund</h3><p>So, what exactly is an emergency savings fund? It's not just for saving on rainy days; it&rsquo;s money set aside specifically for unexpected expenses. It's your safety net, a financial cushion that offers peace of mind when life takes an unexpected turn. Not only does an emergency fund prevent you from sinking into debt, but it also helps you maintain financial independence during turbulent times.</p><h3>Here's why an emergency fund is a game-changer for Gen Zers:</h3><ul><li><strong>Financial Safety Net:</strong> In times of uncertainty, having an emergency fund acts as a vital financial safety net. Think of it as your financial cushion, easily accessible and ready to support you when unexpected challenges arise. An emergency fund provides peace of mind that you're well-prepared for life's unpredictable moments.</li><li><strong>Less Stress:</strong> Money problems are one of the leading causes of stress. Having an emergency fund can help you sleep better at night, knowing you have a financial buffer.</li><li><strong>Avoiding Debt: </strong>You might find yourself turning to credit cards or personal loans to handle unexpected expenses. This can set you on a path towards debt accumulation, potentially leading to a financial crisis.</li><li><strong>Financial Independence:</strong> With an emergency fund, you don't have to rely on others, apply for a loan, or go into credit card debt when you face financial crises. You're in control of your finances.</li></ul><h3>Building Your Emergency Fund: A Step-by-Step Guide to Start Saving</h3><ul><li><strong>Determine Your Goal:</strong> The first step is to set a realistic savings goal. While financial experts often recommend having at least three to six months worth of living expenses saved, aim for what feels comfortable to you in order to handle your costs of living.</li><li><strong>Open a Separate Savings Account:</strong> To prevent the temptation of dipping into your emergency fund for non-urgent expenses, consider opening a separate savings account. Metro Credit Union offers competitive <a href="/accounts/savings-accounts" target="_blank">savings account options</a> that can help you get started when you decide it&rsquo;s time to build your emergency fund.</li><li><strong>Automate Your Savings:</strong> Set up an automatic transfer from your checking account to your emergency fund bank account. Start with an amount that won't disrupt your regular spending, and gradually increase it over time.</li><li><strong>Cut Unnecessary Expenses:</strong> Analyze your financial decisions and take a closer look at your spending habits. Identify areas where you can cut back on spending. You'd be surprised at how those little savings can add up over time.<ins cite="mailto:Microsoft%20Office%20User" datetime="2023-11-29T10:29"> </ins></li><li><strong>Windfalls and Bonuses:</strong> Whenever you receive a bonus, tax refund, or unexpected windfall, consider allocating a portion to your emergency fund. This accelerates your progress.</li><li><strong>Stay Consistent:</strong> Building an emergency fund takes time. Stay consistent and patient. The key is to make it a habit.</li></ul><h3>Why Choose Metro Credit Union</h3><p>At Metro Credit Union, we understand the importance of financial stability. We're not just your typical financial institution; we're your partner in achieving your financial goals. Here's how we can assist you:</p><h4>Savings Accounts</h4><p>We offer competitive interest rates on our <a href="/accounts/savings-accounts" target="_blank">savings accounts</a>, helping your emergency fund grow faster.</p><h4>Financial Education</h4><p>We provide <a href="/resources/save-and-succeed" target="_blank">resources</a> and guidance on financial literacy, helping you make informed decisions about your money.</p><h4>Personalized Support</h4><p>Our dedicated team is here to assist you at every step of your financial journey. Whether you're opening your first savings account, interested in using a <a href="/accounts/money-market" target="_blank">money market account</a> to build your emergency fund, or planning for a major financial goal, we're here to help.</p><h3>Start Preparing for Life&rsquo;s Uncertainties Today</h3><p>In a world of financial uncertainty, an emergency fund stands as your safety net, ensuring tranquility and financial stability. As you embark on the journey to fortify your financial future, consider this &ndash; having an emergency fund isn't about pessimism; it's about being prepared for life's uncertainties. </p>

<p>When it comes to managing your finances as a young adult, the choices can seem overwhelming. Traditional banks or online banks&mdash;there are plenty of options to consider. However, one option often overlooked by young adults is a credit union. Credit unions offer a unique set of benefits that can make a significant difference in your financial journey, and they're more than just a place to store your cash. In this blog, we'll explore the numerous advantages of credit union membership for young adults.</p><h3>Personalized Service</h3><p>Unlike big banks, credit unions are typically smaller and community-centric, which means they prioritize service. When you walk into a credit union, you're not just another face in the crowd; you're a valued member. The staff often know your goals and are genuinely invested in your financial well-being. Whether you're looking to open a savings account, apply for a loan or credit card, or receive financial advice, credit unions offer a level of personalized service and banking experience that can't be provided by larger institutions.</p><h3>Better Interest Rates</h3><p>One of the most compelling reasons to consider Metro Credit Union is the possibility of better interest rates. Credit unions are focused on serving their members, not shareholders. This means they often offer higher interest rates on savings products. Plus, when it comes to interest rates on loans, credit unions typically offer competitive rates, which can save you money over time.</p><h3>Community Involvement</h3><img src="/images/default-source/blog-article-images/elkhorn-parade-2023.png?sfvrsn=7a381646_1" sf-size="100" alt="" /><p>Credit unions are deeply rooted in the communities they serve. They prioritize community involvement and often support local initiatives, charities, and events. By becoming a credit union member, you're not just a passive observer&mdash;you're actively contributing to the improvement of the community you live and work in. Being a part of this community involvement fosters a sense of belonging and shared values that extend beyond banking transactions.</p><h3>Mobile Friendly</h3><p>While credit unions are often community-based and smaller in scale, many like Metro have embraced modern technology. They offer online and mobile banking options that allow you to manage your accounts conveniently from your smartphone or computer. This combination of personal service and digital convenience provides the best of both worlds.</p><h3>Financial Education</h3><p>Financial education is a priority for credit unions, as they are dedicated to assisting their members in making well-informed financial decisions. These institutions commonly provide valuable resources covering a range of topics such as budgeting, saving, investing, and credit management. These educational opportunities are particularly beneficial for young adults who are just embarking on a journey to build their financial futures.</p><p>One notable example is Metro Credit Union's personal finance program, <a href="https://save-and-succeed.metrofcu.org/?__sm.tabId=vz6vxrtjpm8&amp;__sm.accessToken=eyJ0eXAiOiJKV1QiLCJhbGciOiJFUzI1NiIsImtpZCI6ImNkNmY2Y2YzLTY3ZTYtNDNiOS1hMTQ1LWQ2MmE2NTQ0ZTFkNSJ9.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.OHOO_QcGKbealnjp_wjv1RZY5G7l34xebEtAGsfTpMfsWfUcXajkO5MtJILXF915g-LZNwLx_VPdTdiWX58eFA&amp;__sm.visitor_priority=low" data-sf-ec-immutable="">Save and Succeed</a>. By registering, individuals gain access to mini courses designed to enhance essential money management skills. Save and Succeed goes beyond just courses and recommendations. Daily, participants can explore the latest articles, infographics, and videos, all featuring timely tips for effective money management. </p><p>Participants are encouraged to take part in the monthly prize challenge for an opportunity to win $1000 from Enrich.</p><p>Don't miss out on the chance to enhance your financial literacy and secure your financial well-being. <a href="https://save-and-succeed.metrofcu.org/?__sm.tabId=3lm94slzhp8&amp;__sm.accessToken=eyJ0eXAiOiJKV1QiLCJhbGciOiJFUzI1NiIsImtpZCI6IjhlYWFlNzFkLWQ2MDItNGYwNC1iZWQ3LTRjNTIyMWNlMjdmYSJ9.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.BEiPNGGeQn2RQNY5DvGzOLe3XV7nM2B31OASThG7SkClXGdYWDAzol6WZIhj8maWwYZZJ7ZlvvGxR9ACRiJs4A&amp;__sm.visitor_priority=low" data-sf-ec-immutable="">Register today for Save and Succeed!</a></p><p>These educational opportunities can be invaluable for young adults who are just starting to build their financial futures.</p><h3>The bottom line</h3><p>When considering your financial options as a young adult, don't overlook the unique benefits of credit union membership. From personalized service and products and services that guide you toward financial success to better interest rates that help your money grow, credit unions are a smart choice. Moreover, by joining a credit union, you're not just banking; you're actively taking part in a community that cares about your financial well-being and the well-being of your neighborhood. </p><p>So, if you're looking for more than just a place to manage your money, consider joining Metro Credit Union and open an account. The benefits extend far beyond traditional banking and can set you on a path to financial success and community involvement. Remember, check with Metro first for all your financial services needs.</p>

<p>Taking control of your finances and working towards financial freedom can be a scary task, especially for millennials dealing with high debt and the rising cost of living. A big chunk of your earnings often goes straight to paying off student loans, leaving little room for savings. But fear not, we're here to help you every step of the way to secure your financial independence.</p><p>Our goal is to give you practical tips that make sense for millennials like you who want financial freedom. We get it &ndash; worrying about money is stressful. We are here to help you worry less by providing clear, easy-to-follow guidance to help guide you on your path to financial freedom.</p><p>In this guide, we'll share useful strategies to help you save money from handling student loans to managing unexpected expenses, giving you the tools you need to build a strong financial foundation.&nbsp;</p><h3>Know Your Current Net Worth</h3><p>Understanding your financial situation is crucial for effective money management. Forget about complex numbers like income, savings rate, and stock market investment returns for a moment. </p><p>The key figure to focus on is your net worth.</p><p>Net worth is like your financial report card, and it's not just for celebrities and businesspeople &ndash; even millennials should pay attention. Why? Because you can't take control of your finances if you don't know where you stand.</p><p>Here's a simple way to calculate your net worth: Add up the value of everything you own, like savings and investments (stocks, real estate/rental properties etc.). Then, subtract everything you owe, such as credit card balances, student loans, mortgages, and car debts. The difference is your net worth.</p><p>It's a straightforward equation: What you own minus what you owe equals your financial health. So, take a few minutes to figure it out &ndash; it's the first step toward mastering your money.</p><h3>Keep an Eye on Your Money</h3><p>Once you begin keeping tabs on your overall financial situation, the next step is to track where your money is going. This includes things like student loans, bills, groceries, entertainment, and more. It might not sound thrilling, but it's super important. </p><p>Knowing where your money is flowing matters even more than just budgeting. It's about being accountable and having a mindset of optimization. This perspective can really help you understand your spending habits. When it comes to spending, focus on things that genuinely matter to you, not what others value. Before making a purchase, ask yourself if it will benefit you in the long run.</p><p>Differentiate between needs and wants, especially in tight financial situations. This fosters financial responsibility and leads to significant improvements in your financial situation. Treat yourself occasionally for motivation but be cautious not to overspend. A well-planned budget helps control expenses and guides your money where it truly matters.</p><h3>Embracing the 50/30/20 Rule&nbsp;</h3><p>The&nbsp;<a href="https://www.forbes.com/advisor/banking/guide-to-50-30-20-budget/" data-sf-ec-immutable="">50/30/20 rule</a>&nbsp;simplifies the process by breaking down your income into three distinct categories.</p><img src="/images/default-source/blog-article-images/50-30-20-dark.png?sfvrsn=5722fab8_1" sf-size="100" alt="" /><h4>Essentials (50%)</h4><p>Devote half of your income to cover the necessities of life, including rent or mortgage, utilities, and groceries. By prioritizing these fundamental needs, you establish a stable foundation for your financial well-being.</p><h4>Personal Choices (30%)</h4><p>Allocate 30% of your income to personal preferences and lifestyle choices. This includes expenses related to entertainment, dining out, and other discretionary spending. This category allows you the flexibility to enjoy life without compromising your financial future.</p><h4>Savings and Debt Repayment (20%)</h4><p>The remaining 20% of your income is designated for savings and paying down debts. This crucial portion empowers you to build a financial safety net and work towards a debt-free future. Whether it's an emergency fund, retirement savings, or reducing outstanding debts, this allocation fosters long-term financial stability.</p><p>By embracing the 50/30/20 rule, you are not just budgeting; you are strategically directing your income to ensure a balanced and sustainable financial life.&nbsp;</p><h3>Building Credit Responsibly</h3><p>Building credit responsibly is not about accumulating debt; rather, it involves using credit wisely as a reflection of financial responsibility. This aspect is crucial for major life decisions and achieving financial goals, such as buying a home or securing a low-interest loan. To successfully build and maintain a healthy credit score, it's essential to understand the factors influencing your credit rating and follow effective strategies.</p><h3>Factors Influencing Your Credit Rating:</h3><h4>1. Timely Payment of Bills:</h4><p>Consistently paying bills on time, including credit cards, loans, and other obligations, demonstrates financial responsibility and reliability to lenders.</p><h4>2. Credit Utilization Ratio:</h4><p>Maintaining a low credit utilization ratio, the ratio of credit card balances to credit limits, indicates responsible credit management and positively impacts your credit score.</p><h4>3. Length of Credit History:</h4><p>A longer credit history provides more data for evaluating your creditworthiness, while closing old accounts may shorten your credit history.</p><h4>4. Types of Credit in Use:</h4><p>A diverse mix of credit types, such as credit cards, installment loans, and mortgages, positively influences your credit score, demonstrating the ability to manage various types of credit responsibly.</p><h4>5. New Credit Accounts:</h4><p>Opening multiple new credit accounts within a short period may be viewed as risky behavior, potentially impacting your credit score. It is crucial to exercise caution and mindfulness when applying for credit. The adverse effects of having an excessive number of accounts, particularly those carrying balances opened within a short timeframe, can substantially damage your credit. This impact is notably more significant than the 10% you may have saved on your purchase, especially when considering the higher rates, you could potentially incur elsewhere.</p><h4>6. Public Records and Collections:</h4><p>Bankruptcies, tax liens, and collections have a severe negative impact on your credit score, indicating financial difficulties.</p><h4>7. Credit Inquiries:</h4><p>Each credit inquiry, recorded on your credit report when applying for credit, can impact your score. Numerous inquiries within a short timeframe may be viewed negatively.</p><h4>8. Outstanding Debt:</h4><p>The total amount of debt owed, both in absolute terms and in relation to credit limits, is a crucial factor. High levels of debt may adversely affect your credit score.</p><h3>Building and Maintaining Credit:</h3><h4>1. Understand Your Starting Point:</h4><p>Obtain and review your credit report from major credit bureaus for accuracy. Address any discrepancies promptly.</p><h4>2. Establish Credit:</h4><p>If you have no credit history, consider options such as obtaining a secured credit card or becoming an authorized user on someone else's account to start building credit. Additionally, you can secure loans (possibly with a cosigner), explore share-secured loans, or take advantage of promotional loans like those offered by Metro.</p><h4>3. Diversify Credit Types:</h4><p>Explore various credit types to diversify your credit portfolio, positively influencing your score.</p><h4>4. Use Credit Responsibly:</h4><p>Avoid opening multiple new credit accounts within a short period to minimize the impact on your score.</p><h4>5. Monitor Your Credit Report:</h4><p>Regularly check for inaccuracies or suspicious activity, and promptly report and dispute any errors. &nbsp;<a href="file:///Users/ConnorChilds/Library/Containers/com.apple.mail/Data/Library/Mail%20Downloads/6CFD1879-58DE-44FC-AA14-6D86096FC6C8/AnnualCreditReport.com" data-sf-ec-immutable="">Annual Credit Report</a> &ndash; is a free website where you can view your credit report (no scores, just credit reports) from each of the three major bureaus. In our area, the two primarily used are Experian and TransUnion. It's always advisable to review your credit reports every year or so to ensure there are no errors.</p><h4>6. Pay Off Outstanding Debts:</h4><p>Prioritize paying off outstanding debts, starting with high-interest accounts, contributing to a healthier credit profile.</p><h4>7. Be Patient and Persistent:</h4><p>Building a strong credit score takes time. Practice good credit habits consistently, and your score will gradually improve.</p><h4>8. Seek Professional Guidance if Needed:</h4><p>Consider seeking advice from a financial advisor or credit counseling agency for personalized guidance in challenging situations.</p><h4>9. Educate Yourself:</h4><p>Stay informed about credit-related topics and changes in credit laws to effectively manage your credit. Knowledge is a powerful tool in this process.</p><h3>Building Emergency Funds - Preparing for the Unexpected</h3><img src="/images/default-source/blog-article-images/auto-repair.png?sfvrsn=47041c85_1" sf-size="100" alt="" /><p>Life can throw curveballs, so having an emergency fund is like having a financial safety net. The goal here is to save enough to cover three to six months' worth of living expenses. Metro Credit Union makes it easy to set up a dedicated account for your emergency fund. This way, you can steadily build it up, and when unexpected expenses arise, you've got a financial cushion to fall back on.</p><p>To put it plainly, having an emergency fund is like having a superhero for your finances. And Metro Credit Union is your sidekick, making it simple and convenient to build and access your emergency fund when life takes an unexpected turn.</p><h3>Banking Smart with Metro Credit Union - Choosing the Right Partner</h3><p>Banking smart with Metro Credit Union is about more than just managing your money; it's about aligning with a financial partner that understands the unique needs and preferences of millennials. From high-interest savings accounts to flexible checking options and competitive loan products, we provide a comprehensive range of services designed to be a one-stop solution for all your banking needs. Our commitment to low fees ensures that you can maximize your savings potential, while our competitive loan rates make major purchases or financial milestones more affordable.</p><p>We go beyond the transactional aspect of banking; we prioritize a personalized approach that values you as more than just an account number. With our user-focused banking experience that includes online banking and mobile apps, we leverage technology to make managing your finances seamless and efficient. Moreover, our community-focused approach reflects a commitment to local values, ensuring that by banking with us, you contribute to an institution invested in and supportive of the community. </p><p>In essence, choosing Metro Credit Union means making a strategic move toward a banking partner that not only meets your financial needs but also aligns with your lifestyle and aspirations, ultimately empowering you to save, borrow wisely, and thrive financially.</p><h3>Final Thoughts on Achieving Financial Freedom</h3><p>Congratulations, you've reached the end of our millennial's guide to financial freedom! </p><p>By implementing these strategies and partnering with Metro Credit Union, you'll be well on your way to a brighter financial future. </p><p>Achieving financial stability at a young age is ideal and highly possible. &nbsp;Remember you don&rsquo;t have to live as cheaply as you can to save more. In many cases, making changes to your financial plan can help you gain better control of your financial future. Consistency is key. </p><p>Our comprehensive range of banking products and personalized services are designed to meet the unique needs of millennials like you. Feel free to reach out to our team for guidance or explore our website for more financial resources.</p>

<h3>MONTHLY SWEEPSTAKES</h3><p><a href="https://save-and-succeed.metrofcu.org/dashboard/home" target="_blank" data-sf-ec-immutable="">Save and Succeed</a>, Metro&rsquo;s personal finance program, that provides our members a wealth of financial wellness and educational content, has been refreshed to offer even more chances to win in their monthly $1,000 giveaways by <a href="https://www.enrich.org/" data-sf-ec-immutable="">Enrich</a>!</p><p>In the past you had the opportunity to complete a monthly challenge, such as reading an article, or completing a survey or quiz, for a single entry into their monthly drawing. Now, you can earn added entries throughout the month by completing a variety of monthly and daily tasks.</p><p>Completing tasks earn you Sprouts, which you can then redeem for entries into the $1,000 monthly drawing. The more Sprouts you earn throughout the month, the more entries you can redeem for that month&rsquo;s drawing.</p><br /><h3>TASKS</h3><p><a href="https://save-and-succeed.metrofcu.org/dashboard/home" target="_blank" data-sf-ec-immutable="">Save &amp; Succeed</a> provides a list of monthly and daily tasks, all centered around a theme for the month, like budgeting, with the goal of providing you knowledge tailored to your specific needs and the tools to help you use that knowledge in your day to day life.</p><p>These tasks come in a variety of formats. </p><ul><li>Courses provide a deep dive into the monthly topic with informational videos, quizzes, practical exercises, and action plan creation.</li><li>Articles and videos provide education on the monthly theme, tips and tricks, and solutions to problems you may not have considered before.</li><li>Infographics have illustrated flowcharts and self-assessments to help you see where you stand, where your strengths lie, and what you may need to focus on to reach your financial goals.</li></ul><p>Each task, whether monthly or daily, will let you know how much time it will take to complete, giving you the freedom to grow at your pace with the time you have. More in depth tasks, like the courses, also earn you more Sprouts, which you can redeem for more entries in the $1,000 monthly sweepstakes drawings!</p><br /><p><img src="/images/default-source/news-images/save-and-succeed-revamp-blog-image114e4a40-a89e-4076-957b-99ffd143af41.png?sfvrsn=ba861aa5_1" style="background-color:initial;font-family:inherit;font-size:inherit;text-align:inherit;text-transform:inherit;word-spacing:normal;caret-color:auto;white-space:inherit;" sf-size="100" alt="" /></p><br /><h3>BEYOND THE SPROUTS</h3><p><span style="background-color:transparent;color:inherit;font-family:inherit;font-size:inherit;text-align:inherit;text-transform:inherit;word-spacing:normal;caret-color:auto;white-space:inherit;">In addition to the monthly sweepstakes and customized tasks, </span><a href="https://save-and-succeed.metrofcu.org/dashboard/home" target="_blank" data-sf-ec-immutable="" style="font-family:inherit;font-size:inherit;text-align:inherit;text-transform:inherit;word-spacing:normal;white-space:inherit;">Save and Succeed</a><span style="background-color:transparent;color:inherit;font-family:inherit;font-size:inherit;text-align:inherit;text-transform:inherit;word-spacing:normal;caret-color:auto;white-space:inherit;"> has a huge catalog of information available to you at any time. Simply search by keyword to find easily accessible content on any financial topic you could want. You can add any content you find helpful to your favorites for easy access later, which also helps Save and Succeed tailor its suggested content to your needs and interests.</span></p><br /><h3>FINANCAL WELLNESS CHECKUP</h3><p>If you are new to <a href="https://save-and-succeed.metrofcu.org/dashboard/home" target="_blank" data-sf-ec-immutable="">Save and Succeed</a>, you will be asked to complete a financial wellness checkup after creating an account. This involves you rating a series of questions about how you feel about specific areas of your finances, along with selecting financial stressors and your goals to provide you with relevant courses, tools, articles, and programs to guide you to financial wellness.</p><br /><h3>IMPROVE YOUR FINANCIAL LIFE</h3><p>One of Metro Credit Union&rsquo;s goals throughout our 70-year history has been to help improve the financial lives of our members. Partnering with Enrich to provide Save and Succeed is a part of realizing that goal. The wealth of information they offer and the easily digestible way it&rsquo;s presented can be a resource for everyone, regardless of your current financial situation and goals. We hope you take advantage of this free service and wish you luck on the monthly sweepstakes drawings!</p>

<p>As you begin on your financial journey, selecting the right bank or credit union becomes an important decision that impacts your financial well-being and achieving your goals.</p><p>At Metro Credit Union, we are committed to supporting young consumers throughout this journey, ensuring you make an informed and advantageous choice. Your financial prosperity is our priority, and we are dedicated to assisting you in making the best decision for your future.</p><p>Here are the top 10 things Gen Z consumers should consider when choosing a bank or credit union:</p><h4><strong>1. Technology and Mobile Apps</strong></h4><p><strong></strong>We know that younger generations are tech-savvy, and so are we! Look for a bank or credit union with a user-friendly online and a&nbsp; <a target="_blank" href="/services/online-banking">mobile banking app</a>&nbsp;that lets you manage your money on the go. Check if they offer features like mobile check deposit, budgeting tools, and real-time notifications to stay in control of your finances.&nbsp;</p><p>Metro Credit Union offers a user-friendly mobile app for convenient money management on the go. With 24/7 account management, access your finances anytime, anywhere, ensuring efficient and secure banking, even during weekends and late nights.</p><h4><strong>2.&nbsp;</strong><strong>No Hidden Fees</strong></h4><p>Nobody likes surprises, especially when it comes to fees. Metro Credit Union believes in transparency, and that means no hidden charges. Look for a financial institution that offers straightforward fee structures and won&rsquo;t charge you small fees or additional costs.</p><h4><strong>3.&nbsp;</strong><strong>Community Involvement</strong></h4><p><strong></strong>At Metro Credit Union, we take pride in supporting our community. Consider choosing a bank or credit union that gives back and actively engages in community initiatives.</p><h4><strong>4.&nbsp;</strong><strong>Online Banking Security</strong></h4><p>Security is a top priority at Metro Credit Union. When choosing a financial institution, make sure they use the latest security measures to protect your personal and financial information.</p><h4><strong>5.&nbsp;</strong><strong>Interest Rates and Rewards</strong></h4><p>Growing your money is essential, so explore the interest rates offered on savings accounts and the benefits of rewards programs. Metro Credit Union offers better rates, lowest fees, and rewards to help your money work harder for you.</p><h4><strong>6.&nbsp;</strong><strong>Customer Service</strong></h4><p>We believe in providing exceptional service to our members. Look for a bank or credit union with friendly, knowledgeable staff who are always ready to assist you with your financial needs. We are here to serve you, whether you prefer banking digitally, virtually, or in person, the choice is yours.</p><h4><strong>7.</strong>&nbsp;<strong>Financial Education</strong></h4><p>Money talk can be overwhelming, especially when you're just starting. Choose a financial institution that offers resources and tools to help you understand budgeting, saving, and managing your money better.</p><h4><strong>8.&nbsp;</strong><strong>ATM Network</strong></h4><p>You're always on the move, and you need access to your money wherever you go. Check if the bank or credit union has a broad <a href="/about-us/locations-hours#money-pass">ATM network</a>, so you won't have to stress about finding a fee-free ATM when you need cash.</p><p>No need to worry about banking hours as the machines are 24/7. Having a reliable ATM network in Omaha ensures you're in control of your finances and can focus on enjoying life to the fullest.</p><h4><strong>9.&nbsp;</strong><strong>Account Options</strong></h4><p>Everyone's financial needs are different. Make sure the bank or credit union you choose offers a variety of financial services that cater to your specific requirements. Metro Credit Union is ready to serve you with personalized banking solutions, ensuring a strong and personal relationship with you.</p><h4><strong>10.</strong>&nbsp;<strong>Member Ownership</strong></h4><p>Being part of a member-owned credit union like Metro Credit Union means that we work for you. You're not just a customer; you're a valued member.</p><h3><strong>Build a Brighter Financial Future with Metro Credit Union</strong></h3><p>We understand that choosing a bank or credit union is a significant decision, and we hope these tips will help you make an informed choice. At Metro Credit Union, we're committed to empowering the next generation with the digital tools and support needed to achieve their financial goals. Join us on this exciting journey, and together, we'll build a brighter financial future!</p><p>If you have any questions or want to learn more about Metro Credit Union, don't hesitate to reach out. We are here to assist you every step of the way. Your Local Advantage.</p>

<p>One crucial aspect of your financial health that can have a significant impact on your future is your credit score. In this article, we'll explore the importance of a good credit score, provide actionable steps to build credit responsibly and share essential tips to avoid common credit mistakes.</p><h4><strong>The Importance of a Good Credit Score</strong></h4><p>Your credit score is more than just a number. Lenders, landlords, and even potential employers use this score to assess how financially responsible you are. A good credit score opens doors to better interest rates on loans, easier approval for rental applications, and improved financial opportunities.</p><p>The first crucial step in establishing a good credit score is understanding its significance. Additionally, an essential component of building a credit score is budgeting. Proper money management enables you to make timely payments and prevents negative effects on your credit score.</p><h4><strong>Building Credit Responsibly</strong></h4><ul><li><strong>Start with a Credit Card:</strong>&nbsp;if you have little to no credit history, consider applying for a credit card with no annual fee. Responsible use of this card, for example, paying your bills on time and a low credit utilization ratio, can help establish a positive payment history. It&rsquo;s essential to keep your credit card balances manageable and avoid maxing out cards, as this can negatively impact your credit score and financial health in the long run. Remember, building credit responsibly is a gradual process, so be patient and consistent in your efforts to achieve a strong credit profile.</li><li><strong>Keep Balances Low and Pay on Time:</strong>&nbsp;Maintaining low credit card balances and making timely payments is vital for a healthy credit score. Aim to pay off your balances in full each month to avoid interest charges and keep credit utilization low.</li></ul><h4><strong>Types of Credit Matters</strong></h4><p>A diverse credit mix can positively impact your credit score. Consider having a mix of credit accounts, such as credit cards, personal loans, student loans, and a car loan, if applicable. This shows that you can handle different types of credit responsibly.</p><h4><strong>Monitor Your Credit Regularly</strong></h4><p>Checking your credit report is essential to identify any errors or discrepancies. Review your report for inaccuracies and take steps to correct them promptly. Consumers can get a free credit report online and check their activity with credit bureaus such as Experian, Transunion, or Equifax.</p><h4><strong>Avoid Common Credit Mistakes</strong></h4><ul><li><strong>Late Payments:</strong>&nbsp;Late payments can have a significant negative impact on your credit score. Set up reminders or automatic payments to ensure you never miss a due date.</li><li><strong>Opening Too Many Credit Accounts:</strong>&nbsp;Each time you apply for credit, a hard inquiry is placed on your credit report, which can slightly lower your score. Too many inquiries in a short period of time can dramatically decrease your score. Be strategic and avoid opening multiple accounts within a short period.</li><li><strong>Maxing Out Credit Cards:</strong>&nbsp;High credit card balances relative to your credit limit can harm your credit score. Keep your credit utilization below 30% to maintain a healthy score.</li></ul><h4>Building Your Credit Score in Your 20s</h4><p>As you navigate your 20s, building and maintaining a healthy credit score is essential to your financial success. A good credit score can open doors for opportunities and pave the way to a brighter future. The journey to a healthy credit score takes time, but the efforts you make today will shape your financial landscape for years to come.</p><h3>Metro Credit Union Can Help</h3><p>At Metro Credit Union, we're here to support you on your credit-building journey and provide guidance every step of the way.</p><p>Each quarter, we provide our members with updates on their FICO credit score. Knowing your credit score is essential in understanding your financial standing and identifying areas for improvement.&nbsp;</p><p>Download our&nbsp; <a target="_blank" href="/services/online-banking">mobile app</a>&nbsp;today and take advantage of all the tools and resources Metro Credit Union has to offer. Together, we'll pave the way to a brighter financial future.&nbsp;</p><p>If you have any questions or need assistance, please don't hesitate to contact our&nbsp; <a target="_blank" href="/about-us/contact-us">customer support team</a>.</p>

<p align="center" style="text-align:left;">Online shopping has become an integral part of our lives, offering convenience and a different option of products at our fingertips. However, with convenience also come potential risks. We'll provide essential tips on how consumers can stay safe online while shopping, avoid scams, and protect their financial information.</p><p align="center" style="text-align:left;">Here are the dos and don'ts of e-commerce ensuring a secure online shopping experience.</p><br /><h4 align="center" style="text-align:left;"><strong>DO's of Online Shopping</strong><strong></strong></h4><h5>Shop from Secure Websites</h5><p>Do shop from reputable and secure websites. Look for "https://" in the website address and a padlock icon in the browser address bar. This indicates that the site uses SSL encryption to protect your data during transmission.<strong></strong></p><h5>Use Strong Passwords</h5><p>Do create strong and unique passwords for your online accounts. Remember that length is often stronger than complexity, shoot for passwords that are at least 12 characters long. Avoid using easily guessable information, such as your birthdate, pet name, song lyrics, sports teams, or the word password. Using a password manager can be helpful in keeping your passwords organized.<strong></strong></p><h5>Update Your Devices and Software</h5><p>Do keep your devices and software up to date. Regularly update your operating system, web browsers, and antivirus software to ensure you have the latest security patches and protection against hackers.<strong></strong></p><h5>Shop on Trusted Wi-Fi Networks</h5><p>Do use secure and trusted Wi-Fi networks when making purchases from online stores. Avoid using public Wi-Fi networks, such as coffee shops or mall hotspots, which may lack encryption and make your data vulnerable to hackers.<strong></strong></p><h5>Check Seller Reviews</h5><p>Do research the reputation of shopping sites before making an online purchase. Read reviews from other buyers to ensure the seller is reliable and provides quality products and services.<strong></strong></p><h5>Be wary of social media marketplaces.</h5><p>Marketplaces on social networking sites such as Facebook and Craigslist are rife with scammers. Be wary of sellers looking to change the terms of the sale or send checks for extra and ask for the overage back in cash. Also, if you need to meet in person, pick a public place, most police stations have designated safe spots for this purpose.</p><br /><h4 align="center" style="text-align:left;"><strong>DON'Ts of Online Shopping</strong></h4><h5>Don't Click on Suspicious Links</h5><p>Don't click on links in unsolicited emails, pop-ups, or social media messages. These could be phishing attempts to steal your personal information.<strong></strong></p><h5>Avoid Unsecured Payment Methods</h5><p>Don't use unsecured payment methods such as wire transfers or payment apps that lack buyer protections. Stick to reputable payment platforms or credit cards, which offer fraud protection and easier dispute resolution.<strong></strong></p><h5>Don't Overshare Personal Information</h5><p>Don't provide unnecessary personal information during the checkout process. Be cautious of websites that ask for excessive details, such as your Social Security number or full date of birth, for a simple purchase.<strong></strong></p><h5>Be Wary of Unrealistic Deals</h5><p>Don't fall for deals that seem too good to be true. Scammers often use incredibly low prices to lure unsuspecting shoppers into providing sensitive information or receiving counterfeit goods.<strong></strong></p><h5>Avoid Saving Payment Information</h5><p>Don't save your payment information on multiple websites. While it may be convenient, saving your bank account or debit card/credit card number increases the risk of your data being compromised in case of a security breach.</p><h4>Online Shopping: Prioritizing Safety and Security<strong></strong></h4><p>Online shopping offers immense convenience and accessibility, but it's essential to prioritize your safety and security. By following the dos and don'ts of e-commerce, you can shop safely online, protect your financial information, and avoid falling victim to scams. Staying vigilant and making informed choices are the keys to a smart and secure online shopping experience.</p><p>We are committed to promoting financial literacy and empowering members to make wise financial decisions.</p><p>For more guidance on online security or any other financial matter, feel free to <a target="_blank" href="/about-us/contact-us">reach out to our dedicated team of experts</a>.</p>

<h4>Financial Literacy Month</h4><div><p>It&rsquo;s Financial Literacy month! Each April consumers are encouraged to focus on building and maintaining healthy financial habits and goals. For our part, Metro is committed to creating awareness about the importance of financial literacy by providing useful tools like Save and Succeed, a free online resource for our members!</p><h4>Save and Succeed</h4><p>Save and Succeed provides members with articles and videos about a wide range of topics, including saving, budgeting, retirement, technology, and more! When you register, you&rsquo;ll be given the opportunity to take a questionnaire that Save and Succeed relies on to provide you with personalized content, exercises, tutorials, and games relevant to your unique financial interests and goals.&nbsp;<br /></p><p>You can browse Featured Topics, which are based on your questionnaire and current events like tax season or economic news. You can easily search for specific topics and content, and even save articles to your favorites to go back to later. The more you use Save an Succeed, the better the tool gets at recommending new articles and activities specific to to your interests.</p><h4>Win Money!</h4><div><p>After registering, you will also be eligible to participate in Save and Succeed&rsquo;s monthly challenges. By completing the challenge, you can enter to win one of two $500 prizes awarded by Save and Succeed.</p><p>April&rsquo;s challenge is about adding mindfulness to your financial life, and it only takes 10 minutes to complete!<br /></p></div><div><h4>Sign Up Today!</h4></div><div><p>Click the link below to get started with Save and Succeed today! Start by setting up your account, taking the questionnaire, and completing the monthly challenge. Then browse popular topics and courses, view your recommendations, and start your journey to financial literacy and wellbeing.</p></div><p><a href="https://save-and-succeed.metrofcu.org/" target="_blank" data-sf-ec-immutable="">https://save-and-succeed.metrofcu.org/</a></p></div>

<img src="/images/default-source/blog-article-images/difference-credit-union-vs-banks-omaha.jpg?sfvrsn=d2e25a49_0" title="difference-credit-union-vs-banks-omaha" data-displaymode="Original" alt="" /><p>When most people want to save or invest their money, the first place they approach is a bank. Credit unions are becoming an increasingly popular alternative, and there are many reasons why credit unions might be better for both individual and business finances over heading straight to the bank.</p><p>&nbsp;</p><h2><strong>What's the difference between a credit union and banks in Omaha?</strong></h2><p>Here are a few of the main differences between credit unions and banks explained.</p><p>&nbsp;</p><h3><strong>Banks Run on Profit</strong></h3><p>Banks run on pure profit: Banks have investor owners, and banks are run to make money for those investor owners.&nbsp; The more customers that have investments and accounts with them, the more profits they can earn. This means that profit can often be the motivation over the needs of the consumer when you're doing business with a bank.</p><p>Credit unions are non-profit ventures owned by their customers (called members). Instead of being driven only by how much money they can make, the focus of credit unions are often far more customer-centric.</p><p>&nbsp;</p><h3><strong>Banks Are More Affected by Market Variables</strong></h3><p>Banks are more affected by market variables: In the financial crash of 2008, many banks were among the hardest hit because their quest for profits caused them to make riskier investments. &nbsp;Many required a government bailout.&nbsp; Most credit unions weren't nearly as affected during this crash; in fact, many credit unions saw tremendous growth after the crash as more and more consumers moved away from banks and to credit unions.</p><p>&nbsp;</p><h3><strong>Banks Play in Other Markets</strong></h3><p>Banks can be viewed as a tree that extends with several branches, and these branches extend into other financial avenues like the investment trading, foreign exchange and large-scale business investments. Where do banks get the money for this? Their customers, and sometimes customer accounts are merely the means to fund the &ldquo;other branches&rdquo;. With credit unions, customer accounts is what they do; it&rsquo;s never the means to an end.&nbsp; Banking with credit unions allows you to know your business is always their priority.</p><p>&nbsp;</p><h3><strong>Credit Unions Offer Local Control</strong></h3><p>In most credit unions, the decisions are made locally by a Board and Managers who are also members of the credit union.&nbsp; Choices about products and services, branch locations and technology, and even interest rates and fees are made by people who like you who also bank with the credit union.&nbsp; Because decision making in a banks is about profit, larger banks are often buying smaller, community banks, and decisions that affect you and your account can be made halfway across the country.</p><p>&nbsp;</p><p>Credit unions keep control in the hands of people who bank with the credit union: It's one more reason why they can be superior to banks (and why your money goes farther with a credit union in the long run). <a href="/about-us/contact-us">Contact us today</a>&nbsp;if you are looking to get the best rates on auto or mortgage loans.&nbsp;</p>

<br /><img alt="" src="/images/default-source/blog-article-images/credit-scores-what&#39;s-good-average-and-bad.jpg?sfvrsn=b37be010_0" data-displaymode="Original" title="credit-scores-what-good-average-and-bad" sfref="[images|OpenAccessDataProvider]8d87b479-4af9-4f0d-8b72-fcda966ce509" data-sf-ec-immutable="" /><p>When applying for a business or personal credit, the first thing that matters is your credit score. In the same way, a report card described what kind of student you were, your credit score tells banks or other lenders what type of borrower you are.&nbsp; Your credit score tells a lender how well you&rsquo;ve repaid loans in the past, and how likely you are to repay a loan in the future.&nbsp; Not only can your credit score determine whether you get a loan, but it can also determine how much you pay in interest on the loan.&nbsp; A better credit score can save you hundreds or even thousands of dollars in interest. <!--more--></p><h2><strong>Is your credit score good, average or bad? Here's how to tell &ndash; and what you can do to increase your score.</strong></h2><h3><strong>Check Yourself</strong></h3><p>By law, everyone is entitled to one free copy of their credit report every year from each of the three main credit reporting agencies.&nbsp; You can get yours at annualcreditreport.com.&nbsp; While valuable, because your free credit report can help you ensure there are no errors affecting your score, your free credit report does not include your score.&nbsp; Over 90% of lenders use FICO Scores, and most financial institutions will give you your score.&nbsp; Most banks and credit unions update scores in their database quarterly, and many give you access through their online banking platform. FICO Credit Scores range from a low of 300 to a high of 850.&nbsp; Most lenders give the best rates and terms for scores of at least 740 (45% of consumers).&nbsp; The next tier, scores between 670 and 740 (20%), are considered good scores, and most of these borrowers can get credit but they may not always get the best rates.&nbsp; The remaining third of consumers have scores below 670.&nbsp; Scores above 580 are considered &ldquo;fair&rdquo; and scores below 580 are considered &ldquo;poor&rdquo;.&nbsp; These consumers have trouble getting credit, and when they do they frequently have to pay very high-interest rates. </p><h3><strong>To Improve your Credit Score</strong></h3><p>There are a few simple rules you can follow that will improve your credit score.&nbsp; It&rsquo;s hard to make your score jump a lot overnight, but if you do these things, your credit score is certain to go up over time. </p><h4>First, you have to <strong>make payments on time</strong>.</h4><p>Nothing is more important to your score than demonstrating you&rsquo;re able to make timely payments.&nbsp; Even if you&rsquo;ve missed some payments in the past, all is not lost.&nbsp; Those late payments stay on your credit report for several years, but they hurt your score less as time goes by. </p><h4>Second, <strong>pay down your debt</strong>.</h4><p>While simply paying off debt will improve your score, there is a trick to improving your credit score more quickly.&nbsp; The trick is, pay down your credit card debt first!&nbsp; You get points in your score for having low (or no) balances on credit cards.&nbsp; It&rsquo;s called &ldquo;capacity&rdquo;, and you get a lot of points in your score for carrying very low balances on credit cards.</p><h4>Third, <strong>do not close credit cards when you pay them off</strong>!</h4><p>This requires discipline to not build the balance back up, but keeping these cards open with no balance increases your capacity and adds points to your credit score. </p><h4>Fourth, <strong>avoid applying for a lot of new credit</strong>, and when you do, don&rsquo;t apply for a lot of new loans all at once.</h4><p>Sometimes people who don&rsquo;t have a lot of credit try to improve their score by getting new loans and paying them off.&nbsp; While you do need to show some experience repaying loans, getting (or applying for) too many loans in a short period of time hurts your credit score. </p><h4>Lastly, <strong>dispute any mistakes or inaccuracies</strong> you find on your credit report.</h4><p>Incorrect information, like a payment you were not late on or a loan balance that isn&rsquo;t showing paid off after you&rsquo;ve made the final payment, can really hurt your score.&nbsp; You can dispute inaccuracies directly with the credit bureau or with the lender. Credit problems don&rsquo;t have to last forever.&nbsp; Anyone can improve their score by following these rules, and while your score won&rsquo;t always go up right away, it will go up over time, and it&rsquo;s worth it.&nbsp; The higher your score, the easier it is to get the best rates from lenders. </p><h2><strong>Metro Credit Union Omaha</strong></h2><p>Save some money, while simplifying your life. Like most people, you probably are paying multiple bills each month. And, they probably feature a wide range of interest rates. Some as high as 9.00%, 12.00%, 15.00% or higher! Consolidate your multiple bills into one, lower-interest-rate, Metro Credit Union Debt Consolidation loan. Your lower Metro rate will save you money! <strong>Trust your credit union for your lending needs for things like:</strong></p><ul><li>Debt Consolidation - Combine multiple bills into one lower-interest-rate to simplify and save money.</li><li>Holiday Loans - Make your holidays merry with extra spending money.</li><li>Vacation Loans - Turn your dream vacation into a reality.</li><li>Line of Credit - Tied to your checking account, you'll have peace of mind knowing that cash is there if you need it.</li></ul><p>We look at more than your credit score! Smart move. <a href="https://www.cmg.loanliner.com/loanrequest/presenter/LoanList/02600848/1718?isframed=F&amp;cuid=02600848&amp;loanlistid=1718&amp;channelid=1085207802094161236&amp;locationid=NONE" target="_blank" rel="noopener" data-sf-ec-immutable="">Apply Now</a> or <a href="/about-us/contact-us">contact us</a> for any questions.</p>

<img src="/images/default-source/blog-article-images/should-you-pay-off-your-car-before-trading-it-in.jpg?sfvrsn=87abff9e_2" title="should-you-pay-off-your-car-before-trading-it-in" data-displaymode="Original" alt="" /><br /><p>Buying a car with a car loan is a great decision for many people, as it allows them to drive the car they really want, without saving up for several years. In fact, for many people, this will be the only way to afford the kind of vehicle they always imagined driving.</p><br /><p>But it does create some more complicated questions that you may not have considered. For example: should you pay off your car entirely before you trade it in? Let&rsquo;s find out.</p><br /><h3>Cars Are Depreciating Assets</h3><br /><p>The first thing to keep in mind is that a car is what is known as a depreciating asset. That means that unlike property, or cash in the bank, your car&rsquo;s overall value gets lower the longer you have it. New cars depreciate the most in the first year, and the second most in the second year.&nbsp; Annual depreciation starts to even out in about year four.</p><br /><p>That means that in most cases, unless you had a big down payment or trade-in, you will owe more on the loan than the car is worth for the first few years you&rsquo;re driving your car. This is what we call negative equity, or being &ldquo;upside down&rdquo; on your loan. It&rsquo;s a really bad thing in property, but it&rsquo;s fairly common in the early years with a new car.</p><br /><p>Today, many people buy cars with no down payment, and because we want to drive a nicer car with a lower payment, we might finance the car for six or seven years.&nbsp; When we do that, it causes us to be upside down on our loan or have that negative equity position longer.</p><br /><p>Now here&rsquo;s the problem: if you trade in your car too soon, and you still have negative equity, you will either have to finance the negative equity into your next loan, or you will have to come up with that amount of money in cash.&nbsp; Depending on how much your car depreciated and how long you financed the car, that could be several thousand dollars.&nbsp;</p><br /><p>If you have good credit many lenders will carry that negative equity into your next car loan.&nbsp; But when that happens, as your new car depreciates faster than your loan balance goes down, you have that amount plus the negative equity from your last car.</p><br /><p>Does that mean you should always pay your car loan off before you trade it in for a new car?&nbsp; Not necessarily.&nbsp; While cars depreciate more in the first year or two, they tend to depreciate more slowly after that.&nbsp; Your car loan works the opposite way; it will amortize more slowly while the balance is high and more of your payment is going to interest, and then the loan balance decreases more quickly in later years as more of your payment goes to principal.&nbsp; At some point during the term of the loan, your loan balance and the value of your car will be equal.&nbsp; The timing of that will be different for every car and every loan, but when that happens, you can trade your car in with no negative equity!</p><br /><h3>There Are Other Considerations</h3><p>There are other factors that can influence whether or not you should trade your car in before it is paid off. For example, most cars are out of the manufacturer warranty after three years.&nbsp; Obviously, repairs on cars tend to increase as cars age, and car repairs today can be very expensive.&nbsp; Gas prices can affect your decision to trade in your car.&nbsp; Perhaps your existing car is an SUV and gas prices were lower when you bought it or you&rsquo;ve moved farther from where you work.&nbsp; Repair costs and gas, in addition to your payment, are all part of the cost of ownership.&nbsp; So, depending on your situation, it can make sense to trade in a car even if you still have a little negative equity.</p><br /><p>The type of car, cost of the car, how long you finance it for, and how soon you can trade it in all work hand-in-hand.&nbsp; If you spend less, or finance the car for a shorter period of time, you can trade it in sooner and be under warranty for more of the time you&rsquo;re driving.&nbsp; But, it will likely mean you have to compromise on the car you can drive or payment you can afford.</p><br /><h2>Metro Credit Union | Best Car Rates in Omaha</h2><p>Our goal is to help you get the best deal possible, whether you finance with us or not! We'll use our resources to determine if you're paying a fair price for a new or used vehicle, whether you're getting the maximum out of your trade, and determine if your loan rate is competitive.</p><br /><p>All of this at no charge, with no sales pressure. It just makes sense to start your car buying experience with someone you trust, your credit union!</p><br /><p>Plus, we offer great deals on extended warranties &amp; GAP insurance.</p><p><a href="https://save-and-succeed.metrofcu.org/topics/cars" data-sf-ec-immutable="">Learn about things to consider when buying a used or new car.</a></p>