Welcome To Making Money Prosper
At every stage in life, we all need a routine checkup for our financial health. That is why we’ve launched Making Money Prosper! This blog is dedicated to you, our PEFCU members. We’re here to help you live your best financial life by teaching you to successfully save, invest, and manage your money. Adulting can be hard–we get it! We want you to find success through all of life’s stages: like purchasing your first car, traveling the world, planning for retirement, and everything in between. At PEFCU, our goal is to educate you and your family about your personal finances…
Understanding the 5 C’s of Credit
Most people know that a strong credit score can make borrowing easier and can help secure lower rates and more favorable terms. That’s why so much attention goes to one question: “What’s my score, and is it high enough?” While that question is important, lenders need to understand more than one number before approving a mortgage, auto loan, credit card, or personal loan. A useful way to understand that broader approach is through a framework called the 5 C’s of Credit: Character, Capacity, Capital, Collateral, and Conditions. The 5 C’s aren’t ingredients used to calculate your credit score. However, they…
