4 Reasons Your Credit Score Changed

Your credit score carries a lot of weight in your ability to get credit. Not only that, it affects the interest rate you’re approved for, the cost of your insurance premiums—even your ability to be employed in certain occupations.    Many people don’t realize small actions cause ripple effects that can lower your credit score. If you monitor your credit score routinely, you may find these changes perplexing. These are four reasons why your credit score may have changed.  You made a large purchase on your credit card. If you make a big credit card purchase, it increases your Credit Utilization Ratio (CUR). The credit utilization ratio is the amount of credit you have available compared to the amount of credit you use. Ideally,…

February 22, 2021Borrowing Basics, Wallet Wins 1 Comment

Your credit score carries a lot of weight in your ability to get credit. Not only that, it affects the interest rate you’re approved for, the cost of your insurance premiums—even your ability to be employed in certain occupations.    Many people don’t realize small actions cause ripple effects that can lower your credit score. If you monitor your credit score routinely, you may find these changes perplexing. These are four reasons why your credit score may have changed.  You made a large purchase on your credit card. If you make a big credit card purchase, it increases your Credit Utilization Ratio (CUR). The credit utilization ratio is the amount of credit you have available compared to the amount of credit you use. Ideally,…

Does Closing a Credit Card Affect Your Credit Score? 

Your old credit card. It has plagued your thoughts and haunted your monthly bottom line for years—even decades. That exhilarating moment you FINALLY pay it off gives you such relief that you want to cut the card up and bid the credit card company good riddance forever.   But is this really the best move for your credit score? Starting off with a clean slate might feel good, but sometimes holding on to an “old friend” is better. Let’s dig a little deeper.  Anatomy of a Credit Score  Before we get too deep, it’s wise to explore the anatomy of a credit score and how closing a credit card may affect it.  Your credit score consists of five factors:  Payment history  Amount owed  Length of credit history (how long accounts…

February 15, 2021Borrowing Basics, Wallet Wins No Comments

Your old credit card. It has plagued your thoughts and haunted your monthly bottom line for years—even decades. That exhilarating moment you FINALLY pay it off gives you such relief that you want to cut the card up and bid the credit card company good riddance forever.   But is this really the best move for your credit score? Starting off with a clean slate might feel good, but sometimes holding on to an “old friend” is better. Let’s dig a little deeper.  Anatomy of a Credit Score  Before we get too deep, it’s wise to explore the anatomy of a credit score and how closing a credit card may affect it.  Your credit score consists of five factors:  Payment history  Amount owed  Length of credit history (how long accounts…

3 Strategies for Improving Your Credit Score

Your credit score is a number you need to know. Lenders, insurance companies, and even some employers use this score to decide how reliable you are. It pays to do your best to make sure it’s as high as can be.   There are many ways to find out your credit score. As a PEFCU member, you can access your score with the FICO feature in our mobile banking app. Your FICO score, the most widely used credit scoring tool, specifically details what affects your score. If you need more details, you can order a free copy of your credit report through www.AnnualCreditReport.com. From there, you can check to see if the information on your report is correct and file a complaint if necessary.   If you’re ready to boost your score, take these three steps to…

January 19, 2021Borrowing Basics, Wallet Wins 1 Comment

Your credit score is a number you need to know. Lenders, insurance companies, and even some employers use this score to decide how reliable you are. It pays to do your best to make sure it’s as high as can be.   There are many ways to find out your credit score. As a PEFCU member, you can access your score with the FICO feature in our mobile banking app. Your FICO score, the most widely used credit scoring tool, specifically details what affects your score. If you need more details, you can order a free copy of your credit report through www.AnnualCreditReport.com. From there, you can check to see if the information on your report is correct and file a complaint if necessary.   If you’re ready to boost your score, take these three steps to…

Building Good Financial Habits for Life 

Where do you see yourself a year from now? Hopefully, you see yourself better off financially. But resolutions and goals with no plan are bound to fail.   While it’s reported that around 73% of Americans plan to start the new year with resolutions, about 12% of them don’t even think their goals are possible. In fact, an average of 80% of us don’t meet our resolution goals.   But failing to meet your resolution doesn’t make you a failure. In fact, you’re an amazing person who might not have an amazing plan. We want to see you live your best financial life as much…

January 4, 2021Borrowing Basics, Future Planning, Wallet Wins 3 Comments

Where do you see yourself a year from now? Hopefully, you see yourself better off financially. But resolutions and goals with no plan are bound to fail.   While it’s reported that around 73% of Americans plan to start the new year with resolutions, about 12% of them don’t even think their goals are possible. In fact, an average of 80% of us don’t meet our resolution goals.   But failing to meet your resolution doesn’t make you a failure. In fact, you’re an amazing person who might not have an amazing plan. We want to see you live your best financial life as much…

Your Mortgage Questions Answered

Buying a house is a big step. In fact, it is typically the biggest financial a person can make in their lives. With the right information and some guidance, owning a home can be more within your reach than you think. Below, we at PEFCU answered frequently asked questions about buying a home.  Q: Do I need excellent credit to get a mortgage? What does my credit score need to be?   A: When we receive your credit report, we don’t only review your credit score, but we view your credit history.   Q: How much is needed for a down payment?  A: PEFCU requires 5% down payment of the purchase price plus closing cost. The…

December 7, 2020Borrowing Basics 2 Comments

Buying a house is a big step. In fact, it is typically the biggest financial a person can make in their lives. With the right information and some guidance, owning a home can be more within your reach than you think. Below, we at PEFCU answered frequently asked questions about buying a home.  Q: Do I need excellent credit to get a mortgage? What does my credit score need to be?   A: When we receive your credit report, we don’t only review your credit score, but we view your credit history.   Q: How much is needed for a down payment?  A: PEFCU requires 5% down payment of the purchase price plus closing cost. The…

Refinancing Loans to Boost Your Savings

Let’s be honest: saving money isn’t as easy as it sounds. You create a monthly budget and try your best to follow it—then something always pops up and throws you off track. Sure, you can switch cable providers or phone plans, but those savings are usually minimal.   Want to see more progress? Then refinance your current loans. You may find you are giving half or more of your income toward monthly loan repayments. By refinancing, you can save a substantial amount of money. You can then place these funds into an emergency or retirement account so you can build your personal wealth.   What is Loan Refinancing?  Loan…

November 4, 2020Borrowing Basics 2 Comments

Let’s be honest: saving money isn’t as easy as it sounds. You create a monthly budget and try your best to follow it—then something always pops up and throws you off track. Sure, you can switch cable providers or phone plans, but those savings are usually minimal.   Want to see more progress? Then refinance your current loans. You may find you are giving half or more of your income toward monthly loan repayments. By refinancing, you can save a substantial amount of money. You can then place these funds into an emergency or retirement account so you can build your personal wealth.   What is Loan Refinancing?  Loan…

Renting vs. Buying – Pros and Cons

Given the high upfront costs associated with buying a home, it is no surprise most young people start asserting their independence by renting their own living space instead. As they advance in their careers, save money, get married, and start families, most eventually buy a home. On the other hand, many other homeowners are selling their houses and choosing to rent to downsize.   Whether you’ve been renting for a long time and want to buy a home or are a homeowner considering renting instead, you’re in the right place! In this article, we will discuss the pros and cons of renting and buying. Hopefully, we will help you decide which is best for you.   Renting: Pros & Cons  A common…

November 2, 2020Borrowing Basics No Comments

Given the high upfront costs associated with buying a home, it is no surprise most young people start asserting their independence by renting their own living space instead. As they advance in their careers, save money, get married, and start families, most eventually buy a home. On the other hand, many other homeowners are selling their houses and choosing to rent to downsize.   Whether you’ve been renting for a long time and want to buy a home or are a homeowner considering renting instead, you’re in the right place! In this article, we will discuss the pros and cons of renting and buying. Hopefully, we will help you decide which is best for you.   Renting: Pros & Cons  A common…

PEFCU Credit Card Rewards: Travel

After sheltering in place for several months, you must be itching to explore new territory. Why not take advantage of the rewards that come with the PEFCU Visa® Credit Card? Whether you’re taking a road trip, boarding a plane, or cruising the seas, your ScoreCard® reward points can help you make it to your next destination. You can find the best ways to use your points toward travel accommodations below:  Hotel Reservations  While you’re away on a trip, good sleep is crucial so you can enjoy the daily excitement. Your hotel accommodations can be the difference between a night of sweet slumber and a night of horrors. Whether you’re…

October 12, 2020Borrowing Basics No Comments

After sheltering in place for several months, you must be itching to explore new territory. Why not take advantage of the rewards that come with the PEFCU Visa® Credit Card? Whether you’re taking a road trip, boarding a plane, or cruising the seas, your ScoreCard® reward points can help you make it to your next destination. You can find the best ways to use your points toward travel accommodations below:  Hotel Reservations  While you’re away on a trip, good sleep is crucial so you can enjoy the daily excitement. Your hotel accommodations can be the difference between a night of sweet slumber and a night of horrors. Whether you’re…

Car Buying 101: What You Need To Know

Where to start? Who said that buying your first car would be easy? Chances are that you’ve received lots of unhelpful and conflicting advice on your way to the dealership. So, before you take that test drive, here are six car buying basics that you should know:  Loan pre–approval is your most powerful negotiation tool. Get this first! If you know your approval limit and interest rate, you’ll be able to effectively strategize. PEFCU usually offers better rates and terms than banks. Just reach out for more info.  The total price is more important than the monthly payment. This is very basic. Many people think if they can handle the monthly payment, it doesn’t matter how long it takes to pay off the car…

July 6, 2020Borrowing Basics 3 Comments

Where to start? Who said that buying your first car would be easy? Chances are that you’ve received lots of unhelpful and conflicting advice on your way to the dealership. So, before you take that test drive, here are six car buying basics that you should know:  Loan pre–approval is your most powerful negotiation tool. Get this first! If you know your approval limit and interest rate, you’ll be able to effectively strategize. PEFCU usually offers better rates and terms than banks. Just reach out for more info.  The total price is more important than the monthly payment. This is very basic. Many people think if they can handle the monthly payment, it doesn’t matter how long it takes to pay off the car…

5 Things To Know About Publix Stock Secured Loans

George Jenkins (Mr. George), the founder of Publix Super Markets, Inc., believed in investing in people. He believed that if his associates owned Publix, they would care for and continue to improve the business. When Mr. George founded Publix Employees Federal Credit Union (PEFCU), associates had the opportunity to own a Credit Union that met their unique financial needs.    What better way for you to take advantage of ownership than to borrow against your non-ESOP shares when you need it? The PEFCU Stock Secured Loan will come in handy for planned events or unplanned rainy days. Here are five facts you…

July 4, 2020Borrowing Basics No Comments

George Jenkins (Mr. George), the founder of Publix Super Markets, Inc., believed in investing in people. He believed that if his associates owned Publix, they would care for and continue to improve the business. When Mr. George founded Publix Employees Federal Credit Union (PEFCU), associates had the opportunity to own a Credit Union that met their unique financial needs.    What better way for you to take advantage of ownership than to borrow against your non-ESOP shares when you need it? The PEFCU Stock Secured Loan will come in handy for planned events or unplanned rainy days. Here are five facts you…