Category Archives: Educational

Life Happens – Protect Your Family

Life can be wonderful. But it can also get complicated when unexpected events happen. Protecting your loan balance or loan payments against death, disability or involuntary unemployment could help not only protect your finances, but also your family. This is why USAgencies Credit Union offers MEMBER’S CHOICE™ Borrower Security*.

Purchasing protection is completely voluntary and won’t affect your loan approval. It is simple to add to your loan and may help give you and your family peace of mind.

We are here to help you prepare for the unexpected. In the event a protected borrower passes away, it could cancel your loan balance. If a covered disability occurs due to illness or injury, or become involuntarily unemployed, it could cancel your loan payments, up to the contract maximums.

Our members benefit from MEMBER’S CHOICE™ Borrower Security all year long. Here is how much debt we canceled for our members in 2018.

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With MEMBER’S CHOICE™ Debt Protection Borrower Security, you take the guesswork out of life’s obstacles.

Connect with our Loan Specialists today to discuss your options at 503-275-0300 Option 2.


Have you entered our Read to Win Contest?** Check out the official rules HERE

QUESTION 2 :  What is the total amount of loan payments we cancelled in 2018 for our USAgencies Members who were Disabled?

*Your purchase of MEMBER’S CHOICE™ Debt Protection is optional and will not affect your application for credit or the terms of any credit agreement required to obtain a loan. Certain eligibility requirements, conditions, and exclusions may apply. Please contact your loan representative, or refer to the Member Agreement for a full explanation of the terms of Debt Protection. You may cancel the protection at any time. If you cancel protection within 30 days you will receive a full refund of any fee paid. DP-2409197.1-0219-0321

**NO PURCHASE NECESSARY. Terms and conditions apply, read the official contest rules for complete details. open to individuals ages 18 and over. Board of Directors, Volunteers and Employees of USACU and their immediate families and individuals living in the same household are ineligible. Void where prohibited.

Tips to Improve Your Credit Before Buying a Home

Brought to you by our friends at the Bureau of Consumer Financial Protection

In general, the best mortgage interest rates go to borrowers with credit scores in the mid-700s or above. These borrowers also typically have the most offers available to them.

Haven’t checked your credit report recently? Now is the time to do so. You’ll have concrete information to help you make the best decisions about what to do next. And, you’ll find out if there are any errors on your credit report that may be lowering your credit scores. You’ll also see which areas you may be able to improve. Checking your own credit won’t hurt your credit scores.

It’s important to understand that you don’t have just one credit score. There are many credit scoring formulas, and the score will also depend on the data used to calculate it. Today, most mortgage lenders use FICO scores when deciding whether to offer you a loan, and in setting the rate and terms. Most mortgage lenders request and evaluate your credit scores and the scores of any co-borrowers from all three major credit reporting companies and make their decisions based on the middle score.

Check out our step-by-step guide to checking your credit reports and scores. We cover the basics on how credit reports and scores work, how to get a copy of your reports and scores, how to check for errors, and how to file a dispute if you find errors.

If you’re worried about your credit scores, rebuilding your credit (or building it for the first time) won’t happen overnight. But there are steps you can take and mortgage options you can consider if your score isn’t where you want it to be.

Questions? Connect with our Loan Specialists today at 503-275-0300 Option 2.


Are you up for an easy challenge to win some extra cash? Subscribe to our blog for a chance to win a $50 cash prize*.

Entering the contest is easy.  Here’s how it works:

  • Subscribe to our blog by entering your email in the box above the “Follow” button on the left menu
  • Each week in February, we will publish a blog along with the trivia question at the end of each blog
  • Email your answers to social@usacu.org by February 28, 2019

QUESTION 1:  What score does most mortgage lenders use when deciding to offer loans?

Official Contest Rules

*NO PURCHASE NECESSARY. Terms and conditions apply, read the official contest rules for complete details. open to individuals ages 18 and over. Board of Directors, Volunteers and Employees of USACU and their immediate families and individuals living in the same household are ineligible. Void where prohibited.

Affected by the Government Shutdown?

This blog was a combined effort with our friends at GreenPath Financial Wellness.

Over the weekend, the partial government shutdown passed it’s 22nd day, making it the longest shutdown in history. Of the about 800,000 federal employees affected, nearly 380,000 have been furloughed (given a leave of absence) and the remainder continue to work without pay.

While most people affected by the shutdown are located in the Washington D.C. area, workers going without pay can be found nationwide.

For millions of Americans, an unexpected financial setback can make it feel like your world is caving in around you. If you or a loved one has been affected by the government shutdown, it’s important to know that you are not alone and that everything is going to be okay. We offer the steps below to support you in setting a plan for your expenses:

Step 1: List Out and Prioritize Your Expenses

The first thing to do is understand your overall financial situation so you can get an idea of what you need to pay and what you have to work with. Use GreenPath’s budgeting worksheet to list out your expenses and due dates.
When prioritizing which bills you should pay first, begin with basic needs (shelter, food, heat, lights).

Once you’ve taken care of yourself, attend to your debts in order of priority. While threats of a low credit score or calls from a debt collector can be intimidating, it’s important to focus on paying down debts with collateral (something that can be taken from you) such as a house or car payment. After your financial crisis passes, you can work on catching up with unsecured debts like credit cards, internet, and cable bills.

Step 2: Open Lines of Communication

Talk to your lenders or creditors to see if there is anything you can do regarding upcoming bills. Many financial institutions and service providers are offering assistance programs and other freebies to employees experiencing financial hardship during the shutdown, ranging from no-interest loans to refunding normal fees. Many utility companies also offer utility payment plans for people with financial hardships.

Step 3: Look for Ways to Generate Cash, And Cut Spending Where Possible

One additional option for furloughed workers is to apply for unemployment. (Note, those who continue to work through the shutdown are not eligible for unemployment insurance.) It is also important to know that any unemployment compensation given during a shutdown must be repaid once the government reopens. Several federal websites, such as the Office of Personnel Management’s, have FAQs for furloughed workers that include information on how to file for benefits.

In addition to finding additional sources of money, evaluate your current spending habits to see where you may be able to make adjustments to spend less: set a strategy to save money on groceries, see if you can freeze your gym membership, reduce your cable bill, lower your energy usage, and cut any non-essential spending you can such as entertainment and eating out.

Step 4: Call USAgencies Credit Union

Here at USAgencies Credit Union, we pride ourselves on the things we won’t do, and one of those is that we won’t turn our backs to our members when they need us to most. Our hope is to provide our members some peace of mind, however we can. Give us a call at 503-275-0300 so that we can see what we can do to help during this stressful time.

Debt Consolidation Loans

What is a Debt Consolidation Loan?

In general, a debt consolidation loan can be defined as a loan that combines multiple debt obligations into one single loan. These loans tend to have lower interest rates than many existing debts. They also allow the borrowers to make only one payment per month instead of many.

Advantages

  • Pays off high-interest credit cards or other debts with low-interest loans
  • One easy monthly payment to make
  • A closed-end loan will result in a set payment schedule
  • May result in lower overall monthly payments
  • Establishes good credit history, if paid back as agreed

Things to be Prepared For

  • Some type of collateral may be required before approval
  • A co-signer on the loan may be required before approval
  • Credit score will be a significant factor

As you can see, there are some important factors to consider. If you are struggling with high credit card debt, you first must strive to change your spending habits and learn to live within your means. Setting a budget is the first step, and with Money Management you can know your accounts, track your budget, and watch your spending all  in one place.

It doesn’t make a lot of sense to consider a debt consolidation loan if you will be continuing to incur monthly balances on your credit cards. In the long run, you will end up having a higher overall debt balance if your spending behavior does not change.


Is it time to tackle your post-holiday debt and give your budget a breath of fresh air? Our Debt Consolidation loan offers you that chance. Connect with our Loan Specialist today at 503-275-0300 Option 2 to apply today. 

4 Tips for Preventing Identity Theft During the Holiday

With the help from our friends at cuinsight.com

Some people love taking what doesn’t belong to them. During the holidays this year, be extra careful to make sure that you’re keeping your finances safe from questionable individuals. Here are four tips for protecting your identity during the holiday season.

1. Keep an eye on your credit report. If checking your credit report isn’t something you do regularly, you should change that. If a thief opens an account in your name, this will be an easy red flag to detect. Although it may be a hassle, there are a few sites that provide free credit reports. Do some research and find the one that best suits your needs.

2. Don’t toss it, shred it. When you take your garbage out each week, make sure you are not throwing away that a fraudster could find valuable. Anything that contains account numbers, banking information, or social security numbers would be highly desirable to a thief. Make sure you anything you are not sure of gets put in a shredder before the trash can. Don’t have a shredder? We provide a secure and free shred bin in the lobby of USAgencies Credit Union for all our members! Bring your shred down during business hours, and we are happy to help you safely dispose of documents.

3.Be cautious online. Cybercriminals can get your information a few ways, one of which is phishing. Phishing is when cybercriminals defraud you of sensitive information by posing as a legitimate company that you trust. Don’t click a link in an email that is asking you for personal information. Anything that looks fishy should be verified with the company first. Also, make sure you are not doing sensitive activities like logging into your credit union account from a coffee shop’s unsecured Wi-Fi. Stay up to date with current Fraud Schemes by visiting our dedicated page on our website, designed to keep our members aware.

4.Update your passwords. Password is not a password. Winter123 isn’t either. It is time to make better passwords. Think of a phrase or question like, “How long would it take me to walk 500 miles?” Then use the initials, symbols, and numbers to create your password. That would look like this :”Hlwittw500m?” No one can guess that one. According to howsecureismypassword.net, it would take a computer 63 Thousand years to crack that password.


Questions? Connect with us at 503.275.0300 option 3 or visit us at www.usacu.org

How the Grinch Steals From the Elderly

From our friends at CUinsight.com

As many plan how to get the best holiday deals, thieves also plotting how to exploit the elderly.

According to the Better Business Bureau, seniors are the most targeted demographic for scams and fraud. They range from money transfer and cash for gift card requests, to being named a sweepstakes winner. Efforts particularly ramp up leading into the holidays.

As we head into the holidays, be on alert for a few of these BBB top senior scams. Please share this article with your parents, grandparents or a vulnerable friend or neighbor.

Free trials: Often these pop-up online with promises of a “free trial” asking consumers to provide credit card information “simply to cover shipping fees.” Unfortunately, that leads to unsuspecting victims being charged for products that are part of a program they “enrolled” in. Trying to cancel is often a nightmare.

Charity scams: With so many natural disasters in 2018, who wouldn’t want to open their wallet to help? Retirees have available savings, big hearts and it can be hard to distinguish legitimate causes. Do your research and ask as many questions as possible. Research sites like give.org to see if a charity site is real. Don’t respond to charity solicitations on the phone until you do your homework.

Fake websites: Make sure the website is secure and legit. Scammers have gotten very sophisticated in creating sites that piggyback off the reputation and name of well-known companies. If it’s the first time you are buying from a particular website, check with BBB before sharing any credit card information.

Family emergency scams:  The scammers claim to be calling on behalf of a family member who has been arrested or in an accident. They play on grandparents’ emotions to ask for money to be sent quickly. Don’t be quick to give any financial information or commitment over the phone. After hanging up, reach out to your loved ones to find out if the emergency actually happened.


We want our members to be aware of fraud schemes are out there. Stay up to date with and how to keep safe by visiting our dedicated Fraud Schemes page on our USAgencies Credit Union web page. Questions? Connect with us at 503-275-0300 Option 3 or visit us at our branch at 95 SW Taylor St., Portland, OR 97204.

International Credit Union Day!

October 18, 2018, will mark the 70th anniversary of International Credit Union Day. This year’s theme is “Find Your Platinum Lining.” It combines the traditional gift of platinum for 70th anniversaries with a play on the saying “every cloud has a silver lining.”

Credit unions all over the world will be celebrating the history and the success of the “People-not-Profit” philosophy. This year’s theme emphasizes the credit union movement’s loyalty to its members and its mission to provide them financial support and guidance.

The movement began in the 1840s as a democratic consumer cooperative by weavers in Rochdale, England. Frustrated by bankers who denied them loans simply because they weren’t wealthy, the weavers and workers decided to pool their incomes and loan money to each other. In time, this cooperation put each member on solid financial ground and encouraged their own businesses to flourish.

The need for equitable financial institutions grew and, in 1971, the World Council of Credit Unions, Inc. (WOCCU) was created to help establish and maintain viable credit union movements. It has become the leading voice for advocacy and governance on behalf of the international credit union community.

Today, over 235 million people are served by credit unions in 109 countries and 6 continents.


Join us at our branch at 95 SW Taylor St., Portland, OR 97204 on Thursday Oct.18 to celebrate International Union Day by enjoying some treats! Questions? Connect with us.