Tag Archives: budget

Freshen Up Those Finances for Spring

Give Your Finances a Checkup This Spring
Spring brings showers, flowers and an urge to tidy up. When you dive into spring cleaning this year, don’t forget your finances. Here’s how to give your money a thorough checkup to prepare for a great summer and beyond.

Check the health of your credit report
By monitoring your credit regularly, you can identify problems early. Go to AnnualCreditReport.com to get your free annual report from each of the three national credit bureaus, Equifax, Experian and TransUnion. Your credit score is not on your credit report, but what’s on your report influences what your score is. You can pay to see your score for a small fee.

Some financial institutions, like USAgencies Credit Union, will connect members with free financial counseling. They can discuss things that may be affecting your credit standing, as well as look at whether options such as consolidating debt or refinancing your home might be worthwhile.

Bolstering an anemic credit score
To bolster credit, take steps to clear demerits on your reports. Dispute errors and contact creditors to see whether they’d be willing to make “goodwill adjustments” to remove legitimate blemishes in return for paying a balance in full.

Another strategy for rebuilding credit is taking out a secured credit card. With a secured card, you deposit enough money to cover the limit you’re applying for, and your financial institution keeps that amount on hold for as long as you have the card. A secured card lets you establish a record of responsible credit use — boosting your credit standing in the process.

Tackling costly debt
High-interest debt from credit cards and loans can spiral out of control. To lower interest rates and reduce monthly payments, look into debt consolidation, which combines debt from multiple sources into a single loan. Choose from several solutions including home equity loans and lines of credit as well as personal loans.

With mortgage rates still near historic lows, those holding older mortgages might also benefit from refinancing to get a lower-interest loan.

Tuning up your credit score and tidying up your debts can refresh your finances. Before you know it, your budget will be in healthier shape, and you’ll be able to afford more summer fun.

Roberta Pescow, NerdWallet
© Copyright 2016 NerdWallet, Inc. All Rights Reserved

Questions about how USACU can help you freshen up your finances for spring? Contact us.

 

Skip-a-Payment

And benefit local kids

Take a much needed break from your loan or loans at USAgencies this holiday season. For just $20 per loan, you can skip the payment and free up some cash in your budget. Plus, during the months of November and December, USAgencies will donate the skip-a-payment fee to Credit Unions for Kids, benefiting Doernbecher Children’s Hospital.

Note: some loans do not qualify for the skip-a-payment program. Details can be found on the Skip-a-Payment Request Form or connect with Lending Services: loans@usacu.org | (503) 275-0300 or (800) 452-0915, option 2.

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