Author name: American Credit Union Staff

So, you’ve got your eye on a new car. Or you want to finish your college education. Or you’re celebrating a wedding anniversary with a lavish European vacation. If you’re like most of us, you don’t have the cash to shell out for such expenses – which means you’re going to have to save up. […]

A credit score is a number that helps lenders predict how likely you are to repay a loan on time. Banks and other lenders look to your credit score to decide whether to lend you money – be it a mortgage, a line of credit, a credit card, or some other form of loan. Your

You surely know all about the values of a personal budget. We’ve said it before, and we’ll say it again: Budgeting builds financial stability – both day-to-day and long-term. Tracking your expenses and following a spending plan makes it easier to pay your bills on time, build your emergency fund, and attain your life goals.

If you are in debt, you may feel like you are running on a treadmill: Every month, you pay a little to this credit card, a little to that loan, and eventually, you feel like you are getting nowhere. It doesn’t have to be that way if you are proactive and get a debt repayment

If you’re reading this article, you either a.) have an emergency fund and want to check if you’re “doing it right,” b.) intend to set one up and need advice, or c.) never heard of an emergency fund and got scared that you’re missing out. (FOMO, anyone?) For your sake, we hope you fall into

Most people understand that having bad credit can negatively affect their ability to borrow at a decent interest rate. But a recent study conducted by Nerd Wallet shows that most people don’t fully understand how a bad credit score can affect their everyday lives. And while it’s true that having bad credit can make your

If your credit is in good standing and you don’t fall behind on your debt payments, you might never encounter the term “charge-off.” But if you fell behind on payments for a credit account, your lender might contact you to inform you that your debt has been charged off. Hmmm… this sounds innocuous. So is

Good debt vs bad debt? Not all debt is created equal. In fact, some debt can make you more financially stable, while other types of debt can sink you further into a financial hole. If you’re looking to get your financial life in order, you must understand the difference between “good” debt and “bad” debt

Are you constantly wondering where all your money is going? You are not alone if you try to budget but seem to fall off the wagon most months. According to a recent study, over 55% of Americans do not track where they spend their money. Creating a budget and sticking to it are two completely

When looking for a loan, many borrowers opt for the fastest and easiest way to get their hands on the cash. But that approach might make you prey to predatory lenders. What are predatory lenders, you ask? More importantly, how do you avoid them? What Are Predatory Lenders? A predatory lender puts profits above their

Have you recently graduated from college? Congratulations on your huge accomplishment! No doubt you’ve received countless tips for venturing out into “the real world” – but here are some specific pointers we’ve compiled to ensure your financial future. Whether you have a job lined up or not… whether you have a 10-year plan or not…

Have you ever wondered why some people are so good at budgeting and managing their finances, while others can’t seem to make ends meet, no matter how much money they earn?  Surprisingly, the way we think about money – along with our past financial experiences – plays an important role in how we manage our

When most people think of a credit card, they imagine a card that allows them to charge things now by taking out a temporary “loan” from the credit card issuer and paying it back later. These are known as unsecured credit cards. But they aren’t the only option. If you’re building – or rebuilding –

We’ve said it before, and we’ll say it again: Credit cards can be powerful and useful tools in your financial repertoire – but only if you know how to use them responsibly. Otherwise, overindulging on credit card spending can send you into a tailspin of financial woes. Whether you’ve just gotten your first credit card

Credit cards are useful tools – if used correctly. Unfortunately, it’s all too easy to find yourself in debt after only using your card for a short time. Why do people so quickly fall into credit card debt? Let’s talk about how to avoid these 6 credit card debt traps: 1. Not Having a Budget

If you have more than one credit card, you hopefully reviewed your options before choosing the one(s) that best fit your lifestyle. But you might not have considered just how many different types of credit cards are on the market today. Let’s consider the basics of 9 different types of plastic. The following three types

Whether you’re trying to build or repair your credit, you’ve likely heard that carrying a credit card balance will improve your credit history. Unfortunately, there’s just no truth to this. Come along as we bust this common myth and give you some better alternatives. Should You Carry a Credit Card Balance? On its face, it

You have a personal budget, right? If you answered “No,” you’re not alone… for better or worse: A 2020 survey by the National Foundation for Credit Counseling revealed that less than half of Americans (47%) use budgeting methods to track their personal spending. But if you’re serious about maintaining – or regaining – some solid

When you are trying to build or maintain your credit, it’s important to understand the difference between hard credit pulls and soft ones. It turns out that one type of pull will negatively affect your credit score for up to two years, while the other one won’t affect it at all. Let’s talk about the

It’s simple math: To save money, you need to spend less than you bring in. Unfortunately, this simple math isn’t always easy to figure into your life. If you’re like most people, you are burdened with some level of debt. And financial woes can be very complex. This article is all about easy, practical ways

As with most personal finance matters, refinancing your mortgage is an individual decision. If you’re considering a change, be sure to take into account all of your unique circumstances – don’t simply get hung up on rising or falling interest rates. There are important pros and cons to weigh before committing to refinancing your mortgage.

Ugh, hidden fees! They crop up everywhere and are seemingly unavoidable. Some of these charges are so sneaky that you might not have noticed them. Or they’re so small that you only realize they exist after they’ve added up over time. Let’s investigate some of the more common fees that creep into our lives –

It’s your big day: your wedding. It’s the symbolic “first day of the rest of your lives” as a married couple. Celebrate the way you want, but don’t start your union in debt. You’ve already established a budget. And you’ve set up a cool spreadsheet to track all your expenses to stick to your budget.

10 Signs of out-of-control credit card debt. Chances are, your reasons for getting a credit card were solid. Maybe you wanted to improve your credit score. Possibly you were looking for a financial safety net until you were able to build your emergency fund. But somewhere along the way, you began using the credit card

FICO is the most common scoring system that lenders use to determine your creditworthiness. This score takes data from your credit report and compiles five main factors to figure out your credit score: whether you consistently pay bills on time, how much debt you carry, how long you’ve held credit, your credit types, and how

When used properly, a credit card can be an integral part of your financial arsenal. The big caveat here is the word properly. Credit cards used improperly or recklessly can spell certain financial ruin. There are numerous ways to fall victim to this. One is to use your credit card in situations you flat-out can’t

4 Ways to consolidate credit card debt. Credit card debt consolidation is the process of combining multiple credit card balances into a single monthly payment. Consolidating your credit card debt can make payments easier and sometimes even cheaper. If you can score a lower interest rate, you’ll be able to reduce interest costs, make your

4 Tips for savvy credit card use. Your credit cards are an important part of your financial portfolio. When you use them wisely, they offer a plethora of benefits. You don’t need to carry around a big wad of cash, and if you use reward-based cards, you can earn some great perks. Also, you typically

Let’s face it: Debt has a way of creeping up. Small charges that add up over time or unexpected expenses can often lead to a mound of debt. This is particularly true during times of reduced income or unexpected job loss. Before we know it, our debt is out of control – and we have

When Wallis Simpson, the Duchess of Windsor, said, “You can never be too rich or too thin,” she was obviously not talking about credit files. In fact, a thin credit file is not at all attractive, especially to potential creditors. But how can you know if your credit file is too thin? It’s not as