Yes, you can save with credit.

First, know what is in your credit bureau file. You are entitled to one free credit bureau report from each of the 3 credit reporting agencies. Challenge items that are not correct. If deemed incorrect, they must be removed. That means you can get a fresh credit bureau file about every 4 months. Just use a different reporting agency each time.

After you know what your credit looks like, you need to know your credit bureau score and what that means. This is the basis for saving money through credit. The higher the score, the lesser your interest rate will be. It also is an indicator of how much money you can borrow.

Also, things you would not think would depend on a credit bureau score:

  • Auto and Home Insurance Rates
  • Employment
  • Renting an apartment or house
  • Bondability

Examples of rates:

New Car - Very Good CB Score: 4.5%, Bad Score - 18.0%+
Credit Card: 6.5% - 32%+

If you have a low score, start working on it. Pay off some of your higher balances. Contact your creditors. You might be able to negotiate a lower balance, a settlement, or a lower, more affordable payment (Caution).

Write down your credit obligations listed on your credit file. List from the smallest balance to the largest balance, put the interest rate beside the name and amount.

Start to pay off the smaller balances. Pay more than the minimum, pay as often as you can. When that one is paid out, don't rest. Take the money you were paying on Bill # 1 and start paying it, together with the minimum payment you have been making on Bill # 2. Pay that forward on the next one. And so forth. Save your way out of debt.

If you are not sure how to read your credit bureau report, please bring it in. We will review it with you. We'll make suggestions to help you get your credit cleaner. But, this takes time.

Be a responsible user of credit. Know where you can get the best deal on interest rates. Yes, payday lenders look easy, no hassle. But, APR (Annual Percentage Rates) on these "loans" can be over 700% interest. That means, if you took out a $100 loan on January 1st, kept the loan open all year, by December 31st you would have paid $700 in interest for the use of the $100. vs. an 18% loan costing $18 for the year.

BEST: DO NOT BORROW, SAVE FOR THE PURCHASES YOU WANT!

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Health Facilities Federal Credit Union: Our Members Are the Reason We Exist


Credit Information

Yes, you can save with credit.

First, know what is in your credit bureau file. You are entitled to one free credit bureau report from each of the 3 credit reporting agencies. Challenge items that are not correct. If deemed incorrect, they must be removed. That means you can get a fresh credit bureau file about every 4 months. Just use a different reporting agency each time.

After you know what your credit looks like, you need to know your credit bureau score and what that means. This is the basis for saving money through credit. The higher the score, the lesser your interest rate will be. It also is an indicator of how much money you can borrow.

Also, things you would not think would depend on a credit bureau score:

  • Auto and Home Insurance Rates
  • Employment
  • Renting an apartment or house
  • Bondability

Examples of rates:

New Car - Very Good CB Score: 4.5%, Bad Score - 18.0%+
Credit Card: 6.5% - 32%+

If you have a low score, start working on it. Pay off some of your higher balances. Contact your creditors. You might be able to negotiate a lower balance, a settlement, or a lower, more affordable payment (Caution).

Write down your credit obligations listed on your credit file. List from the smallest balance to the largest balance, put the interest rate beside the name and amount.

Start to pay off the smaller balances. Pay more than the minimum, pay as often as you can. When that one is paid out, don't rest. Take the money you were paying on Bill # 1 and start paying it, together with the minimum payment you have been making on Bill # 2. Pay that forward on the next one. And so forth. Save your way out of debt.

If you are not sure how to read your credit bureau report, please bring it in. We will review it with you. We'll make suggestions to help you get your credit cleaner. But, this takes time.

Be a responsible user of credit. Know where you can get the best deal on interest rates. Yes, payday lenders look easy, no hassle. But, APR (Annual Percentage Rates) on these "loans" can be over 700% interest. That means, if you took out a $100 loan on January 1st, kept the loan open all year, by December 31st you would have paid $700 in interest for the use of the $100. vs. an 18% loan costing $18 for the year.

BEST: DO NOT BORROW, SAVE FOR THE PURCHASES YOU WANT!



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Use the Verve Auto Group.
Use the Verve Auto Group.

Vervé AutoGroup is committed to providing credit unions and their association members the highest quality auto-buying service. Our mission is to assist your members in finding the exact vehicle they want at a fair price while always protecting the credit union's financing.
Visit verveauto.com.

Don't Buy a
Used Car Without CARFAX!
Don't Buy a<br />Used Car Without CARFAX!

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Visit carfax.com.