July Newsletter 2013 - North East Texas Credit Union · Using prepaid debit cards to rebuild your...

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- * Don't Tax My C.U.! * Calendar Voting Begins * Scholarship Winners Announced * 6 Smart Credit Tips That ... Aren't! , .. ,_ ,.,,, I ' • Stop Rate Rage SAVE ON CAR• MOMli CREDIT CARDS .. ,_ Get relief from your bloated bills at North East Texas Credit Union! Our great rates on car loans, credit cards, home loans and more will help you stop the rate rage and get more out of your paycheck! Simply schedule your free rate review today with one of our loan professionals. You can call, stop by, or schedule online. It’s easy, quick and best of all FREE! While you are there, learn more about where your credit score comes from, what your cur rent score is, and how you can improve it. We can help you make a plan for your finances and hopefully find ways to save you money on your monthly bills. Don’t let Rate Rage ruin your summer. Let NETCU help you save money and be happy every month. Call us today! Visit: www.StopRateRage.com

Transcript of July Newsletter 2013 - North East Texas Credit Union · Using prepaid debit cards to rebuild your...

Page 1: July Newsletter 2013 - North East Texas Credit Union · Using prepaid debit cards to rebuild your credit . Prepaid cards don’t do anything to help build or rebuild your credit and

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* Don't Tax My C.U.! * Calendar Voting Begins * Scholarship Winners Announced * 6 Smart Credit Tips That ... Aren't!

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I ' • •

Stop Rate Rage SAVE ON CAR• MOMli • CREDIT CARDS

.. ,_

Get relief from your bloated bills at North East Texas Credit Union! Our great rates on car loans, credit cards, home loans and more will help you stop the rate rage and get more out of your paycheck!

Simply schedule your free rate review today with one of our loan professionals. You can call, stop by, or schedule online. It’s easy, quick and best of all FREE!

While you are there, learn more about where your credit score comes from, what your cur rent score is, and how you can improve it. We can help you make a plan for your finances and hopefully find ways to save you money on your monthly bills.

Don’t let Rate Rage ruin your summer. Let NETCU help you save money and be happy every month.

Call us today!

Visit: www.StopRateRage.com

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This is an urgent message about the future of our credit union. You may have heard that politicians in Washington are considering an overhaul of the federal tax code. We want to alert you to an idea being discussed that could greatly harm NETCU and our members.

As a member, you know that NETCU is owned and directed by you. Unlike banks that maximize profits for a small group of investors, credit unions exist to serve their members, including working families, small businesses, and the local community. Because we return benefits to our members, we are able to offer higher returns on savings, lower rate on loans, and most importantly, low or no fees. That’s why your credit union is not-for-profit and tax exempt.

Now banks and some politicians in Washington are talking about taxing credit unions like NETCU, despite the fact that we are not-for-profit. They say we can balance the budget by taxing credit unions, even though credit unions hold only 6% of all financial assets nationwide, and banks hold the rest.

Since credit unions are not-for-profit, taxing credit unions could even destroy credit unions as we know them, eliminating financial choice for consumers.

Moreover, taxing credit unions won’t even scratch our budget defi-cit. For every $1 in new taxes on credit unions, the government would wipe out $10 in benefits to credit union members and con-sumers. So taxing credit unions is not only bad for our nation’s economy, a tax on credit unions is really just a tax on you, the member.

Please, we urge you to send a strong message to Congress: “Don’t Tax My Credit Union.”

It’s easy to take action: just visit www.DontTaxMyCreditUnion.org to contact your U.S. Representative and Senators. While there, you can also watch a video, follow our campaign on social me-dia, and learn more about how you can help us tell Congress,

“Don’t Tax My Credit Union!”

Thanks for going The Extra Mile! Barbara Lee is an employee who goes the extra mile every day.

For years, she has answered the phone at the Credit Union whenever she is in the office, even if we aren’t open!

Members drive to Lone Star from other locations

just so she can help them with their accounts, she is truly one of our Mem ber Service Experts.

Recently, Bar bara continued to be here and help members, even when she could barely walk due to an injury. We appreciate every thing she does!

Congrats Barbara!

Great Job NETCU Golfers NETCU had the chance to participate in the 2013 Cypress Basin Hospice

Golf Tournament in May. Although we didn’t win, our team represented us well and had a great time. But best of all, we were able to help the hospice further it’s mission of providing quality end-of-life care to members of our community.

Our team included: (from Left) Mickey Carter, Don Richardson, Nancy Carter, Joe Brown,

and Scott Smith

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Aren’t! 6 “Smart” Credit Tips That.....

There’s a lot of advice floating around For instance, if you have a $10,000 car out there about how to manage your credit cards and other debts to maxi-mize your credit score. Here are six supposedly “smart” tips we’ve heard bandied about recently that generally ought to be ignored.

1. Asking for a lower credit limit If you can’t control your spending, ask-ing for a lower credit limit may indeed keep you out of trouble by simply cap-ping how much you can borrow. But as MyFICO.com explains, 30% of your credit score is based on how much you owe. The formula looks at how much you owe as a percentage of how much available credit you have, otherwise known as your credit utilization ratio. So if you’re unable to pay off your debts, lowering your credit limit will increase your ratio — and damage your score.

2. Paying off an install- ment account early

New Employee Tarene Dentley

Teller Mt. Pleasant

Paying off debts early might seem like a good way to improve your credit, but paying off an installment loan, like a car loan, early can actually ding your score because it raises your utilization ratio.

loan with a $5,000 balance that you pay off in one fell swoop, your debt load will drop by $5,000, but your avail-able credit will drop by $10,000 once the account is closed. This isn’t to say you shouldn’t pay off a debt early if you find yourself with a windfall on your hands. An earlier pay-off can save you a bundle in interest. But if you’re trying to raise your credit score, paying off a credit card rather than an installment loan is the way to go.

3. Opening a bunch of cards at once Since your utilization ratio is so impor-tant, a lot of people think that getting as much available credit as possible — immediately — will do the trick. But it doesn’t work like this, unfortunately. If you want more credit to improve your score, space out the process and be realistic about your situation; don’t take the hit to your score by applying for a card you know you probably won’t qualify for.

4. Settling a debt for less than you owe Negotiating with a lender and then set-tling the debt for less than you owe can be a smart move. But it can also hurt your credit if you do it the wrong way. You must get the lender or collections company to agree in writing to report the debt as “paid in full;” otherwise, it will be noted “settled for less than the balance.”

5. Using prepaid debit cards to rebuild your credit Prepaid cards don’t do anything to help build or rebuild your credit and are not a viable long-term plastic solution. Al-though some prepaid card issuers say they help build credit, none currently re-port to the three major credit bureaus. Instead, look for a secured credit card, which requires you to put up a cash deposit equal to the amount you can spend. The effect on your cash flow is the same as with a prepaid card, but you’ll be building a credit history.

6. Never using your credit cards Although it’s always advisable to pay off your bill in full every month to avoid in-terest charges, not using credit cards at all can actually backfire when it comes to your credit score. If an issuer looks at your account and sees that there hasn’t been any activity for a while (how long varies, but more than a year is a good rule of thumb), they might close it. Los-ing that credit line hurts your utilization ratio, which can hurt your credit score. Try charging a small amount regularly — maybe a recurring bill like a gym membership or Netflix subscription — and paying it off every month.

Cast Your VOTE for the...

2014 Calendar Contest! The entries are in, and now it’s up to YOU! We received some great photos for you to choose from. To vote, simply log on to www.theNETCU.com, visit the Vote for Photos Link on the home page, and pick your favorite! Then, tell your friends. We want everyone to have a voice in this year’s se-lections. We can’t wait to see what you choose.

But don’t wait! Voting begins on July 15th and will end on Au-gust 15th. Winners will be announced in the next newsletter and calendars will be available in the branches in November. Good luck to all our entries!

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Contact Us: www.theNETCU.com

Lone Star PO Box 1480 * 1115 Lone Star Blvd

Lone Star, TX 75668

Phone (903) 656-2576Fax (903) 656-3458

[email protected]

Daingerfield1206 Linda Drive

Daingerfield, TX 75638

Phone (903) 645-2206Fax (903) 645-2208

[email protected]

Jefferson 302 E. Broadway

Jefferson, TX 75657

Phone (903) 665-8998Fax (903) 665-7200

[email protected]

Mount Pleasant 1405 South Jefferson Avenue Mount Pleasant, TX 75455

Phone (903) 577-3500Fax (903) 577-5580

[email protected]

Diana PO Box 5 * 1978 US Hwy 259 S.

Diana, TX 75640

Phone (903) 663-6200Fax (903) 663-6213

[email protected]

Hughes SpringsPO Box 159 * 1412 East First St.

Hughes Springs, TX 75656

Phone (903) 639-4115Fax (903) 639-4105

[email protected]

As a member of North East Texas Credit Union, you are entitled to receive upon request copies of the following: a summary of the credit union’s most recent annual audit, the most recent statement of financial condition, and the IRS Form 990 filing. All requests should be submitted in writing to the following: NETCU, Attn. Compliance, PO Box 1480, Lone Star, TX 75668.

2013 NETCU Scholarship Winners

Kaitlyn Manuel Chance Chapman Kaitlyn is a graduate of Centennial High Chance is a graduate of Chapel Hill High School in Frisco, TX. She plans to attend School in Mt. Pleasant, TX. He plans to Texas A&M University, College Station. attend Texas A&M University, College Sta-Kaitlyn is pictured with NETCU Member tion. Chance is pictured with Tracie Smith, Service Rep, Barbara Lee. NETCU Marketing Director.

Samuel Cooper Meaghen Wiley

Samuel is a graduate of Hughes Springs Meaghen is a graduate of Paul Pewitt High High School in Hughes Springs, TX. He School in Omaha, TX. She plans to attend plans to attend Southern Methodist Univer- the University of Mississippi. sity. Samuel is pictured with Jesse O’Dell, Hughes Springs Office Manager.

Brad LennonHolly Hartgrove

Holly is a graduate of Daingerfield High Brad is a graduate of New Diana High School in Daingerfield, TX. She plans to School in Diana, TX. He plans to attend attend the University of Houston. Texas A&M University, College Station.

Each winner receives $1,000 toward their education. We will begin accepting 2014 Scholarship Applications in January. Watch your local branch for details.

Tickets Available Now!

Six Flags Tickets: 1 Day Pass = $37.79

Season Pass = $64.79

Hurricane Harbor Tickets: 1 Day Pass = $23.75

Available at any NETCU office while supplies last. Tax included on all Ticket Prices.