Whether you want to purchase a new car, your first home or even apply for a credit card, building a strong credit history is important. If you already have great credit, then you want to maintain it. If your credit is less than stellar, you might be dreading every credit check process.
One of the major benefits of working with Hudson River Community Credit Union (HRCCU) on your major life purchases is that in many cases, your credit score isn’t the only element determining your credit worthiness. HRCCU takes many factors into consideration.
- Your credit score can vary from day-to-day, so HRCCU utilizes a tri-merge report for mortgages. Looking at all three credit bureaus (Equifax, Experian and Trans-Union), HRCCU combines the data for an overall view. The middle score is used for each person applying, but the best of the two is selected in the case of a couple.
- HRCCU doesn’t exclude anyone based solely on the credit score. We understand that people are dealing with health issues, divorce, and other hardships in life.
- HRCCU doesn’t have a minimum required credit score. We want to make sure applicants have enough income to cover costs, so we look at debt-to-income ratio and evaluate the situation for them. Discretionary income after a purchase or loan is considered to ensure that in the case of an emergency, necessary funds are still available.
While we go out of our way at HRCCU to ensure our members secure their dream home, their stylish new car or other financial investment, we definitely know it is still important to preserve a good credit standing and optimal credit score.
Good credit has a huge impact on loan rates and interest paid over the life of a loan.
Here are a few keys to help you build and maintain a good credit score:
- Know what your credit reports say about your financial status. You are entitled to a free credit report each year, from each of the three credit bureaus (Experian, Equifax and Trans-Union). Not only will it help you see what’s being reported about you, but it will also ensure you can address any mistakes or discrepancies that might be on the reports.
- Reduce revolving credit use, but don’t close unused accounts. Closing them drops your credit score. Maintain open accounts to demonstrate that you have available credit, but you aren’t using it. This effort can reap a raise in your credit score.
- Consider enlisting the help of a co-signer on a loan or credit card application. It’s important for your co-signer to realize they are responsible for the debt should you default on the loan or credit card.
- Apply for a secured credit card to start building credit or improve a lower credit score. HRCCU’s Share Secured VISA Platinum Card is a great choice to obtain credit for those who might not otherwise qualify. It offers a low fixed rate (4.00% APR), no annual fee, and no fees for cash advances and balance transfers. For more information and to apply, go online to: https://www.hrccu.org/credit-cards/platinum-credit-card/.
- Build your credit with an HRCCU Share Secured Personal Loan. You will benefit from the boost to your credit while enjoying low interest rates and terms up to 60 months. This type of loan is secured by your Share Savings Account, and your deposits are held as collateral during the loan’s term. To learn more about the Secured Personal Loan, as well as current rates and terms, go online to: https://www.hrccu.org/loans/personal-loans/share-secured/.
Whatever your financial needs, our friendly member services team is ready and waiting to help you with any of our banking services. Please come see us in person at one of our branches (Cohoes, Corinth, Glens Falls, Hudson Falls and Troy), or enjoy a helpful chat by phone at: 518-654-9028 or 1-800-824-0700. If you prefer to see what we’re all about online, please go to http://www.hrccu.org/.