In Case of Emergency...

Definitely an emergency!

Emergencies happen.  Maybe you forgot to deposit a check, annual insurance payment is due, or an unexpected car repair arises.   That’s why it’s so important to have a financial safety net in place. Horizon Community Credit Union offers a solution for the times your account lacks the funds. It's a: 

A Kwik Cash Line of Credit!

Full Disclosure: This isn't what happens... but it can feel this way!

A Kwik Cash Line of Credit is a simple and convenient way to help ensure your checking account transactions clear in the event your balance runs low.  It is a line of credit that is linked to your checking account.  In the event funds aren't available in your checking account, the line will advance to help cover the difference. Not only can this product save you money on overdraft charges it can also save you the embarrassment of having a check returned or a transaction declined.  Plus, there are NO transaction-based monthly or annual fees.

Click here to see our current Kwik Cash Annual Percentage Rate and learn about Cash Loan Rebates!

Give us a call at 920-433-0122 to talk with a Loan Officer and make an appointment today! 

Post by: Kelly B

Benefits of Taking Out a Loan with a CU vs. a Bank

Lower rates: Auto loan averages for CUs as of July were 2.85%  on a 36 mo. car loan vs. Banks @ 5.59%.  Therefore, banks are charging nearly twice as much for the same loan.

Easier to borrow: Community-based CUs tend to be easier to deal with than megabanks. Lending decisions are more likely to be made locally with more flexibility.

In addition, while few national banks make signature loans(unsecured loans), CUs regularly offer this type of loan to their members with good credit.  CUs also offer lower-dollar loans than banks.  You could get a $500 signature loan with a CU, but probably not at a bank because it wouldn't be profitable to them.

Loans through CUs are usually reviewed and completed in a much quicker time-frame.

Lower fees:  When it comes to fees, you will probably find better deals at CU’s than at giant commercial banks.  Whether is for fees to maintain loans, checking accounts, ATM fees, or penalty fees for overdrawing, you are more likely to have fewer and lower fees at your CU.

Credit Unions are typically smaller than banks so talking with, meeting with or working with a real live person happens much sooner in the loan process.  If you've been a member for a while, you might have even talked to the person who makes the decisions on the CU's loans.

Credit Unions offer loans that a lot of traditional banks do not.  Overall, CU rock compared to traditional banking institutions!

Post by: Lori S.

How do you know if you're getting a good price on a car?

You’re at a car dealership and you find a vehicle that you like, but you’re not sure if it’s worth what they are asking for. What do you do? Call your credit union! Horizon Community Credit Union has a client log-in with NADA (National Automobile Dealers Association). Just supply us with the VIN# for the vehicle, year, make and model and we can bring up the value in a couple of minutes. Why NADA? NADA delivers monthly trade-in, loan and retail values to give us an idea what the vehicle is really worth. Wonder what value to use? At HCCU we will determine your vehicles value by looking at the clean loan value because it figures in the depreciation (decrease in value over time) of the vehicle. We can also give you values if you’re looking to sell your vehicle or use it as a trade-in. Call us today to get your value!

Post by: Katie B

Demystifying Your Credit Score

So everyone talks about credit scores, but does anyone really know what goes into a credit score or what to do to raise their score?  Most people don’t really know, even if they think they do.  You don’t get a high credit score simply by paying your bills on time as many people think (although that does help).  There are actually a lot of things that are considered when compiling a score.  Take a look at the pretty graph below:

The importance of each category will vary for each person depending on their overall credit picture.  That means that someone just out of high school may not have as much emphasis put on the payment history category as someone who has had loans and other credit for years.  As that credit picture changes, so does the importance of each category.  Really clarifies things for you, doesn't it? 

While credit score does play a part in whether or not you will be approved for a loan, it isn't the only thing that lenders look at, so if your score isn't ideal that doesn't mean you can’t get a loan.  Your score can affect the interest rate you pay on your loans though, so it’s a good idea to know your score and take steps to improve it. 

Even though how your score is actually calculated may still be a bit confusing, knowing more about what goes into it will help you make good decisions in the future.  Here are a few simple things that you can do to improve your credit and score: 

1.   Take a look at your credit report.  There are a variety of websites you can use.  At www.annualcreditreport.com you can get a free report from each of the 3 bureaus annually, and if you find something on your report that isn't correct, they have information there to help you dispute it (not only that, but they have a TON of helpful info if you’d like to find out more about credit and credit scores).  When looking at other sites for free credit reports, watch for sites that make it appear to be free but actually only offer a free trial period.

2.  Make your payments on time.  To help you do that, set up automatic payments so that you don’t have to remember each month.

3.    Do things in moderation.  That means don’t max out your credit cards or other lines of credit.  Having only one card that is to its limit is not better than having 2 cards with smaller balances on each one, so keep your balances low on revolving debt (like credit cards).  Closing a bunch of cards or opening a bunch of cards isn’t going to help either.  Basically, don’t do anything drastic.

Post by: Cari J

Loan? Piece of cake.

So you need a loan. Now what? We realize the process can be a bit intimidating, and that you probably have questions. How do you get things started? What information do you need to give us? How long it will take to get approved? We want to help you through that! While the information needed and the time it takes varies some depending on the type of loan, having as many of the loan details as possible beforehand can definitely get you a decision and get you the money you need a lot faster.

For many people, the most convenient way to get started is to complete an application online. This gives us most of the information we need for the loan, and also gives us the OK to run your credit report to get the process rolling. If face-to-face is more your style, give us a quick call to schedule an appointment. That way the meeting is not rushed, and you know that a loan officer will have enough time to chat with you, take your application, and answer your questions.

Here’s the information you need to give us:

• Your personal info (name, address, date of birth, social security number etc.). And if you’re married, we will need the same info about your spouse even if he/she is not signing on the loan. 
• How much money you need, and what you need it for. Or if you’re refinancing a loan from somewhere else, your payoff amount on that loan. 
• How much you pay for your mortgage or rent monthly. 
• How much money you make and documentation (2 recent pay stubs or tax returns) for you, any cosigners, and your spouse (again, just if you’re married even if your spouse isn't signing on the loan). 
• Information about what you’re planning on buying with the loan funds (if applicable). 
• Information on what you are using to secure the loan, also referred to as collateral. This may be what you are purchasing, or may be something you already own. By having collateral securing the loan your interest rate typically decreases, sometimes significantly. 

Once we have all this information, we are able to process your application and get you a decision. At Horizon Community Credit Union, we review and decision all of our loans locally! Because someone within the CU or on the board of directors is the making the decision, we are committed to getting back to you as quickly as possible, often the same day for consumer loans! While our decision-making is also quick for real estate loans, there are more things that are required, such as an appraisal and title insurance. Closing times for real estate loans from start to finish are typically 30-45 days.

It’s really easy, we promise! So have you been thinking about making a purchase? Need a loan? Start an application today at http://www.horizonccu.com/loans.php or contact a loan officer at 920-433-0122! We look forward to helping you achieve financial success!

Post by: Katie B