Don't Have an Identity Crisis--Protect Your Information!

Image courtesy of  wgpd.com 

Identity theft is terrifying. An identity thief can do a lot of damage to your pocketbook and your credit, and   the cost of getting everything back on track can be pretty expensive. No one wants to be a victim, and many believe they're doing a good job to protect their identity. It’s not like their giving out their credit information-or are they? Consider the following scenario:
You get a call on your cell phone. “Hi Jane! This is Terry from Horizon and we got a fraud alert on your credit card. We need to verify your credit information to be sure this is a legitimate charge. Can you tell me your credit card number?” How many people would respond “Oh! Let me get my card!” and then give out their credit card number, or maybe even their debit card number? It might seem perfectly legitimate, but it's not. Please know that when we call you about your account we NEVER ask you to verify this kind of information.

Here are some suggestions to follow to help you protect your identity:

• Be sure you don’t give out any more information than you should. A financial institution doesn’t need your entire credit or debit card number to verify the card. If you have more than one card, they may ask for the last 4 digits to ensure they've located the correct card. That's all. 
• If you're shopping online, be sure the web address you use is secure. A secure web address begins with "https." The "s" indicates that the website is secure, and that your information is protected. A website that begins with only "http" is not secure, and should not be trusted with personal and identifying information. 
• If you're going on vacation, be sure that your mail is secured while you're gone. Identity thieves can take personal information, and even account numbers, from your mail. In order to keep your mail secure, you can have it held at the post office, or you can have a reliable friend/relative pick it up everyday. 
• Those annoying credit card offers can be a gold mine for identity thieves. Many just throw them in the trash, but you should  shred them! Shredders these days are relatively inexpensive and are well worth the price. 
• If you have any expired credit or debit cards,  cut them into 3 to 4 pieces and don’t throw them in the same trash bag. You can also go to your financial institution and ask them to dispose of your cards.
• Check your various bills/statements every month. Be sure to check out all the purchases/charges that are listed and be sure you remember authorizing them. If you do not recall authorizing a transaction on your account, report it to the card vendor immediately. It's important you call right away, as some credit cards may not reimburse you for fraudulent charges that are more than 3 months old.

Follow this link to the Federal Trade Commission website for lots of great tips and ideas about keeping your personal information secure!

Written By: Mary D. 

What is Credit?

            Before I worked at Horizon Community Credit Union, I didn’t know much about credit and credit scores. I didn’t care either, and I couldn’t comprehend how one number could impact my life. I had no idea the extent to which a credit score was used, how it was formulated, or what it even meant. I’m still learning today! I now know how important a good credit score is, and I want to make sure you know too!

            Your credit “is your reputation as a borrower (Pritchard).” That reputation is supplemented by your credit report and credit score, as defined by the big three credit bureaus. All of this is taken into consideration when making lending , insurance, residence, and employment decisions. Confused? Hold on, I’ll explain!

            The big three credit bureaus that track your borrowing history are Equifax, Experian, and TransUnion. They are for-profit companies that are publicly traded on the stock market, but they are regulated by the federal government through the Fair Credit Reporting Act (Irby). You can get one free copy of your credit report from each of the listed credit bureaus. If you aren’t already getting your one free credit report from each agency, you should begin doing so. You may learn things about your credit that you didn’t know, and you may find mistakes that you need to correct. FICO, as you may hear about from Discover commercials, is not a credit bureau.

            Credit scores give the “big picture” view of your credit, and they vary a little between credit bureaus. As you can imagine, there’s a lot of information that goes into a credit report. Scores are generated by a computer program, which reads through all your credit information and generates a score. According to Credit.com, this is the scale for credit scores:

Excellent                   781-850

Good Credit            661-780

Fair Credit                 601-660

Poor Credit              501-600

Bad Credit                Below 500

            So now what? Check your credit scores, and go through the reports, and make sure all of the information is accurate. Then go to your financial institution of choice and make an appointment with someone to ask any questions and discuss ways to correct problems and increase your credit score. Be active and follow through. Credit scores are used to approve decisions in pivotal areas of your life. It’s crucial that you take an active role in increasing your score, so that your borrowing past will not hold you back from the dreams of your future.  For more tips, check out my sources, as well as this previous blog post, written by a loan officer. 

Breanna B.

Sources:

What is Credit? By Justin Pritchard

http://banking.about.com/od/creditscoresandreporting/a/whatiscredit.htm

Who are the three major credit bureaus? By LaToya Irby

http://credit.about.com/od/creditreportfaq/f/creditbureau.htm

What is a Good Credit Score? By Geri Detweiler

http://www.credit.com/credit-scores/what-is-a-good-credit-score/

YOU COULD WIN $5,000!

There’s still time to win $5,000!

Have a Horizon Visa® credit or debit card? Use your credit or debit card now through May 31, 2015 to be entered into the CSCU 2015 Spring Thing Sweepstakes to win $5,000! You will automatically be entered into the drawing for each eligible purchase! You don’t have to buy anything, just use your card! The more you use it, the more chances you have to win!

Stop in Horizon Community Credit Union and ask our MSR’s for more information today and official rules!

Hurry! You still have time, but the clock is ticking!

Post by: Kelly V.

Card Security

We use debit and credit cards for just about everything these days. From paying at the pump for gas, to making purchases at stores, to ordering online, or withdrawing cash at an ATM. With all that convenient access, it is still important to know how to keep your money and your financial data safe! Going back to the days of writing out checks or paying for everything in cash is just not feasible for most of us, but a few easy tips can help you stay protected.

Use Multiple Passwords for Online Accounts: Use a unique password for each of your online accounts, such as online banking, email, Facebook, and retail shopping or payment websites. Using the same password for everything is like using the same key to lock your car, your house, and your office – if a crook gains access to one, they have access to all. Using multiple passwords keeps you better protected.

Always Use Strong Passwords Online: Strong passwords use a combination of letter, numbers and symbols, making them harder to guess. Don’t use obvious passwords like “password” or “123456”, or publicly available information, such as your pet or child’s name, or your zip code or birth date. And always store your passwords securely!

Enroll in Verified by VISA: Verified by Visa is a security piece designed to make buying things over the Internet much more secure. It adds of a member selected password to the online checkout process. Once you've created your own password at www.visa.com/verified you'll be presented with a brief pop up box during online checkout (with participating merchants). You simply enter the password that you selected and boom! Your purchase is complete. The online merchant KNOWS that it's you and you KNOW that your Visa card is more secure.

Be Smart Online: To protect yourself against fraud, never provide personal or financial information such as: Check or Credit Card Numbers, PIN's, Social Security Numbers, or Passwords to unsolicited phone, e-mail, or pop-up website requests. If a webpage you visit seems suspicious, or different than normal, think twice before entering your account information. Be sure to check your account information regularly for possible unauthorized transactions. Be careful when using public Wi-Fi as well. Do not enter passwords or card data over an unsecured, unencrypted connection.

Pay Attention to Card Readers at Stores, Kiosks, and ATM's: Always take a close look at the card reader device before swiping your card or entering your PIN to ensure that it has not been tampered with. Skimming devices are small card readers that fit around the legitimate card reader to capture your card information. These devices are made to look very similar to the normal card reader, as shown below, but they are placed on card terminals by criminals who steal card data then download it from the skimming device.

Left: Skimming Device          Right: No Skimming Device

Top: No Skimming Device    Bottom: Skimming Device

Post by: Erin S.

Pay off your holiday debt AND save money doing it!

Cleaning up your debt from the holidays quickly will put you in a much better financial position for the rest of the year, and having a low interest rate will give you the opportunity to pay it off much faster.  There are lots of credit card offers out there, and it can all seem very confusing.  So how should you tackle it?

First, check with the credit cards you use to see if they are offering any specials.  Many places run balance transfer special periodically.  A couple important things to find out are, what is the special rate, how long is that rate in effect, will the rate go up if I make a payment late one month, what will my rate be if I still have a balance remaining after the special rate has expired, is there a maximum amount I can transfer, and is there a fee to do a balance transfer (if so, find out how much).  Next, compare your offers to see which one is best for you.

  

Now that you have found the right offer, gather all your credit card statements, and see which cards you are paying the highest interest on.  If you’re not sure which ones to move, call one of our friendly loan officers and make an appointment to go through your statements and find the best plan to get your credit card debt paid up.  You will be amazed at how much money you will save!

 

While you are comparing offers, make sure you check with us for more details on our special!  We are offering 0% APY*until 12/31/2015, but you have to do the balance transfer between 1/1/2015 and 2/28/2015 in order to take advantage of this great offer.  One biggie is that there is NO TRANSFER FEE!  That can be hard to find!  Don’t worry if you don’t have our VISA credit card yet, it’s easy to apply online at www.horizonccu.com and we can have an answer for you in a jiffy.

Whether you go with our offer or another, the important thing is to get your debt paid down and pay as little in interest as possible.  At HCCU we want to help you do that, so if you need some help or guidance, come talk to us!  Remember, success is on YOUR horizon…

*Offer valid on transfer done by a HCCU employee between 1/1/15 and 2/28/15.  APR is Annual Percentage Rate.  Balance transfer at special rate of 0%APR applies to HCCU VISA Classic, Platinum, and Home Equity Cards.  Special Rate does NOT apply to cash advances or convenience checks.  Rate is subject to change on 12/31/2015.  See a member service representative for credit card account details and disclosures.

Post by: Cari J

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.

Getting an HCCU VISA® Credit Card is as easy as 1-2-3!

Applying for an HCCU VISA® credit card is a very simple process. Bring in your 2 most recent paystubs (2 for each applicant) and fill out and sign our hassle-free application. A loan officer will review your application and let you know if you are approved. It’s as easy as that!

HCCU offers 2 types of VISA® credit cards: Classic and Platinum. What is the difference? The cards are essentially the same, but the Platinum cards have a lower interest rate of 9.9% APR whereas our Classic cards have a 14.9% APR. Both cards have no annual fee and can be used anywhere VISA® is accepted.  Another great feature is the fact that you can request the limit you would like (based on credit qualifications).

Both Classic and Platinum cards also offer Scorecard® reward points, so you earn something for your spending! For every $1 spent you earn 1 point and those points are good for 4 years. Visit www.scorecardrewards.com for more details or to browse the rewards catalog.

And when you have your credit card and your checking account in the same place, monthly payments are easy!  Payments can easily be made with a quick transfer from your HCCU checking account. That’s pretty convenient to have your accounts all in one place!

Stop in today to fill out an application and start getting rewarded for your purchases!

Post by: Katie B

Image courtesy of  stockimages at FreeDigitalPhotos.net

Getting Ready for College!

Getting ready to go off to college can be stressful enough…figuring out classes, setting up dorm rooms, finding roommates, etc.  Being financially secure and ready with your accounts is just another process that adds to the excitement of getting ready for college.  With that said, there are many ways at Horizon Community Credit Union that can help you with this process!

A student checking account with a debit card is a great item to have when going away to college.  There are plenty of ATMs around that allow you to take money out of your account without having to pay for an ATM fee.  This way you are able to take money out of your account hassle-free no matter where you are!  If you are unsure which ATMs are fee-free, check out the Horizon Community Credit Union ATM Alliance website for a complete list of all the participating free ATMs out there.

Another good thing to do before going to college is to enroll in e-statements and set up online banking. Having access to your account online helps you to manage and keep track of your money throughout the year...especially when you’re trying to figure out if you have enough money to buy that late night pizza once a week (trust me, we've all been there)!  Knowing how much money you have (or sometimes don't have, right?) can save you from getting costly overdraft charges too!

One last thing to consider that can be helpful when you head off to school is applying for a credit card with a low limit.  (Bonus: all of our cards earn Scorecard Rewards points!)  It’s always nice to have one on hand in case an emergency comes up.  Also, using your credit card here and there helps you build up your credit score.  Just make sure that if you do use it, you remember to make your payments on time and you don’t max it out!

Learning how to handle money before you’re out on your own is a step in the right direction of getting through college and being independent. These are all important steps that can help lead to setting up a student’s financial goals and eventually meeting them.  If you want more resources or information, don't hesitate to ask a member of our staff!

Post by: Lindsey L

Image courtesy of hywards at FreeDigitalPhotos.net

Free Stuff?!?!?! Everyone loves Free Stuff! How can I get some?

When you use your Horizon Community Credit Union Visa® Credit Card every purchase earns you reward points. And with those reward points, you can get free stuff. Since I have started using my Horizon Credit Card, I have accumulated many points. Which means I probably use my credit card way too much. :) With those points I have purchased two sets of pans for all the cooking I do, and a set of diamond hoop earrings (what girl doesn't want jewelry), and I still have points left to use!

You’re automatically enrolled in Scorecard® Rewards when you get a Horizon Community Visa® Credit Card so all you have to do is start using it. When you are ready to cash in some points or if you’d like to see what’s available to you, just visit www.scorecardrewards.com to set up your account. The website will let you know how many points you have and let you see the numerous items available, from housewares to jewelry, clothing and electronics, just to name a few. In the months of November and December, when we are all doing our Christmas shopping, Horizon offers double points. And now this summer, gas purchases will also double your points. So get out there and start adding up your points by using your Horizon Visa® Credit Card, and check out the great free stuff you can get.

Post by: Karen S

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

Points Points

Summer is slowly approaching (really slowly) and since Spring has not begun, it is hard to fathom that it will eventually arrive.  And who can forget what Summer means, ORANGE CONES and MORE MONEY at the gas pump.  The credit union has decided to reward you with double reward points when using your HCCU credit card at the pump.  Two points for every dollar that you spend at the pump. 

WHAT, you don't have a credit card with us here at HCCU?!?!?!?  Then it is time to sign up.  Just fill out the application on-line and submit.  The address to on-line applications is:  http://www.horizonccu.com/loans.php 

Scorecard reward points give you the opportunity to save up points for that special something, from a stainless steel coffee mug to a 55 inch LED 3D TV.  If you have not already signed up for the rewards program, this is the site to go to:  https://www.scorecardrewards.com/general_logon.asp  It is time to sign up and start saving!!!!

Oh and about those ORANGE CONES.  I say knock one over and if you get caught, tell the nice officer that it was your bank that told you do to do it.  From what I heard, it's the right thing.

- Your CU