Selecting a Credit Card

Posted by SIU Credit Union on Oct 20th, 2009 | View Comments

Having a credit card is much easier and safer than carrying large amounts of cash with you.  But are the credit cards in your wallet really offering you the best deal?

To find out, start by asking yourself how you use your credit card(s). If you pay your balance in full every month, interest rate isn’t an important consideration. Instead, look for a card with no/low fees and a 20 to 30 day grace period. However if you’re among the other 82%of college students that already have a balance, be sure to do your homework and shop credit card rates.

The good news is that often you can transfer your existing balance from a high interest rate card to your credit union low rate credit card for little or no cost and realize instant savings.

For the Freebies

Don’t forget to also consider rewards. Some cards allow you to build points with every purchase towards free gift cards, merchandise or airline miles. Check with your credit union to see what rewards programs they offer.

Plus, Build Good Credit

Remember every time you use your credit card and then pay off the balance, you’re building yourcredit. Not sure what your credit rating is? Just contact the credit reporting bureaus. They are required by federal law to provide you with one free copy of your credit report per year upon request:

Equifax

www.equifax.com

Experian

www.experian.com

TransUnion

www.transunion.com

ACS Taste of Hope Carbondale

Posted by SIU Credit Union on Oct 19th, 2009 | View Comments

SIU Credit Union has been an active supporter of the American Cancer Society. This year, we raised over $4,000 for the Carbondale Relay for Life.  But we know we can do more. So, won’t you help us get the word out about the second annual Taste of Hope Carbondale? Read below for more information.

Hello from your American Cancer Society,

The Relay For Life of Jackson County Carbondale is partnering with local Carbondale restaurants for the second annual Taste of Hope Carbondale. We need your help! Please dine at any of the restaurants listed below on Tuesday, October 27 from 5:00pm until the close of businessand 20% of the net profit will be donated to the American Cancer Society Relay For Life of Jackson County Carbondale.

• Quatro’s Pizza
• Houlihan’s
• Newell House
• Tres Hombres
• Giant City Lodge

The first annual Taste of Hope raised more than $1,800 in our fight against cancer. A special thank you to the above restaurants for their past participation in Taste of Hope, and for their continued support of the American Cancer Society.

Please forward to anyone you think would be interested. We would love to see the restaurants packed for our fight against cancer. Thank you for your support of our lifesaving mission.

Your Credit Score

Posted by SIU Credit Union on Oct 16th, 2009 | View Comments

Do you know your credit score?

Your credit score matters whether you need a credit card, auto loan, mortgage or some other sort of credit.  In general, higher scores mean you are more likely to be approved and you will be charged a lower interest rate on any new credit.

 Most companies use a FICO credit score that is made up of five parts:

 Your payment history – 35%

Have you paid your credit accounts on time?  Late payments, no matter what amount, can hurt your score.

How much you owe – 30%

FICO scores look at the amounts you owe on all your credit accounts, the number of accounts with balances, and how much of your available credit you are using.  The more you owe compared to your credit limit, the lower your score will be.

Length of credit history – 15%

A longer credit history will increase your score.  However, you can get a high score with a short credit history if the rest of your credit report shows responsible credit management.

New credit – 10%

If you have recently applied for or opened new credit accounts, your credit score will weigh this fact against the rest of your credit history.  FICO scores distinguish between a search for a single loan and the search for many new credit lines, in part by the length of time over which inquires occur.  If you need a loan, do your rate shopping within a focused period of time, such as 30 days, to avoid lowering your FICO score.

Other factors – 10%

Several minor factors can also influence your score.  For example, having a mix of credit types on your credit report – credit cards, installment loans such as a mortgage or auto loan, and personal lines of credit – is normal for people with longer credit histories and can add slightly to their scores.

What’s a good score?

FICO scores range from 300 – 850.  The higher the score the better.  Most lenders prefer a score of 700+ as an indication of financial health. 

What’s NOT in your score?

By law, credit scores may not consider your race, color, religion, national origin, sex and marital status, and whether you receive public assistance or exercise any consumer right under the federal Equal Credit Opportunity Act or Fair Credit Reporting Act.

Happy Credit Union Day 2009

Posted by SIU Credit Union on Oct 15th, 2009 | View Comments

We’re celebrating a special day, and you’re part of it.

Join us Oct. 15 to celebrate International Credit Union Day with this year’s theme “Your Money, Your Choice, Your Credit Union.” Your money is hard-earned, and in a time of economic uncertainty, it’s safe in the hands of SIU Credit Union. 

More than 177 million people worldwide belong to a credit union. Credit unions don’t belong to shareholders hoping to turn a profit from your cash. Credit unions are member-owned, and any earnings are returned to you in the form of better rates and higher earnings. Take full advantage of your credit union membership. Meet your borrowing and savings needs with our member-friendly, low-priced services.

In honor of International Credit Union Day we will be serving a free chili lunch at our Giant City Road location in Carbondale from 11 to 1. Plus, vist our other branches and register to win Visa Gift Cards.

It’s your money, and this International Credit Union Day, we want to thank you for trusting SIU Credit Union to take care of you. We have only your best interests in mind. Let us know how we’re doing and what we can do to make your credit union membership even better.

We look forward to seeing you.

Ford Vs. Chevy Supersale in Marion

Posted by SIU Credit Union on Oct 14th, 2009 | View Comments

Everyone loves a good match-up, so it caught our attention when two local car dealers approached us to be part of the Ford Vs. Chevy Supersale at Illinois Centre Mall in Marion. The credit union is always looking for ways to save our members money. With great car deals being provided by Marion Ford and Cash’s Baker Chevrolet in Marion, we threw our hat in the ring and offered one of the lowest auto loan interest rates available in the area.  Stop by Illinois Centre Mall between now and Saturday to get a great car deal and an even better auto loan interest rate.

How can you help control the spread of flu?

Posted by SIU Credit Union on Oct 13th, 2009 | View Comments

Some useful tips for work and home: 

1. Wash your hands regularly with soap and water, especially after coughing, sneezing or handling objects others may have touched such as doorknobs, ink pens, etc.  If water is not readily available, use an alcohol based hand sanitizer.
2. Clean areas such as faucets, desktops, counters, and phones with a disinfectant.
3. Cover your mouth and nose when coughing or sneezing, or better yet, cough into the bend of your arm.
4. If you are sick and running a fever, stay home!  Practice social distancing if needed. 

SIU Credit Union will be installing hand sanitizing stations at each of our branch locations for our member’s convenience!  We’re also hosting a flu shot clinic with VNA Home Care at our 395 N. Giant City Road location on Thursday, October 15 from 10 to 1. Shots cost $25 and they can bill your insurance.

 For more information regarding the flu, contact your local Health Department.