SIU Credit Union Blog

Tag: credit

SIU Credit Union to Host Free Credit Seminar

Carbondale, IL – May 13, 2015  SIU Credit Union will host a FREE credit seminar, “Power Over Debt: Break the Debt Cycle”, in Carbondale on Wednesday, June 17 from 6 to 8 pm.  Learn if debt is dragging you down and how to take control of debt before it takes over your life.

Get Out of Debt, Stay Out of Debt

Get Out of Debt, Stay Out of Debt

Do you know how much you owe? Have you figured your own “safe” credit limit? Do you know what percentage of your total credit limit is safe to charge? Do you know the warning signs that you may have too much debt?

SIU Credit Union wants you to take control and take positive steps to manage your debt. At the seminar, you’ll learn about the different kinds of debt, benefits and costs of credit, warning signs you have too much debt, what’s in—and how to get—your credit reports and credit score, how to tackle your debt, how to rebuild good credit, and—most importantly—how to stay out of debt. Speakers include Tiffane Pelzer, SIU Credit Union Loan Manager and Michelle Rice from TransUnion Credit Monitoring.

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Busy Holiday Week

It’s been a busy holiday week for SIU Credit Union. Yesterday, I delivered a truck load of food collected by credit union employees to the final collection point of the SIU Credit Union, Withers Broadcasting Holiday Food Drive. I’m told that donation levels are greater than last year. All the food collected will fill food pantries throughout Southern Illinois.

Yesterday also started our sponsorship of Pat’s Kids. For many years, SIU Credit Union has been a major sponsor of this charity that gives abused and underprivileged children a chance to have a Christmas. The stories we hear from the kids are heartbreaking. We’re happy to be a part of this wonderful charity. If you are able, please consider dropping off a check, made payable to The Poshard Foundation, at any SIU Credit Union location or mail to River Radio, attention Pat Benton, 1431 Country Aire Drive, Carterville, IL 62918.

I also made my monthly visit to the Murphysboro Illinois Youth Camp. I spent the morning talking to the inmates about budgeting, credit scores and loan interest rates. This was a good group of kids who had many intelligent questions. We compared interest rates on a car loan for a person with good credit compared to someone with poor credit. The look on their faces told me they got my message.

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Add Credit Life and Disability To Your Loans

Every member has needs and they are unique in every circumstance.  SIUCU is now offering loan protection to all of our members to give you the peace of mind you deserve.  You will be offered the product of Credit Life and Disability when applying for a loan.  Both members and their families will benefit through their loans being paid off in case of death or disability.

Members who are out of work because of disability may find themselves waiting even longer for the Social Security safety net to catch them.

In 2007, the Social Security Administration experienced a record breaking backlog of disability claims.  The average waiting period to get a hearing has reached 17 months. Having the extra protection on your loan will ease the stress during this difficult time.

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Your Credit Score

credit score

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%

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