Are You Credit Wise?

Facebook

Comments Box SVG iconsUsed for the like, share, comment, and reaction icons
Cover for National Police Credit Union
Welcome and thank you, Officer Culianos! Stay safe!

Welcome and thank you, Officer Culianos! Stay safe!Join us in welcoming Officer Anthony Culianos to Nanuet! Officer Culianos is the new School Resource Officer (SRO) at A. MacArthur Barr Middle School. He has been with the Clarkstown Police Department since 2014 and is now part of the #NUFSD family! #newtonanuet ... See MoreSee Less

12 hours ago

4 CommentsComment on Facebook

Thanks prayers stay safe and well in Jesus name

๐Ÿ’™๐Ÿ‘ฎ‍โ™€๏ธ๐Ÿ’™๐Ÿ‘ฎ‍โ™€๏ธ๐Ÿ’™๐Ÿ‘ฎ‍โ™€๏ธ๐Ÿ’™๐Ÿ‘ฎ‍โ™€๏ธ๐Ÿ™๐Ÿ™๐Ÿ™๐Ÿ’™๐Ÿ’™๐Ÿ’™

Congratulations Lord PLZ keep him safe in this cruel world๐Ÿ’™๐Ÿซก๐Ÿ™๐Ÿ™๐Ÿ™๐Ÿ™๐Ÿ™๐Ÿ™๐Ÿ’™๐Ÿ’™๐Ÿ’™๐Ÿซก๐Ÿ™๐Ÿ™๐Ÿ™๐Ÿ™

Welcome,be safe

Thank you!
#PinkPatchProjectImage attachmentImage attachment+3Image attachment

Thank you!
#pinkpatchproject
... See MoreSee Less

12 hours ago

1 CommentComment on Facebook

Thank you from a Breast Cancer survivor...God survivor...God Bless you all......

Thank you!
#PinkPatchProjectImage attachment

Thank you!
#pinkpatchproject
... See MoreSee Less

12 hours ago
Thank you!
#PinkPatchProjectImage attachmentImage attachment

Thank you!
#pinkpatchproject
... See MoreSee Less

12 hours ago

Thank you!
#pinkpatchproject
... See MoreSee Less

12 hours ago
Hello and thank you, K-9 Vita! Stay safe!

Hello and thank you, K-9 Vita! Stay safe!We are excited to introduce our newest partner in crime-fighting: Meet K-9 "Vita" from the Czech Republic, who specializes in drug detection. Let's give her a warm welcome! #toledopolice ... See MoreSee Less

12 hours ago

4 CommentsComment on Facebook

๐Ÿ’™๐Ÿ’™๐Ÿ’™๐Ÿ’™๐Ÿ’™๐Ÿ’™๐Ÿ™๐Ÿ™๐Ÿ™๐Ÿ™๐Ÿ™๐Ÿ’™๐Ÿ’™๐Ÿ’™

Welcome!

Hi there Gorgeous ! Stay Safe and watch over Your Partner / Handler.๐Ÿถ๐Ÿ–ค๐Ÿ’™๐Ÿ–ค๐Ÿ’™

๐Ÿ’™๐Ÿ’™๐Ÿ’™๐Ÿ‘ฎ‍โ™€๏ธ๐Ÿ‘ฎ‍โ™€๏ธ๐Ÿบ๐Ÿบ๐Ÿ’™๐Ÿ’™๐Ÿ‘ฎ‍โ™€๏ธ๐Ÿ‘ฎ‍โ™€๏ธ๐Ÿบ๐Ÿ’™๐Ÿ‘ฎ‍โ™€๏ธ๐Ÿ‘๐Ÿ‘๐Ÿ‘๐Ÿ‘๐Ÿ’™๐Ÿ’™๐Ÿ’™๐Ÿ’™๐Ÿ’™๐Ÿ™๐Ÿ™๐Ÿ™๐Ÿ™๐Ÿ™

This is so precious!!!!
Stay safe, K9 Jocko! and K9 Officer Prichard!

This is so precious!!!!
Stay safe, K9 Jocko! and K9 Officer Prichard!๐Ÿพ๐Ÿ‘ฎโ€โ™‚๏ธ Exciting Adventures with K9 Jocko! ๐Ÿ“๐Ÿ’ช

Check out this pawsome pic of K9 Officer Prichard with our incredible K9 Jocko! ๐Ÿถโšก๏ธ This dynamic duo just proved that Jocko is more than just an amazing apprehension and narcotics detection K9, he's also an emotional support pup for his handler! ๐Ÿฅฐ

In this photo, you can see K9 Officer Prichard holding Jocko's paw while typing up a police report. Jocko knows that writing reports can be tough, so he's right there by his handler's side, providing that much-needed support. Talk about teamwork! ๐Ÿ‘๐Ÿ™Œ

We're incredibly grateful to have such a talented and caring K9 like Jocko on our force. He's always ready to lend a helping paw and make a positive impact in our community. Together, K9 Jocko and Officer Prichard continue to keep our streets safe and bring smiles to our faces. Good boy, Jocko! ๐Ÿพ๐Ÿ’™

#k9handler #k9jocko #teamworkmakesthedreamwork #emotionalsupportpup #plainfieldpd #havingfun
... See MoreSee Less

12 hours ago

3 CommentsComment on Facebook

๐Ÿ’™๐Ÿซก๐Ÿซก๐Ÿซก๐Ÿ™๐Ÿ™๐Ÿ™๐Ÿ™๐Ÿ’™๐Ÿ’™๐Ÿ’™๐Ÿ’™๐Ÿ’™๐Ÿซก๐Ÿ™๐Ÿ™๐Ÿ™

Beautiful Thank You

Awwww

What a beautiful picture of a very special moment! Congratulations and thank you both!! Stay safe!

What a beautiful picture of a very special moment! Congratulations and thank you both!! Stay safe!From the New Port Richey Police Department. Like father, like daughter! Officer Negersmith is following the footsteps of her dad, who has spent his entire career in law enforcement. An affinity for policing seems to run in the family. ... See MoreSee Less

2 days ago

8 CommentsComment on Facebook

Thanks prayers stay safe and well in Jesus name

Salute๐Ÿ’™๐Ÿซก๐Ÿซก๐Ÿซก๐Ÿ™๐Ÿ™๐Ÿ™๐Ÿ™๐Ÿ™๐Ÿ’™๐Ÿ’™๐Ÿ’™

Awesome stat safe ๐Ÿ’™

๐Ÿ‘๐Ÿ‡ฑ๐Ÿ‡ท

Be safe and thank you ๐Ÿ™๐Ÿ™๐Ÿ™

Be safe and thank you ๐Ÿ™๐Ÿ™๐Ÿ™

View more comments

Thank you, #Hero!

Thank you, #Hero!Night side Officer Roman was happy to reunite an important family member with their family tonight ... See MoreSee Less

2 days ago

3 CommentsComment on Facebook

Awesome๐Ÿ‘๐Ÿ‘๐Ÿ‘๐Ÿ‘๐Ÿ‘๐Ÿ‘๐Ÿ˜Š

Good Bless you

Congratulations!

Congratulations!Congratulations to the South Suburban Association Chiefs of Police 2023-2024 Executive Board Members! #NOBLEProud ... See MoreSee Less

2 days ago
Congratulations! Thank you! Stay safe!

Congratulations! Thank you! Stay safe!Last year these three chose to fill out an application and toss their name into our candidate pool. Jump forward to today, they have completed their Field Training Program and start solo patrol, serving our awesome community. Congratulations to Officer Talg, Officer Frick and Officer Shoemaker. Thank you for choosing #Wausau! ... See MoreSee Less

2 days ago

1 CommentComment on Facebook

Congratulations ๐ŸŽŠ

Welcome and thank you, K9 Batman and Officer Dillard! Stay safe!

Welcome and thank you, K9 Batman and Officer Dillard! Stay safe!Meet K9 Batman! K9 Batman is a German Shepard mix and is approximately 2 years old. His handler is Officer Dillard and he is one of our new Greene County Jail K9s.

K9 Batman is also featured on our newest Greene County Jail K9 Swag! This apparel can be purchased from The CrackerJack Shack using the link below!

www.crackerjackshack.com/gcsok9

This is a pre-sale. Orders will be produced and shipped after the selling period ends. A portion of every sale goes to the Greene County Sheriffโ€™s Office K9 Unit.
... See MoreSee Less

2 days ago

5 CommentsComment on Facebook

Salute๐Ÿ’™๐Ÿซก๐Ÿซก๐Ÿซก๐Ÿ™๐Ÿ™๐Ÿ™๐Ÿ™๐Ÿ’™๐Ÿซก๐Ÿ™๐Ÿ™

โค๏ธ

Ty

Looking Good. Now, Go get the Bad Guys and find all those Drugs.

View more comments

Welcome, K-9 Havik Officer Stockdale! Thank you! Stay safe!Image attachment

Welcome, K-9 Havik Officer Stockdale! Thank you! Stay safe! ... See MoreSee Less

2 days ago

5 CommentsComment on Facebook

Welcome! Congratulations on your new job! Stay safe!

Salute๐Ÿ’™๐Ÿซก๐Ÿซก๐Ÿซก๐Ÿ™๐Ÿ™๐Ÿ™๐Ÿ™๐Ÿ™

Awesome duo ๐Ÿ’™

Awesome

Beautiful ๐Ÿ˜

View more comments

Rest in Peace, K-9 Rico. Thank you for your service, #Hero 
๐Ÿ’™๐ŸพImage attachment

Rest in Peace, K-9 Rico. Thank you for your service, #Hero
๐Ÿ’™๐Ÿพ
... See MoreSee Less

2 days ago

4 CommentsComment on Facebook

So very sorry for ur loss๐Ÿ’”may he rest in eternal peace over the rainbow bridge๐Ÿ™๐Ÿ™๐Ÿ™๐Ÿ™๐Ÿ™๐Ÿ’”๐Ÿ’”๐Ÿ’”

๐Ÿ˜ข๐Ÿ™๐Ÿ‡ฑ๐Ÿ‡ท

Thank you for your service. Rest in peace.

RIP Rico

Congratulations! Thank you! Stay safe!Image attachmentImage attachment+7Image attachment

Congratulations! Thank you! Stay safe! ... See MoreSee Less

2 days ago
Congratulations! Thank you! Stay safe!

Congratulations! Thank you! Stay safe!The Lovington Police Department would like to extend a warm welcome and introduce Officer Berenice Vega to our community.

Officer Vega was born in Jerecuaro Guanajuato, Mexico and came to the United States when she was 9 years old. Officer Vega graduated from Lovington High School in 2017 and was granted citizenship in 2018. Officer Vega will begin our Field Training Program and attend the Southeastern New Mexico Law Enforcement Academy at a later date.

We are delighted to have Officer Vega join our ranks at the Lovington Police Department!
... See MoreSee Less

2 days ago
Thank you for 33 years of service!!Image attachmentImage attachment+5Image attachment

Thank you for 33 years of service!! ... See MoreSee Less

5 days ago

6 CommentsComment on Facebook

Thank you Sir for your service to your community..... Enjoy your retirement... God Bless you and your family.....

Congratulations

๐Ÿ‘๐Ÿ‡ฑ๐Ÿ‡ท

Salute๐Ÿ’™๐Ÿซก๐Ÿ’™๐Ÿซก๐Ÿ™๐Ÿ™๐Ÿ™๐Ÿ™๐Ÿ™๐Ÿ’™๐Ÿ’™๐Ÿ’™๐Ÿ’™๐Ÿ’™๐Ÿซก๐Ÿซก๐Ÿซก

View more comments

Thank you, SRO, Private Chestnut! Stay safe!

Thank you, SRO, Private Chestnut! Stay safe!Congratulations to our newly promoted School Resource Officer, Private Chestnut. Thank you for keeping us safe and mentoring our students. We appreciate you!
#schoolrescourceofficers #eastpointsc
West Columbia Police Department
... See MoreSee Less

6 days ago

8 CommentsComment on Facebook

๐Ÿ‘๐Ÿ‡ฑ๐Ÿ‡ท

Salute and Honor

Congratulations

Thanks prayers stay safe and well in Jesus name

Congratulations ๐ŸŽŠ

Congratulations!!!๐Ÿ‘ฎ๐Ÿฟ‍โ™€๏ธ๐Ÿ‘

Congratulations lord keep her n r kids safe in this cruel world๐Ÿ™๐Ÿ™๐Ÿ™๐Ÿ™๐Ÿ™๐Ÿ™๐Ÿ™๐Ÿ’™๐Ÿซก๐Ÿซก๐Ÿซก๐Ÿซก๐Ÿ’™๐Ÿ’™

View more comments

Way to go, K9 Freddie!! Thank you!

Way to go, K9 Freddie!! Thank you!๐ŸŽต"Another One Bites the Dust," ๐ŸŽถby Freddie Mercury. Dog of the month, Madison, WI Police K9 Freddie is still in his rookie year. Of course the old veterans can be counted on...but with a new pup (and a new handler!), there is always a bit of doubt until they prove themselves in the field.
On K9 Freddie's first search warrant assignment - his SECOND call ever in his young career - he was asked to bring his nose to search a house & garage.
He immediately indicated on an old can of paint in a very messy garage. Officers were skeptical; the weight of the can didn't seem to match his response. But, "Trust Your Dog" is a maxim to live by. When they opened the can, they found a kilo of cocaine, wrapped tightly in plastic bags!
Hiding drugs in old paint cans is intended to mask the smell of the drug. Ha! Rookie Freddie was not fooled for a second. Home run first time at bat. Welcome to the team Freddie!

Madison Police Department Keeping K-9s in Kevlar #k9freddie #freddiemercury #whatanose #rookieyear #anotheronebitesthedust #berbeewalsh #trainhardworkhard #fieldtested #passedthetest #teammember
... See MoreSee Less

6 days ago

4 CommentsComment on Facebook

Beautiful dog

job well done Freddie....stay safe and long prormising life for you and your partner

Great job,K-9 Freddie! โค๏ธโค๏ธ

Besutiful salute๐Ÿ’™๐Ÿซก๐Ÿซก๐Ÿ™๐Ÿ™๐Ÿ™๐Ÿ™๐Ÿ™๐Ÿ™๐Ÿ’™๐Ÿ’™๐Ÿ’™๐Ÿ’™

Latest Tweets

Rate Limited Exceeded. Please go to the Feed Them Social Plugin then the Twitter Options page for Feed Them Social and follow the instructions under the header Twitter API Token.No Tweets available. Login as Admin to see more details.

Are You Credit Wise?

If you are like most people, you have only a vague understanding of how credit is granted, obtained, recorded, and maintained. In fact, even if you have vast knowledge of the financial industry, you know that our credit system is not, in any way, based on an exact science. Our credit system and the related tracking of it is based largely on the subjectivity of individual decision making, variable credit scoring formulas, and the further variability of changing objectives amongst the financial institutions granting the credit.

So, whether or not you are credit wise, there is always more information to gather and insight to gain. Here are three things you can do to increase your credit knowledge:

  1. Clarify any misconceptions
  2. Establish what you know and what you donโ€™t know
  3. Identify steps that you can take to improve your financial standing

Once you have completed these steps, you will immediately start to see more money in your pocket and in your accounts in the form of lower monthly payments, better cash flow, and lower borrowing rates. I guarantee it!

 

Clarify Misconceptions

There are all kinds of misconceptions regarding credit and there are many opportunities for them to flourish given the overall lack of credit knowledge that exists relative to the complexity of the system. I have included five of the more common misconceptions below.

 

I am better off not knowing my financial status

Donโ€™t be a credit ostrich and bury your head in the sand. While ostriches donโ€™t actually bury their head in the sand, they do duck their head low to the ground when they sense danger in the hope that their problem will go away. This describes the credit strategy of many, many individuals. When you ignore or otherwise choose not to know or understand the state of your finances, it costs you money. You will pay NSF fees because you donโ€™t know how much money you have in your checking account. You will pay late fees because you donโ€™t pay attention to the due date on your bills. Ultimately, your financial standing will suffer.

My credit score does not matter

Yes, credit scoring is an imperfect, somewhat confusing system, but if you want to buy a house, finance the purchase of a car, obtain a credit card or complete virtually any other type of credit transaction, the first thing any financial institution will do upon receiving your request is run your credit report. Some will take the time to understand all the issues and perhaps even get to know you a little bit better in order to weigh all the factors, but most lenders will flat out reject credit requests of any kind from a person with impaired credit, regardless of any extenuating circumstances. A poor credit score can actually prevent you from buying a house or financing a car. Perhaps worse yet, todayโ€™s lending environment will still allow some individuals with poor credit scores to purchase a home or finance an automobile purchase, but force them to pay dearly for the privilege. This so-called โ€œpredatoryโ€ lending practice clearly perpetuates bad habits and can make tenuous financial situations even more prone to deterioration due to extraordinarily high interest rates and the associated monthly loan payments.

I always pay my bills = My credit is great

Regularly paying your bills on time is a great start, but people are often surprised to find that their ability to obtain credit is impaired even when they have a strong payment record. Several factors other than your timeliness can add or subtract from your credit standing, including the amount of debt that you carry relative to your income, the frequency with which your credit report is run, and the amount of existing credit you already do or donโ€™t have.

I thought it was acceptable as long as I paid the fee

Many people are under the mistaken belief that if they pay an NSF fee, for instance, it is okay to bounce checks; or, if they are willing to pay a fee associated with making a late loan payment, the practice of paying late is acceptable. The fact is that many fees are established in order to discourage a certain behavior from occurring. Often times, fees are a precursor to a negative mark on your credit report.

I have a steady job so I can spend as much as I want:

What about tomorrow or the next day? Life is full of unforeseen circumstances. Fortunately, some are of the positive variety, but for the negative type, such as losing your job, unforeseen circumstances spell immediate trouble for someone who has not made any contingency plans. In this situation, assets and income go away in a hurry, but liabilities and debt not only stick around, they grow disproportionately as your inability to meet your responsibilities continues. Your hard earned, good credit standing can change dramatically within a matter of 30 days if you ever allow your debt obligations to outpace your ability to meet those obligationsโ€ฆand, it only takes one occurrence before your credit rating is impacted negatively.

 

Establish What You Know and Donโ€™t Know

There are three major credit bureaus (I have included their contact information at the end of this article), each of which has a different name for your credit score, and each of which utilizes a slightly different formula for calculating your score. Contact all three and obtain a copy of your credit report from each of them. Alternatively, there are several businesses that will do this for you and present you with a tri-merge report combining all of the information from the three bureaus into one report. If you have not obtained or read your credit report before, I strongly suggest that you sit down with a financial professional who is familiar with the credit reporting format and go through any questions or concerns you might have. There are several aspects of the credit report that are important for you to know and understand.

Credit Score

Your credit score can vary greatly from bureau to bureau for a number of reasons. It is common, however, for lenders to zero in on your middle score as reported by the three credit bureaus. Credit scores generally range from 380 on the very low end to about 850 on the high end. If your score is 730 or above, you are usually considered an A+ credit risk. Or, in other words, you are deemed to be the lowest risk borrower and will therefore be afforded the best interest rates available for the transaction you are requesting. If your score is between 600 and 699, you are generally considered credit worthy. You will qualify for financing in most cases. If, however, your credit score falls below 600, your credit is impaired and you will struggle to qualify for conventional financing programs and their corresponding interest rates. If your credit score is in this category, you are typically referred to as a sub-prime or high-risk borrower and if you do qualify for financing, you will typically pay high rates of interest as part of the loan agreement.

Creditors

Just about every business you have or will obtain credit from will report to a credit bureau. When you are reviewing your report, note the creditors listed and whether or not a balance owed is indicated. The credit report will also indicate the last time that each creditor reported information on you. Double check the information on your credit report with your own records and recollections to ensure accuracy.

Type of Account

Each account reported on your credit report will include a code that indicates what type of account it is. Examples include whether it is an individual or joint account and whether it is a revolving or fixed term debt. Credit card balances are considered revolving debt; mortgage balances are an example of fixed term debt. Again, double check the information against your own records to ensure accuracy.

Current Status

This is shown as a numeric indicator. If you have an 01 rating next to the creditor and type of account, you are considered current with that debtor. Any rating higher than an 01 indicates that you are currently past due with that creditor. If you have an 02 rating, for example, you are 30 days past due with that creditor according to the report. An 03 rating indicates that you are 60 days past due and so on. An 09 rating indicates that the creditor has charged-off the balance that you owe them, which obviously has a further adverse impact on your credit score.

The balance owed indicates another factor that determines your status. The total balance owed to the creditor along with the current monthly payment and any amounts overdue are all reflected on the report.

Payment History

There are also numeric indications as to your payment history for as long as each account and creditor has been reporting to the credit bureau. If your history on a particular account goes back four years, for instance, you will be able to determine how many of your 48 monthly payments were made on time, how many were 30 days late, etc. You will also be able to determine the date the loan originated, the high balance owed on the loan, and the minimum or regular monthly payment amount.

Note: Creditors can only report you as past due if your payment is late by 30 days or more. While I am not advocating that paying your bills up to 29 days late is acceptable, I think it is helpful to know that there is some latitude available to you, relative to your credit rating, should something unforeseen arise.

Judgments and Liens

There is a section on your credit report that highlights any civil judgments that have been entered against you; tax liens levied by government agencies, as well as bankruptcy filings. As a rule of thumb, bankruptcies stay on your credit report for up to seven years and judgments stick around for up to nine years and are renewable in certain circumstances.

Inquiries

This section identifies every entity that has run your credit in recent history (usually the last two to three years) and the date they ran the report.

Contact Information

Credit reports also contain the telephone number and address for every creditor listed on your report.

Improve Your Financial Standing

Have any or all of your misconceptions been addressed? Have you figured out what you know and donโ€™t know about your credit? Now, what can you do?

ยท Ensure that your credit report is accurate. If you are disputing certain balances or claims, make sure that you have registered your dispute (in writing) with the creditor and the credit bureau.

  • Make your payments on time.
  • Minimize the number of times you request credit. Be selective about the lenders and creditors with whom you do business. Try to establish longer term relationships with them.
  • If you experience unforeseen circumstances, work with your creditors on the front end. Do not procrastinate and hope they wonโ€™t notice you are late.
  • Manage your debt load, especially revolving, unsecured debt such as credit cards and personal loans.
  • Protect all of your personal information and minimize use of that information in open forums in order to effectively guard against identity theft.
  • Do not hesitate to seek out a financial advisor or confidant for assistance.
  • Regularly read your account statements, balance your checkbook, and remain alert with regard to your finances.
  • Read and understand everything that has your signature on it.

 

You can begin to improve your financial standing today. If you have finished reading this article, you are well on your way. The rest is up to you. Here is that contact information:

 

Trans Unionย  ย www.Transunion.com

(800) 888-4213

Experian www.Experian.com

(888) 397-3742

Equifax www.Equifax.com

(800) 685-1111

And, don’t forget, if you are a member of theย Credit Union, you and your family can take advantage of our Financial Planning and Education Center, which includes FREE and CONFIDENTIALย Credit Counseling.

Scott Arney
Chief Executive Officer
Chicago Patrolmenโ€™s Federal Credit Union

Share This Post

Recent Posts

Group 764 (1)
Ralph is trying to learn how to play golf so that he can impress his new boss.ย  Ed is assisting him by reading from an instruction manual and they are both trying to figure out what addressing the ball means.ย  Ed lines up to demonstrate.
thumbnail
The most important step you can take toward ensuring that you maximize the quality of your life, next to having a strong self-awareness and being personally accountable, is to surround yourself with good people.
Serial Decisions
It means that yesterday may or may not have gone according to plan.ย  Yesterday may have been a good day or a bad day or somewhere in between.
STOP!
Before you purchase that new car, check the Credit Union website to see if we can beat that rate!

Subscribe to our Newsletter

We’d love to add you to our mailing list.ย