Are You Credit Wise?

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2 weeks ago

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Thank you for your service, Congratulations and God Bless

Congratulations, Stay Safe

God Bless all First Responders and Military personnel.

Congratulations and stay safe

Congratulations!! Stay safe!

Congratulations!! Stay safe!The Williamsburg Police Department would like to introduce the three newest members of our police department along with the new Williamsburg Chief of police, Chief M. Timmers! Congratulations and welcome to the team! (From Left to Right - Officer Reynolds, Officer Dearing, and Officer Hamiel) ... See MoreSee Less

2 weeks ago
Congratulations!! Stay safe!

Congratulations!! Stay safe!Welcome to SPD, Class 853!

If you like helping people, and would like to be a part of the fabulous work we do, here's information on how to apply to become a Seattle Police Officer: fal.cn/3wC2A
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2 weeks ago

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Congratulations and stay safe

Thank you NO!

Congratulations lord PLZ keep them safe as they do their jobs ๐Ÿ™๐Ÿ™๐Ÿ™๐Ÿ’™๐Ÿ’™๐Ÿ’™๐Ÿ™

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2 weeks ago

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Congratulations!! Praying ๐Ÿ™ for your safety and security

Congratulations to all of you on supporting your community. It is a very demanding and important career. Stay safe and make sure to express your love for your family as they wait for you to return home safely. I will keep you in my prayers.

Congratulations, Thank you for your service and God Bless

Congratulations. God Bless you and your family's

Congratulations and stay safe

Congratulations!! Stay Safe out there.

Congratulations besafe out there

Congratulations but be aware, wolves. Police walking out quitting for a reason.. Stay close to God, lawlessness.

Congratulations ๐ŸŽ‰ and Blessings ๐Ÿ™

๐ŸŽ‰๐ŸŽ‰๐ŸŽ‰๐ŸŽ‰

Congratulations may yall b safe as you do ur jobs ๐Ÿ™๐Ÿ™๐Ÿ™๐Ÿ’™๐Ÿ’™๐Ÿ’™๐Ÿ’™๐Ÿ’™๐Ÿ‘

THANKS HEROES

Good bless each and every law enforcement officer

GOOD LUCK. HOPE YOU MAKE IT TO RETIREMENT !!!!

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#Heroes

#heroesWhen three LAPD K9 officers were shot last week, LA County Sheriffโ€™s Department did not hesitate to offer their services, by providing their own K-9 unit to help with LAPD K9 callouts.

Two agencies. One county. One goal. Protecting and serving the community.

Thank you Los Angeles County Sheriff's Department.
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2 weeks ago

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Go Blue!! Thank you for all you do!!!

Deepest Sympathy to LAPD K9 Officers ๐Ÿ’™๐Ÿ’™๐Ÿ’™ with eternal thanks to LA County Sheriff Dept โฃ๏ธ praise and prayers to all of our Law Enforcement Warriors ๐Ÿ™๐Ÿป

This should not be happening and the criminals getting away with it .Pray for our police,Pity these politicians dont show as much respect for these officers as they did george floyd Back The Blue

Sorta hoping for some perps... Eliminated ๐Ÿ’ฅ๐Ÿ’ฅ๐Ÿ’ฅ

Ty

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2 weeks ago
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2 weeks ago
Rest in Peace. Thank you for seven years of service, K-9 Indi!

Rest in Peace. Thank you for seven years of service, K-9 Indi!The DeKalb County Police Department is mourning the loss of one of our canines. Retired K-9 Indi served for 7 years, 2013-2020. He served his entire career with his handler, Sgt. N.R. Larsen. During their time together, they gave outstanding service to the police department, the citizens of DeKalb County, and the Metro Atlanta area. #WeAreDKPD ... See MoreSee Less

2 weeks ago

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Rest In Peace and thank you for your service ๐Ÿ‡บ๐Ÿ‡ธ๐Ÿ‡บ๐Ÿ‡ธ๐Ÿ‡บ๐Ÿ‡ธ๐Ÿš“๐Ÿš“๐Ÿš“

Rip big beautiful boy. Thanks for your service. Go run free. โค๏ธ๐Ÿ™

So sorry for your loss. RIP

Rest in Peace.Thanks for your service.

Thank you K9 Indi for your service. Fly with the angels sweet pup. Back the Blue ๐Ÿ’™

Sorry to hear. Thank you for your service. RIP. prayers to handler and family

Prayers always ๐Ÿ™ โค

K9 Indi ๐Ÿ’™ RIP and thank you for your service ๐Ÿ™๐Ÿป prayers for your loved ones left behind

So sorry for your loss. Thank K9 Indi for his service to his community. Condolences to the family and friends

Our condolences ๐Ÿพ๐Ÿ’

God bless him

Rest in Peace buddy

God bless

Rest In Peace

Rest in Peace K-9 Indi ๐Ÿพ๐Ÿพ๐Ÿพ๐Ÿ‘ฎ‍โ™‚๏ธ๐Ÿ’™๐Ÿ–ค

So very sorry! RIP HERO!

Rip K9 Indi

Awwwhh, RIP.

INDI, A HERO THAT WAS LOVED๐Ÿ’™

RIP

RIP

Rip

RIP ๐Ÿ–ค๐Ÿ’™

You are beautiful so sorry for his loss

Prayers for him!๐Ÿ‡บ๐Ÿ‡ธ๐Ÿ™๐ŸŒน

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๐‡๐š๐ฉ๐ฉ๐ฒ ๐๐ข๐ซ๐ญ๐ก๐๐š๐ฒ ๐ญ๐จ ๐Š-๐Ÿ— ๐€๐ซ๐œ๐ก๐ข๐ž!!!!Image attachment

๐‡๐š๐ฉ๐ฉ๐ฒ ๐๐ข๐ซ๐ญ๐ก๐๐š๐ฒ ๐ญ๐จ ๐Š-๐Ÿ— ๐€๐ซ๐œ๐ก๐ข๐ž!!!! ... See MoreSee Less

2 weeks ago

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Happy birthday

Happy Birthday ๐ŸŽ‰๐ŸŽŠ๐ŸŽˆ

Happy Birthday K-9 Archie

Happy Birthday LEO ๐ŸŽ‚๐ŸŽ‰n many more ๐Ÿ’™๐Ÿ’™๐Ÿ’™๐Ÿ’™๐Ÿ’™๐Ÿ’™๐Ÿ™๐Ÿ™

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Great job, K-9 Groot!!!! ... See MoreSee Less

2 weeks ago
Thank you for 7 years of service, K-9 Jacquo!!!!Image attachmentImage attachment+1Image attachment

Thank you for 7 years of service, K-9 Jacquo!!!! ... See MoreSee Less

2 weeks ago

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AWESOME HAVE A GREAT LIFE OF LEISURE

Awesome! Enjoy your retirement and thank you for your service ๐Ÿ‘๐Ÿ’™

Beautiful. Happy Retirement. Thank you for your service and God bless you and watch over you

Thank you Officer Jacque stay safe ๐Ÿ‡บ๐Ÿ‡ธ๐Ÿ™โค๏ธ๐Ÿ‘ฎ‍โ™€๏ธ๐Ÿ•

Happy retirement

Thank you for your service K-9 Jacquo. ๐Ÿ’™๐Ÿ’™๐Ÿ’™๐Ÿ’™

Enjoy your retirement

♥๏ธ♥๏ธ♥๏ธ

Enjoy ur retirement n thank you for ur service ๐Ÿ’™๐Ÿซก๐Ÿซก๐Ÿซก๐Ÿซก

K9 Officer Jacquo ๐Ÿ’™ happy retirement and thank you for your service ๐Ÿ’™โฃ๏ธ

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Thank you, #Heroes!Image attachmentImage attachment+1Image attachment

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2 weeks ago
#Heroes ๐Ÿ’™๐ŸพImage attachmentImage attachment+1Image attachment

#heroes ๐Ÿ’™๐Ÿพ ... See MoreSee Less

2 weeks ago

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๐Ÿ™๐Ÿ’™๐Ÿพ

Welcome and thank you! Stay safe!Image attachmentImage attachment+2Image attachment

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2 weeks ago

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Congrats God plz keep her safe as she does her job ๐Ÿ™๐Ÿ™๐Ÿ™๐Ÿ’™๐Ÿ’™๐Ÿ’™๐Ÿ’™๐Ÿ’™

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2 weeks ago
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2 weeks ago
Welcome and thank you! Stay safe!

Welcome and thank you! Stay safe!Chris Schiller joined the Argonia Police Department as its newest part-time officer! He will serve as the interim Police Chief. Chris currently works as a federal officer in Wichita. Prior to this, he was a Special Agent with the Union Pacific Railroad Police and a law enforcement officer in Oregon. Chris is in the National Guard, serving as a combat medic in Afghanistan in 2014. If you see him, feel free to stop for a conversation! Welcome to Argonia Chris! ... See MoreSee Less

2 weeks ago

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Congrats Sir b safe out there as so many thugs don’t respect ur badge ๐Ÿ’”๐Ÿ’”๐Ÿฅต๐Ÿฅต๐Ÿฅต๐Ÿ™๐Ÿ™๐Ÿ™๐Ÿ™๐Ÿ™๐Ÿ™

Thank you for 37 years of service! Enjoy retirement!Image attachment

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2 weeks ago

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Congratulations now go and enjoy you deserve your retirement

Thank you for 24 years of service! Enjoy retirement!

Thank you for 24 years of service! Enjoy retirement!Last Thursday we said goodbye and good luck to Lt. Ryan Kwitkin who served for 24 years as he retired. Ryan worked in Patrol for most of his career, but also worked the tactical patrol team. I say retire, but Ryan is heading to another department out west where he will serve as their Deputy Chief. Ryan we thank you for your service and wish you well as you start your new journey. Keep in touch and check in every now and then. Be safe. ... See MoreSee Less

2 weeks ago

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Thank you for your service.

๐Ÿ’™๐Ÿ’™

Thank you for your service!! Enjoy retirement!

Thank you for your service!! Enjoy retirement!Today is the last day of the shift rotation and It is also the last time Sergeant Burkhalter will work an entire rotation. He will be retiring in a few months and moving with his family out of state. We are excited for him but also bitter sweet to see my former partner retire. His shift came together today and presented him with a gift to show their appreciation. Iโ€™m honored to work with a good group of people. Donโ€™t miss your opportunity to be part of something special. Join our family www.joinmonroviapd.org. Link is also on our profile. We got your six Sergeant Burkhalter ๐Ÿค˜๐Ÿฝ ... See MoreSee Less

2 weeks ago

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Many MANY thanks to each of you and especially Sergeant Burkhalter ๐Ÿ’™ enjoy your retirement Sir ๐Ÿ’™

Happy Retirement!!

๐Ÿ™๐Ÿ’™๐Ÿ™

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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

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