Credit Union News
Improve My Credit
What's the difference between a credit score and credit report?Credit scores are one of the factors lenders use to determine if they will approce a loan and to determine the interest rate on a loan. A credit score is a numerical reflection of the information contained in your credit report at the moment it's requested.
What do different credit scores mean?VantageScore 3.0 model uses a score range of 300 to 850. An excellent score ranges 780 to 850. A poor score ranges 300 to 600. A higher score means better interest rates and credit terms.
How are credit scores calculated?A credit score summarizes your credit report into variables. Some score variable are more important than others. Credit usage and payment history are most impactful. Variables will then go into an equation for a score.
What is a credit score?A credit score is generated using information from your credit report. Your score is not physically a part of your credit report. It is calculated at the time a lender requests your credit report.
How can I improve my credit score?Credit scores react to your financial health.
- Don’t overextend your credit - that can lower your score.
- Timely will paying and lowering outstanding debt can raise your score.
- Monitoring your score can help you see what’s affecting it.
What sorts of things can lower my credit score?Four factors that can lower your score:
- Maxing out a credit card.
- Applying for new credit cards or loans.
- Closing a credit card you’ve had for a will
- Missing a payment or having several inquiries for new credit within a short period of time are among a couple of reasons why your credit score may lower.
Opt-In For Overdraft Advance
Imagine these scenarios:
You’re in the grocery store check-out line with a cart full of groceries. You swipe your debit card and it is declined.
You’re out of town at a gas station and you need to fill your tank. You go to pay with your debit card at the pump and it is declined.
You’re out of town and need some cash. You go to an ATM, use your card to take out $300. It is declined.
With our Overdraft Advance program, Coloramo can now allow members in good standing to overdraw their personal checking account up to $350. But, you need to Opt In for this service to take effect for your debit card purchases and ATM withdrawals. To opt in just click here to print a copy of the disclosure and application to print a copy of the disclosure and application. Fill it out and then fax, mail, or drop off the application to us for processing. Or you may simply stop in to any of our branches and ask for an Opt In form.
This is a great service and gives you a $350 cushion when you need it the most. Instead of the embarrassment of having your card declined at the grocery store, gas pump or ATM, your debit card purchase or cash withdrawal will be approved. There is no cost to sign up and there will never be a charge if you don’t use the service. It’s just great to have the cushion if you ever need it. Read the details on Overdraft Advance and sign up today!
AWARDING EXCELLENCE - COLORAMO $1000 SCHOLARSHIPEach year, Coloramo sponsors a $1000 scholarship. Applicants must be members and enrolled at, or have an acceptance letter from, any college or vocational school nationwide. Applications are available in any branch or online and must be returned by March 31, 2019.
You may pick up an application at any one of our locations or click here to download the application. Type your responses in the open fields, include a letter stating why we should choose you, and then print it out and drop off the completed application or mail it back to us. The deadline to submit an application for this year's scholarship has passed. Please check back with us next winter!