ERIN MOSHER
Special to The Leader
Did you know that your credit is checked when you apply for a loan, a job or if you want to purchase a car or home?
People with good-standing credit will have lower interest rates, which means you save money in the future. If you are ready to embark on the journey of building credit, the SUNY Fredonia Federal Credit Union is here to help you.
The on-campus credit union can help you apply for savings and checking accounts, wire transfers, automotive loans, mortgage loans, personal and student loans. They even offer loans for the holidays if you need some extra cash for the holiday season.
The credit union also offers scholarships that range from $500- $1,000. If you are looking to open a credit card, you can go to the credit union and they can help you decide which card is best for you and how you can build a good standing credit score.
They provided steps on their website on improving your credit score, which include “reviewing your credit report for errors, stop applying for new credit cards, pay bills in time, pay off judgements, liens and collections, mountain oldest accounts, don’t close them, and don’t max out your credit cards.”
Laura Proffitt, manager at the credit union, said that “an easy [way] to build your credit is to open an overdraft line of credit. The overdraft is attached to your checking account and it’s a line of credit there to help you in case you overdraft a check that you wrote or if it’s attached to your debit card so you don’t overdraft your account.”
To find the perfect card for you, you can also look at Credit Karma and use the filters to find the best fit for you. NerdWallet also offers a comparison chart for different types of cards that offer different incentives, fees, rewards and your chance of approval for the card.
“If you want to open up a credit card we recommend [starting with] a gas card or if you shop at stores like Old Navy,” Proffitt said. “You can open a store card and get a small balance and a small line of credit.”
The best way to have good credit is to pay attention to your accounts. When you make purchases on your credit cards, the balance on your card decreases, so make sure you are paying off your balance on time.
“You should set money aside so when a bill comes, you can pay it off right away and so you know you are managing your budget,” Proffitt said.
You should also be checking your credit score and that will tell you if you are in a good and safe credit standing. Credit Karma will show you your score whole without damaging it, and will even offer tips on how you can improve your score. Proffitt explained how creating an electronic calendar can help an individual keep track of their bills and payments.
“I have an electronic calendar and I use it to keep track of my bills,” Proffitt said.“That way when [the bills] are due and when my paycheck comes in, I can pay my cards off immediately.”
If you feel that you are not ready to have your own credit card, you can instead become an authorizer on your parent’s credit card. With this option, you can still build your credit since it will be attached to your social security. If you do this, just make sure that the person you are joining has already good standing credit.
The SUNY FFCU can also help you get car insurance, which is especially important to students who are looking to get a car to take them places. The union has plans to help individuals get home insurance as well. They also have people in the office to help you invest your money to build your retirement fund and it is never too early to start saving for your retirement.
There are three tellers available Monday through Friday at the union and Proffitt said “you don’t have to make an appointment and you can pop in between classes.”
The SUNY Fredonia federal credit union can be found in room G139 in the Williams Center. Their hours are listed below:
Monday: 9 a.m. – 4:00 p.m.
Tuesday: 9 a.m. – 2:00 p.m.
Wednesday: 9 a.m. – 2 p.m.
Thursday: 9 a.m. – 4 p.m.
Friday: 9 a.m. – 4 p.m.
The credit union is open and ready to help students manage their money. They have multiple resources to help you manage money and savings.
The link to Erin’s savings blog “Keep the Moola” :