Investing in your education is the way to ensure your financial success. At Signia Credit Union, not only do we want to provide you with the resources to gain more financial education, but we want to see you succeed in every aspect of your lives. We have more information and resources available in our office, so stop by and see how we can help you!
Building Good Credit
Building and maintaining good credit can significantly impact future financial success. Credit scoring systems are complex and vary among creditors or insurance companies and for different types of credit or insurance. If one factor changes, your score may change – but improvement generally depends on how that factor relates to others the system considers. Nevertheless, scoring models usually consider the following types of information in your credit report to help compute your credit score:
Have you paid your bills on time? You can count on payment history to be a significant factor. If your credit report indicates that you have paid bills late, had an account referred to collections, or declared bankruptcy, it is likely to affect your score negatively.
Are you maxed out? Many scoring systems evaluate the amount of debt you have compared to your credit limits. If the amount you owe is close to your credit limit, it’s likely to have a negative effect on your score.
How long have you had credit? Generally, scoring systems consider your credit track record. An insufficient credit history may affect your score negatively, but factors like timely payments and low balances can offset that.
Have you applied for new credit lately? Many scoring systems consider whether you have applied for credit recently by looking at “inquiries” on your credit report. If you have applied for too many new accounts recently, it could have a negative effect on your score. Every inquiry isn’t counted: for example, inquiries by creditors who are monitoring your account or looking at credit reports to make “prescreened” credit offers are not considered liabilities.
How many credit accounts do you have, and what kinds of accounts are they? Although it is generally considered a plus to have established credit accounts, too many credit card accounts may have a negative effect on your score. In addition, many scoring systems consider the type of credit accounts you have. For example, under some scoring models, loans from finance companies may have a negative effect on your credit score.
Scoring models may be based on more than the information in your credit report. When you are applying for a mortgage loan, for example, the system may consider the amount of your down payment, your total debt, and your income, among other things. Improving your score significantly is likely to take some time, but it can be done. To improve your credit score under most systems, focus on paying your bills in a timely way, paying down any outstanding balances, and staying away from new debt. Source: www.ftc.gov.
Call (808) 624-9884 for more information and let us help you build your credit!
Credit Union Financing vs Dealer Financing
Credit Union Financing Can Beat Dealers’ 0% Financing
Take the rebate and save with a loan from Signia Credit Union! If you’re offered the choice of a rebate or the dealer’s 0% financing, choose wisely. Financing the lower amount with a low-rate loan from Signia Credit Union could cost significantly less than paying the full invoice amount with the dealer’s 0% financing.
Example:
| Signia Credit Union’s 5.25% APR* Financing |
Dealer’s 0% APR* Financing |
|
|---|---|---|
| Vehicle Purchase Price | $25,000 | $25,000 |
| Dealership Rebate | $4,000 | $0 |
| Final Loan Amount | $21,000 | $25,000 |
| 60 Monthly Payments of | $399 | $417 |
| Total Cost Paid | $23,922 | $25,000 |
| Total Saved | $1,078 | $0 |
*APR = Annual Percentage Rate. 100% financing available. New auto loan rate example: 60-month loan at 5.25% APR. Other terms available; call for details. Dollar amounts are approximate values. The rate for new/used/refinanced auto loans is determined by terms, application, and credit history. Your actual rate may be higher. Rate effective 4/1/26 and is subject to change without notice. All loans subject to credit approval.
Signia Credit Union Loan Features
Up to 100% financing available
Low, fixed rates
No prepayment penalties
Terms up to 84 months for new autos and 72 months for used autos
Credit Life and Disability Insurance are offered for peace of mind
Guaranteed Auto Protection (GAP) Insurance
Extended Warranty Protection
Call (808) 624-9884 for more information and ask about getting pre-approved!
Protecting Your Identity
Identity theft happens when someone uses your Social Security number or other personal information to open new accounts, make purchases, or get a tax refund.
Most people who experience identity theft must take several steps to recover. IdentityTheft.gov is the federal government’s one-stop resource to help you report and recover from identity theft. There are also a number of preventative steps that you can take to help minimize the risk of your identity being stolen, including:
Be Alert to Impersonators
Make sure you know who is getting your personal or financial information. Don’t give out personal information on the phone, through the mail or over the Internet unless you’ve initiated the contact or know who you’re dealing with. If a company that claims to have an account with you sends an email asking for personal information, don’t click on links in the email.
Safely Dispose of Personal Information
Before you dispose of a computer, get rid of all the personal information it stores. Use a wipe utility program to overwrite the entire hard drive. Before you dispose of a mobile device, check your owner’s manual, the service provider’s website, or the device manufacturer’s website for information on how to delete information permanently and how to save or transfer information to a new device. Remove the memory or subscriber identity module (SIM) card from a mobile device. Remove the phone book, lists of calls made and received, voicemails, messages sent and received, organizer folders, web search history, and photos.
Encrypt Your Data
Keep your browser secure. To guard your online transactions, use encryption software that scrambles information you send over the internet. A “lock” icon on the status bar of your internet browser means your information will be safe when it’s transmitted. Look for the lock before you send personal or financial information online.
Keep Passwords Private
Use strong passwords with your laptop, credit, bank, and other accounts. Be creative: think of a special phrase and use the first letter of each word as your password. Substitute numbers for some words or letters. For example, “I want to see the Pacific Ocean” could become 1W2CtPo.
Don’t Overshare on Social Networking Sites
If you post too much information about yourself, an identity thief can find information about your life, use it to answer ‘challenge’ questions on your accounts, and get access to your money and personal information. Never post your full name, Social Security number, address, phone number, or account numbers in publicly accessible sites.Source: www.ftc.gov
Call (808) 624-9884 for more information.
Save and Invest Now for Your Future
Saving is a key principle that can help anyone build wealth and financial security for the future. People who make a habit of saving regularly, even saving small amounts, are well on their way to success. Everyone has short-term and long-term needs, and a well-thought-out savings plan can help give you the framework necessary for financial freedom. Realize the power of compounding interest by saving early and regularly, and see how simple it can be to save for your future.
Actions you can take
Open and keep an account at the credit union.
Set up automated transfers into your account. This helps you to pay yourself first!
Track your savings and investments, and monitor what you own.
Plan for short-term and long-term goals such as buying a car or going on a vacation.
Build up emergency savings for unexpected events.
Consult with a qualified professional on investments and other key financial matters.
Save for retirement, children’s education and other major items.
See how you can build your savings with our Savings Calculator and take one step at a time. It’s easy to get overwhelmed by trying to do too much too fast. Saving for your future takes time and patience, but it is definitely a process that is well worth the effort.
Call (808) 624-9884 to see how we can help you.
The Value of Protecting Your Loan
You can never predict what will happen in the future. Life is full of surprises, and sometimes those surprises can create added stress in our lives. That’s the value that insurance provides! Signia Credit Union has joined with leading insurance providers to offer our members added loan protection products to give you peace of mind and at affordable rates.
Credit Life Insurance (CLI)
CLI pays off your loan in the event of your death. This insurance will pay the loan off in full and not leave a burden on your surviving family members. CLI is a very inexpensive coverage that's included in your monthly payment.
Credit Disability Insurance (CDI)
CDI helps make loan payments after the policy waiting period if you become disabled through a covered illness or accident. The premium is included in your monthly loan payment. CDI pays regardless of other insurance you may have, and is important when other medical bills are incurred.
Guaranteed Auto Protection (GAP) Insurance
Most people believe that if their vehicle is totaled or stolen, their primary insurance will pay off their loan balance. Unfortunately, your primary insurance carrier will usually pay only the actual cash value (current market value) of your vehicle less your deductible. This amount could be substantially lower than your loan balance.
The final result is a financial GAP where you must pay the difference between your loan balance and your insurance settlement, which could mean thousands of dollars out of your pocket. GAP coverage helps eliminate the out-of-pocket expense you would incur to pay off your loan should your vehicle be stolen or totaled.
Route 66 Extended Warranty
Route 66 Warranty has a complete line of coverage designed to keep your vehicle on the road. Even the most reliable vehicle can develop a mechanical problem; that's why so many people depend on Route 66 Warranty. No matter where you travel in the United States, we protect you against major mechanical expenses, and there is NO DEDUCTIBLE on covered parts and labor. All of the plans come with 24 hour/7 days a week Emergency Roadside Service, including: towing, flat tire assistance, battery jump starting, lock-out service, rental car allowance, and more!
Call (808) 624-9884 for more information.