Spring Shred Day Join us on May 11th, for our Spring Shred Day! This will be for paper waste only. We will not be accepting electronic waste at this time. This is a CBC member-only event so please provide proof of membership upon arrival. Some examples include: Debit or Credit Card Monthly Bank Statement Account Number Card Online Banking Account Home Page See you soon!
Get Savvy With Your Credit Score! Posted on April 9, 2024April 9, 2024 by Daniel Cervantes When it comes to credit scores, there is always potential room for improvement. If you’ve recently reviewed your credit score and aren’t satisfied with the result. There are several effective strategies to help you boost it. Credit scores, serve as numerical representations of an individual’s creditworthiness, are shaped by various factors. To comprehend the elements affecting your score. Our Online Banking tool, Credit Score by SavvyMoney, is tailored to guide you in managing your credit according to the factors influencing your score. While specific scoring models may exhibit slight variations, Credit Score features the list of factors that are recognized as pivotal influencers: Payment History: This is one of the most critical factors. It reflects whether you’ve made payments on time, any missed or late payments, and the frequency of such incidents. Credit Utilization Ratio: This ratio compares the amount of credit you’re currently using to the total amount of credit available to you. Lower credit utilization ratios generally result in higher credit scores. Length of Credit History: The length of time you’ve had credit accounts open influences your credit score. Longer credit histories are generally seen as more favorable, as they provide a more comprehensive picture of your credit management habits. Credit Mix: Having a mix of credit types, such as installment loans (e.g., mortgages, auto loans) and revolving credit (e.g., credit cards), can positively impact your credit score. However, this factor typically has less influence compared to payment history and credit utilization. New Credit Inquiries: Applying for new credit can temporarily lower your credit score. Multiple inquiries in a short period might signal financial distress or a high risk of default, which can negatively impact your score. Focusing on these essential factors has been shown to enhance credit scores. Patience is crucial as credit scores are dynamic and influenced by your financial actions over time. Consistently paying bills punctually and reducing credit debt are key fundamental practices. Additionally, vigilantly monitoring your credit report and comprehending the variables impacting your score empower you to sustain or enhance your creditworthiness. Learn more about Credit Score and sign up today to enhance your score!- Your Credit Score & More! – CBC Federal Credit Union (cbcfcu.org)
File Your Taxes Using Epic Perks! Posted on March 13, 2024March 13, 2024 by Daniel Cervantes Attention Epic Premium Checking Account holders! We’re excited to announce a new perk: you can now conveniently file your taxes directly through your Epic Perks App! Teaming up with FileYourTaxes.Com, an IRS-approved e-filing service, that offers a secure and streamlined platform for tax filing. Here’s what you can expect: Fast, easy, and secure online filing for both Federal and State taxes. Your refund can be directed into your existing CBC account or any other account of your choice. Plus, enjoy these perks: Federal Tax filing for all Epic Premium Checking holders at $0. State Tax filing fee is reduced to $45. Experience hassle-free tax filing with Epic Perks! 1. Log in to your Epic Perks app. 2. Create your account. 3. Start filing out your taxes. 4. You can save your progress and log back in at any time on your desktop or mobile device. This content is intended to provide general information and shouldn’t be considered legal, tax or financial advice. It’s always a good idea to consult a tax or financial advisor for specific information on how certain laws apply to your circumstance and about your individual financial situation. Must be enrolled in Epic Premium Checking to qualify for service. FileYourTaxes.com will charge a tax service filing fee of $45 for State Tax Returns and $0 for Federal Tax Returns. Terms, conditions, features, availability, pricing, fees, service and support options subject to change without notice. Please log in to your Epic Perks Mobile App Epic Perks App – CBC Federal Credit Union (cbcfcu.org) and visit FileYourTaxes.com http://www.fileyourtaxes.com/ to learn more. Participating merchants on BaZing are not sponsors of the program, are subject to change without notice, may not be available in all regions and may choose to limit deals.
Core Steps to Supercharge Your Savings Posted on February 8, 2024February 8, 2024 by Daniel Cervantes At CBC Federal Credit Union, we’re more than just a financial institution; we’re your partner in building a secure financial future. Understanding the importance of saving and effectively managing your finances is key to achieving financial freedom. Here are essential steps to help our members save more and start their journey toward financial independence. 1. Set Clear Financial Goals The most important step to saving is knowing what you’re saving for. Whether it’s for an emergency fund, a down payment on a home, retirement, or a dream vacation, setting clear achievable goals will give your saving efforts direction and purpose. Break these down into short-term, medium-term, and long-term goals to make them more manageable. 2. Create a Budget and Stick to It Budgeting is the cornerstone of personal finance management. It’s about understanding your income and expenses and making informed decisions on how to allocate your funds. Use tools like CBC Federal Credit Union’s Online Banking to track your spending, identify areas where you can cut back, and prioritize your saving goals. 3. Build an Emergency Fund An emergency fund is a financial safety net designed to cover unexpected expenses like medical bills, car repairs, or job loss. Aim to save at least three to six months’ worth of living expenses. This fund should be easily accessible but separate from your regular savings account to avoid temptation. 4. Pay Down Debt High-interest debt, such as credit card debt, can hinder your ability to save effectively. Focus on paying down debts with the highest interest rates first while maintaining minimum payments on others. Be on the lookout for credit promotions such as our 12-month 0% APR Balance Transfer promotion that will help ease credit debt and stress. 5. Automate Your Savings One of the most effective ways to save is to make it automatic. Set up a direct deposit from your paycheck or an automatic transfer from a checking into a savings account. The “out of sight, out of mind” approach can significantly boost your savings without feeling the pinch. CBC Share Savings Accounts offers that flexibility with competitive rates. 6. Review and Adjust Regularly Your financial situation and goals may change over time, so it’s important to review and adjust your budget, savings, and investment strategies regularly. At least once a year, sit down to evaluate your progress and make any necessary adjustments to stay on track. 7. Invest Wisely Saving is crucial, but to truly build wealth and achieve financial freedom, consider investing. Investments can generate passive income and grow your wealth over time. Speak with a financial advisor with CBC Wealth Management to understand your options and risks and to tailor an investment strategy that suits your goals and risk tolerance. 8. Live Within Your Means Finally, living within your means is essential for financial freedom. Avoid lifestyle inflation by resisting the urge to spend more as your income increases. Sure, occasional indulgences are tempting. It is vital to appreciate what you have and remember that true financial freedom comes from achieving your goals and reducing financial stress, not from owning the latest gadgets or luxury items. At CBC Federal Credit Union, we’re committed to helping our members achieve their financial goals. With the right approach and support, saving more and embarking on a path to financial freedom is within your reach. Visit us today to learn more about how we can help you on your financial journey. www.cbcfcu.org
Unlock Financial Confidence: Navigate Your Path with CBC Federal Credit Union’s Credit Simulator Posted on November 22, 2023November 22, 2023 by Daniel Cervantes In the dynamic landscape of personal finance, understanding and managing your credit score is a key component of financial success. Your credit score is a numerical reflection of your financial habits and plays a crucial role in major life decisions, such as purchasing a car or home. At CBC Federal Credit Union, we recognize the significance of staying informed about the impact of your financial choices on your credit score. That’s why we’re excited to introduce our easy-to-use Credit Simulator, powered by Savvymoney, available through our online banking platform. Empower Your Financial Journey with the Credit Simulator What is the Credit Simulator? Our Credit Simulator is a powerful tool designed to eliminate uncertainties and provide you with a clear understanding of your financial standing. With just a few clicks, you can simulate various financial scenarios and receive an approximate credit score, allowing you to make informed decisions about your financial future. Gain Insight into Your Eligibility Wondering how different financial decisions can influence your credit score? The Credit Simulator helps you explore the potential impact of actions such as: Applying for New Credit: Understand the effects of adding new credit to your profile and make decisions that align with your financial goals. Getting a New Loan: Simulate the impact of taking on a new loan, ensuring you’re prepared for any changes in your credit score. Managing Your Credit Card Balances: Learn how adjusting your credit card balances can positively affect your credit score, empowering you to make strategic financial choices. Managing Your Payment Activity: Explore the relationship between your payment history and credit score, optimizing your approach to enhance financial health. Making Payments on Time: Discover the importance of timely payments and how consistently meeting deadlines positively impacts your creditworthiness. Using the Credit Simulator is easy and convenient. Access it through our online banking platform, and follow these simple steps: Log In: Access your CBC Federal Credit Union online banking account.Navigate to Credit Simulator: Locate the Credit Simulator powered by Savvymoney within our online banking portal.Simulate Your Score: Input various financial scenarios to generate an approximate credit score and gain valuable insights. Why Use the Credit Simulator? Plan for the Future: Anticipate the impact of financial decisions before making them, allowing you to plan and strategize effectively.Optimize Your Credit Health: Understand how your actions influence your credit score and take proactive steps to improve your financial well-being.Enhance Financial Confidence: Make informed choices that align with your goals, ensuring a brighter and more secure financial future. Maximize your financial choices with confidence using CBC Federal Credit Union’s Credit Simulator. Take the guesswork out of credit management and gain the insights you need to make decisions that positively impact your financial well-being. Empower your financial journey — simulate your score, see where you stand, an
Seasonal Savings: Mastering Your Holiday Budget Posted on November 17, 2023November 22, 2023 by Daniel Cervantes The holiday season is undoubtedly a time of joy, celebration, and, unfortunately, often a strain on our wallets. With gifts to buy, festive gatherings to host, and travel expenses, it’s easy to feel the financial pressure. However, there’s a tried-and-true method that can help you navigate the holiday expenses without breaking the bank – the 50/30/20 rule. The 50/30/20 rule is a budgeting framework that allocates your income into three main categories: needs, wants, and savings. Here’s a breakdown of each category: 50% for Needs: This category encompasses essential expenses that are necessary for daily living. It includes rent or mortgage payments, utilities, groceries, insurance, and transportation costs. 30% for Wants: Wants cover non-essential or discretionary spending, such as dining out, entertainment, shopping, and hobbies. 20% for Savings: The remaining 20% of your income should be dedicated to savings. This includes contributions to your emergency fund, retirement savings, and other financial goals. Adapting the Rule for Holiday Savings Assess Your Finances: Begin by reviewing your current financial situation. Calculate your monthly income and identify your regular expenses. Determine how much you can realistically allocate to holiday savings without compromising your essential needs. Set a Realistic Holiday Budget: Based on your assessment, establish a reasonable budget for holiday expenses. Include categories like gifts, decorations, travel, and any other seasonal costs. By allocating funds to specific categories, you gain control over your finances and reduce the stress associated with holiday expenses. Allocate 20% of Your Monthly Budget to Holiday Savings: Take 20% of your monthly income and designate it specifically for your holiday fund. This ensures a systematic and disciplined approach to saving. The rule provides a clear framework, preventing impulse spending and ensuring a structured approach to saving. Create a Separate Savings Account: Open a dedicated savings account for your holiday fund. This separation helps prevent accidental spending and allows you to track your progress more effectively. Embrace Smart Spending: Apply the 30% discretionary spending to your holiday purchases. Look for ways to cut costs, such as buying gifts during sales or opting for DIY decorations. Regularly Monitor Your Progress: Keep a close eye on your holiday savings. Regularly assess your spending against your budget to identify areas where adjustments may be needed. Mastering the holiday budgeting game with the 50/30/20 rule offers a practical and effective way to enjoy the season without sacrificing your financial well-being. By following this rule, you can revel in the joy of giving without the lingering stress of overspending. Happy budgeting and happy holidays!
Maximize Your Financial Choices with Credit Simulator Posted on November 2, 2023November 2, 2023 by Daniel Cervantes Monitoring your credit score is an essential aspect of maintaining your financial well-being. Credit scores play a pivotal role when we are ready for those big moments when you buy a car or home. Therefore, it’s vital to stay informed about how your financial choices influence these three significant digits. Our online banking now offers the easy-to-use Credit Simulator through Savvymoney. This can take away the “what ifs” and generates an approximate credit score that will help you see where you stand. The credit simulator is an easy way to gain valuable insights into your future eligibility for loans and credit cards. How does the Credit Simulator work? Discover how different financial decisions can impact your credit score, and financial health while making reaching your goals easier than ever. Financial Decisions such as: Applying for new credit Getting a new loan Managing your credit card balances Managing your payment activity Making payments on time Simulate Your Score. See Where You Stand. Today Manage credit easier, Become a member- https://www.cbcfcu.org/join-cbc/
Your Credit Score & More! Posted on October 14, 2023October 14, 2023 by Daniel Cervantes Introducing– Your Credit Score & More! A CBC Federal Credit Union member exclusive! Credit Score provides you with all the resources you need to take control of your financial health. All CBC members will have access to Credit Score – built right into our easy-to-use online and mobile banking platform. Credit Score is FREE – and doesn’t impact your score. Staying on top of your credit has never been easier! If you’re a member enroll today through CBC Online Banking – desktop or mobile. If you’d like to become a member, we’d love to meet you. Simply visit a branch near you, or visit https://www.cbcfcu.org/join-cbc/ Benefits of Credit Score– Access to your Credit Score & Report– Real time Credit Monitoring Alerts– Personalized Credit Score Action Plan– Credit Score Simulator– Credit Score Goals– Special Credit Offers… And More!
Personal Guide to Building Credit Posted on September 26, 2023September 26, 2023 by Daniel Cervantes Understanding and building one’s credit score is critical, particularly for credit union members managing tight budgets. A robust credit profile is indispensable, affecting various aspects of life from securing loans to job applications. Whether starting afresh or rebuilding, there are proven strategies to enhance your score. Key Insights: Impact of Credit: A poor score can limit financing options and act as a deterrent for landlords and prospective employers. Credit Management: Regular monitoring, timely payments, and responsible credit usage are fundamental to maintaining a good score. 1. Regularly Review Your Credit Reports Action: Obtain one free credit report annually from TransUnion, Equifax, and Experian through AnnualCreditReport.com. Purpose: Regular reviews help identify inaccuracies or fraudulent activities, which can be disputed to maintain an accurate score. 2. Create a Budget Action: Develop and stick to a realistic budget. Purpose: Efficient financial management helps avoid unnecessary debts and ensures timely bill payments, contributing to a healthy credit score. 3. Ensure Timely Payments Action: Set up automatic payments or reminders for bills, loans, and credit cards. Purpose: Avoiding late payments is essential as they can significantly impact your credit score negatively. 4. Utilize the Right Credit Cards Action: Use cards like the CBC Epic Rewards Card or Platinum Card responsibly and be mindful of the interest. Purpose: Credit Cards are the most used form of credit for everyday expenses. Making continuous payments on such purchases is instrumental in establishing a solid payment history contributing to improved credit scores. 5. Maintain Low Credit Balances Action: Keep credit utilization below 30% of your limit. Purpose: Lower utilization is viewed favorably by lenders and can improve your score over time. 6. Retain Older Credit Accounts Action: Avoid closing older, unused accounts. Purpose: They contribute to the length and diversity of your credit history. 7. Responsibly Manage New Credit Action: Limit applications for new credit accounts. Purpose: Multiple applications can decrease your score and signal potential risk to lenders. 8. Establish a Varied Credit Mix Action: Maintain a mix of credit cards, installment loans, and retail accounts. Purpose: A diverse credit mix can positively impact your score, but unnecessary accounts should be avoided. 9. Settle Outstanding Debts Action: Pay off debts and consult a credit counselor for a manageable repayment plan. Purpose: Settling debts can enhance your credit score gradually. 10. Seek Professional Guidance Action: Leverage financial counseling services offered by many credit unions. Purpose: Professional guidance can offer valuable insights into effective financial management and credit improvement. (Bonus) Quick Credit Building Strategies Tailored Approach: Building credit is personalized with varied timelines; adopt strategies aligned with individual circumstances. Practical Steps: Reducing debt, increasing credit limits, and adding rental history to credit reports can yield quick improvements. Note: While swift improvements are possible, a paced and consistent approach is recommended. Building and managing credit is a nuanced process. By adopting disciplined financial habits and leveraging available resources, a robust credit profile can be developed and maintained. For more insights, visit CBC Financial Cents: Online Learning and explore our extensive library on credit management.
Fall Shred Day Join us on October 21st for our Fall Shred Day! This will be for paper waste only. We will not be accepting electronic waste at this time. This is a CBC member-only event so please provide proof of membership upon arrival. Some examples include: debit or credit card monthly bank statement account number card online banking account home page See you then!
