Famous Friends at the Branch

I can’t say it enough; BestSource is truly committed to improving the financial lives of our members and the community. In addition to holding Women in Finance Seminars at our branch we have also widened our audience by taking on radio. We want to share our mission with anyone that will listen. We are excited to help and have a passion for helping individuals get on, and stay on, the right financial path.

BestSource Credit Union was recently approached by Detroit’s WJR News/Talk Radio 760 to come on their morning show to talk with Steve Courtney. This exciting opportunity allowed us to spread our message to those who may not have heard it otherwise. Branch Manager, Lisa Castro, and Branch Coordinator, Kathleen Batton, discussed the importance of budgeting wisely and carefully spending this holiday season.

With Christmas so close it’s hard not to get into the spirit of spending and sharing. But, if you are not careful you could still be paying this Christmas off during next Christmas! Lisa and Kathleen suggest creating a budget by making a list of all the family members and friends you will be buying gifts for. By doing this BEFORE shopping you will have a better idea of what you need when you get to the store. Having a goal in mind can help you get in and out without the extra purchases.

Another way to save is to go in on gifts with other people. This way you can still get the gift without being stuck with the whole bill. If your family is like mine…LARGE, I suggest pulling names from a hat. It’s a great way to ensure that everyone is covered without worrying about getting something special for everyone (which adds up quickly).

This holiday season don’t let the spirit be your shopping guide. Make a plan and stick with it! To listen to all of Lisa and Kathleen’s podcast of their guest appearance on WJR, click here!

Did you hear it? What did you think? Let us know here!

BestSource Partners with CarQuotes!

For many, purchasing a new car is an exciting time! For others, all the choices can leave them feeling overwhelmed. Although I usually get excited about the purchase of a new car, I find myself asking a lot of questions: Do I want new or used vehicle? Should I buy American or Foreign? Do I need an SUV?

At BestSource Credit Union, we not only want to provide our members with affordable auto loans, we also want to ensure that our members are comfortable and confident with their purchase. I realize that my questions are the same questions the members are asking themselves, and we want to help you answer them. This is why we have partnered with CarQuotes.com.

Carquotes.com is a great resource for anyone looking to purchase a new or used vehicle. It includes tools to help you compare vehicles, search for current rebates, find out your trade-in value and even determine which vehicle fits your needs. Get all your car buying questions answered in one convenient location, 24 hours a day, (7) seven days a week.

As an added bonus, you will get CarQuotes’ exclusive Know Before You Go pricing on new and used vehicles. Once you find the right vehicle, you will get a low, upfront price before heading to the dealer. On average, the prices provided by CarQuotes.com is $5,400 under MSRP!

I have already used CarQuotes.com to search for my next vehicle. This time around I have no particular car in mind and I will be using this new tool to help determine what I will purchase for my next car.

Have you used CarQuotes.com to locate your vehicle? How much did you save? What did you like best about the Web site? Share here!

West Bloomfield Branch Progress

BestSource Credit Union is excited to see the walls of our NEW West Bloomfield Branch go up. The builders have made a lot of progress; it seems that a structure appeared overnight! Next up: the inside, which will feature Teller pods that will allow for a more one-on-one experience with members, as well as multiple business offices.

The company responsible for helping our new branch come to life is the LaMacchia Group. They were able to come up with a design that represented BestSource Credit Union and everything we wanted to offer our membership. Its open and welcoming design will not only impress members, it will also help them to feel right at home.

We look forward to holding community events at our new branch and to grow our business in our new community. The location will also allow us to better serve existing members that live in the Farmington, Novi, West Bloomfield, Wixom and Commerce areas. And, with its convenient access from Haggerty and Pontiac Trail, members can get in and out quickly without concern for traffic.

I look forward to opening the branch doors early 1st quarter of 2010 and hope to see many of you at our Grand Opening Event!

Have you had a chance to drive by our new site? Do you live near the new branch location? If so, share your thoughts here!

Aim High to get Low!

It’s a strange concept, aim higher to get lower? I am referring to your Credit Score. Do you know what your number is? Since your Credit Score can never be too high, I think that all of us can work on improving in this area. Credit is something that is very important to me, not only as the CEO of a financial institution, but also as an individual. I have worked very hard to ensure that I have a good score but I know I can always try to improve it. And, so can you with these easy tips:

1. If you don’t know your current score, get it. Equifax, TransUnion and Experian all offer different versions of this number. However, it is the FICO formula developed by banking consultants at the Fair Isaac Corporation that is the most accurate. You can obtain this number by visiting myFico (there is a cost). Or, if you are a WOW! Checking member, we send you your score automatically every quarter.
2. Pay off as much as you can on your credit cards. Lenders like to see that you are able to spend within your means. If your cards are all maxed out, it may indicate that you are at risk for financial problems. Even with a good score, carrying high balances on your card can have an impact. By paying off a balance of $2,250 on a card that has a limit of $2,500, you can boost your score up to 75 points!
3. Make your payments on time. One late payment can lower your score by up to 100 points! Even if you can only afford to make the minimum payment, make sure it is paid on time.
4. Add your spouse to your card (or vice versa). If you, or your spouse, have a card with a long history of good payments, ask the card holder to issue an additional card. Although your spouse won’t be liable for the debt on the card, they will benefit from your positive history and a boost in their available credit.
5. Keep applications for credit to a minimum. Although applying for credit won’t necessarily hurt your score, if you have multiple applications within 24-months a lender may become suspicious of your reason for wanting a loan. This may indicate to a lender that you are trying to take on too much debt at once.
6. Check your history for errors. The contents of your credit report will affect your score, so make sure everything is correct. You are entitled to a free credit report from Equifax, TransUnion and Experian on a yearly basis. If you find incorrect information, it is important to contact each company immediately. Fixing an error on one report will not necessarily be reflected on the others. Visit Annual Credit Report’s Website to download your reports today.
7. Establish some form of credit. There are individuals that prefer to pay for everything in cash. If they can’t pay for it with cash, then they do not purchase an item. Although the principle is good (you should never purchase more then you can pay for) it is still important to have multiple forms of credit. Without establishing a credit history, you may find it difficult when it comes time to purchase a car or a home.

 Establishing GOOD credit is important because it will help you pay less in the future. Individuals with a score of 700 or higher (on a scale of 300 to 850) are considered to have “good” credit. However, to get the best available rate most companies want to see at least a 760. For example, an individual with a $150,000, 30-year mortgage at 5.6% will save $86,000 over the life of the loan versus an individual with a 8.00% rate. So aim high to get low!

 How have you improved your credit score? What tips do you have for individuals trying to pay off high-balance credit cards? Let us know here.

New Kid on the Block, Again.

BestSource Credit Union is excited to see construction begin on our NEW West Bloomfield Branch! This branch is very important to us and our members because it will allow us to more conveniently serve individuals on this side of town and help us reach out to even more of the community.

The groundbreaking took place on Monday, June 8^th, and although it was rainy there was nothing that could ruin our big day. Once completed, the new branch will feature Teller pods that will allow for a more one-on-one experience with members, as well as multiple business offices. It will also offer convenient access from Haggerty and Pontiac Trail so members can get in and out quickly, without concern for traffic.

I look forward to the Grand Opening late 4^th quarter and hope to see many of you there.

Have you had a chance to drive by our new site? Do you live near the new branch location? If so, share your thoughts here!

Save your health and your money!

There has been a lot of buzz surrounding the recent inflation on Cigarette prices. Even employees of the Credit Union have been debating if this could be an opportunity for them to take the big step and quit. In today’s economy, cost is everything and we are looking for ways to save in anyway we can. Whether it’s by cutting back on our Starbuck’s runs or buying generic at the grocery store, it’s the little sacrifices that help add up to bigger savings.

 

I am not saying that I agree or disagree with the new Cigarette prices, but I do feel that this is an opportunity for Americans to evaluate how much they can save by making a large change in their lifestyle. One way I suggest doing this is by creating a special Savings Account for you to deposit the funds you would normally spend on Cigarettes. By doing this you will be able to track how much money you are saving each week, and to help stay on track you can easily set goals for yourself.

 

This was not an original idea of mine, but a friend suggested it because it was how he has remained smoke-free for 25 years. By depositing the money he would have spent on cigarettes in his Special Savings Account each week he has been able to save for a gold watch and a cruise. Imagine what your savings could look like in 1 year, 5 years or even 10 years! If the average smoker (1 pack per day) spends $2,000 to $3,000 a year, in 5 years that will be a savings of $10,000 to $15,000!

 

This concept also works for individuals that routinely purchase gourmet coffee drinks, lottery tickets, etc. Anyone can take this small step to start on the road to substantial savings by eliminating one costly, unnecessary habit.

 

What are some simple ways that you have found to help save? What do you do with your extra savings? Let us know!

 

If you would like more information on High-Interest or Special Savings Accounts, click here or call 800.666.4500.

Is now the time to refinance?

With mortgages at an all time low, many people have been asking us at BestSource if they should refinance. The easy answer would be, “yes, of course.” After all, you would have to be crazy to pay more in interest than you have to, right? Well… not exactly. Not everyone is an ideal candidate for a refinance. There are many things to consider when  weighing your options to refinance, or not to refinance.

 

• Find out how much equity you have in your home. If you put little down on your home, or took out equity, you might be required to make up the difference in your home value now if you refinance your mortgage.
• If your home has been on the market for awhile, some lenders may be hesitant to refinance your mortgage for fear that the home would sell and they would lose money by refinancing your loan.
• If your credit score is below 600 or you recently lost your job you may end up paying a far higher interest rate if you refinance. Lenders view individuals in these situations as high risk for defaulting on a loan and might even be unwilling to refinance. If you are considering taking a buyout or fear your job is at risk, try to refinance before you leave your position.
• Find out all the costs involved in refinancing. If the cost to refinance your mortgage is more then you will be saving with a lower rate, then it is probably not worth it to make the change. 

These are just a few of the highlighted scenarios to consider before refinancing, but everyone’s situation is different. There are more great housing articles and videos available on our Home and Family Finance website at, http://hffo.cuna.org/020488/center/6/html. If you have specific questions or concerns about your BestSource Credit Union Mortgage, call us at 800.666.4500.