Building a great credit score is more important than ever. Good credit opens the door to new possibilities like a house, a car, and even a college education. Always focused on what is best for its members, Purdue Federal Credit Union’s team provides tools for financial literacy that build and retain good credit.
According to Sean Lavelle, sales manager at the Crown Point branch, Purdue Federal Credit Union offers a variety of resources to help members begin their credit journey.
The first resource that Purdue Federal Credit Union hopes to offer is information.
“A good credit history revolves around the five C’s of credit: character, capacity, capital, collateral, and conditions,” said Lavelle. “Having a good credit score will help you get the lowest rates for loans and create a better position to increase your savings and your wealth.”
By providing the correct information, Lavelle and his team hope to dispel some common myths about credit.
“Many individuals are under the impression they should keep a small balance and never pay off their full credit card balance monthly,” said Lavelle. “Carrying a balance can impact your credit score and will cause you to pay interest on that balance.”
Building and maintaining good credit, according to Lavelle, involves steps such as checking your credit history and score, making sure credit card bills are paid on time, and eliminating all credit card balances when possible.
In fact, having a good credit score can impact a person’s life beyond loan opportunities and future wealth.
“A lot of people don’t think about it, but even insurance companies, employers, and landlords look at credit history to determine whether you are a risk,” Lavelle said.
As a credit union rather than a traditional bank, Purdue Federal Credit Union is a not-for-profit member-run cooperative.
Members of Purdue Federal Credit Union receive member perks and discounts that support building good credit.
“There are a couple of products I would recommend, with the first being a Shared Secured Visa,” said Lavelle. “Unlike other credit cards, this card allows the individual to pledge a minimum of $250 and use this as their credit card limit.”
By allowing members to use a credit card with a secured limit, Purdue Federal Credit Union helps members raise their credit score and demonstrate that they are at low risk for future borrowing.
“Another option we have is a Visa Traditional Credit Card,” said Lavelle. “This product is great for students going into college or individuals who are seeking to establish credit.”
Some of the resources provided by Purdue Federal Credit Union are open to all.
“Purdue Federal Credit Union offers free financial seminars to its members and non-members,” said Lavelle. “These resources are fantastic and free to anyone.”
Available on its website, Purdue Federal Credit Union’s financial seminars include videos, articles, and even one-on-one counseling sessions to support financial literacy.
For members who are specifically interested in building and retaining good credit, Lavelle and his team recommend a couple of additional resources.
“We offer ways to run loan calculations based on information without pulling credit for our members,” said Lavelle. “Additionally, in the office, we also offer in-person credit counseling, financial advisors, and fraud prevention resources.”
Understanding that some prefer to learn in person, Purdue Federal Credit Union also holds in-person workshops at its branch locations.
“In these workshops, our advisors go over budgeting, investing, financial stress, taxes and so much more,” Lavelle said.
To learn more about Purdue Federal Credit Union, please visit its website at purduefed.com.
