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Small business is important to Central Oregon, and to Mid Oregon. Find tips and resources for business, and information about Mid Oregon’s commercial services and business members.
Mid Oregon Receives National Award
Mid Oregon Receives National Award
The Credit Union National Association (CUNA) National Awards Committee recently selected the recipients of the 2014 Dora Maxwell Social Responsibility Community Service Award. The awards were selected among the winning entries at a regional level. Mid Oregon Credit Union received the Dora Maxwell Social Responsibility Community Service honorable mention for their Pay it Forward initiative. Mid Oregon executives and directors were in attendance to receive the award at the 2015 CUNA Governmental Affairs Conference in Washington DC this month.
Who Was Dora Maxwell?
Dora Maxwell was an original signer of CUNA’s constitution and a tireless organizer of hundreds of credit unions throughout the United States. She also developed volunteer organizer clubs and worked diligently with organizations on behalf of the poor. The Maxwell Awards are presented to credit unions for outstanding social responsibility projects in their communities.
Pay It Forward
Pay it Forward supports local people and projects that deserve recognition for doing good things in the community. Mid Oregon partners with CoEnergy Propane and News Channel 21 to give honorees $500 and press coverage for their good works.
“We are honored to be recognized by CUNA for our 2014 Dora Maxwell entry, ‘Pay It Forward’,” said Kyle Frick, Mid Oregon’s vice president of marketing. “Our collaboration with the local NBC affiliate, KTVZ News Channel 21, has allowed us to shine a spotlight on great things people are doing in our community and facilitate additional support through awareness of their actions. With the help of our partner sponsors in the media, we are able to amplify a positive message that resonates in our communities, and fuels ideas and actions for even more positive outcomes.”
You’re Not Too Young to Build Good Credit
There are all kinds of “credit”—you can take all the credit, give credit where credit is due, or earn extra credit in class. There’s also another type of credit—financial credit—that deals with borrowing money. Did you know you’re not too young to build good credit?
You probably borrow money from friends and family. Pretty soon you might be interested in borrowing from your credit union. Whether or not you can do that will depend on a special kind of grade. It’s called a “credit score.”
What’s a credit score?
Your credit score is a lot like the As, Bs, and Cs on your report card. Just like your grades show what kind of student you are, your credit score shows what kind of money manager you are.
Your credit score is a three-digit number that helps lenders decide whether or not to lend you money, and at what price. That number is based on mathematical formulas that use your habits and borrowing history to find out how likely you are to pay back a loan.
What If You Didn’t Pay It Back?
Here’s an example: Think of all the times you’ve borrowed a dollar from a friend or parent that you didn’t pay back. If all of that unpaid money appeared on your credit report, what would it look like?
Your credit history shows how much money you’ve borrowed, how much you owe, and how well you’ve done at paying it back. It follows you wherever you go and can change over time. Your credit score helps lenders determine how dependable you are. The higher your score, the more options you will have.
Credit Scores Are Important
Even though you’re young, it’s important to start thinking about credit scores. Why should you care?
If you start thinking about your future now, and practice good habits, you’ll be ready when it’s time to start building your credit and take out loans. A good credit score means freedom to buy what you want and freedom of knowing that you’re covered in case of a big expense.
And really, isn’t freedom what it’s all about?
Mid Oregon Can Help
Stop in at Mid Oregon Credit Union and ask about starting to work toward a high credit score today. We offer information and products to help you get started. And you will see, you’re not too young to build good credit.
Timing Your Trade-In
The combination of time of year and new-car promotions on the same model you’re driving can mean thousands of dollars of difference on your trade-in. The difference made by timing your trade-in can be significant.
Used Car Values Can Drop
Used-car values drop more swiftly late in the year. New models have just appeared, while bad weather tends to hurt attendance and values at used-car auctions. Hitting used-car values even harder, though, are new car manufacturer incentives. When the value of that new car is reduced by a rebate, prices for corresponding used cars take a hard hit.
More than half of new-car buyers trade in their old cars. Most could get up to 15% more if they sold it themselves, but trading is far more convenient.
Looks Do Matter
With a trade-in, how your car looks, its mechanical condition, the condition of the tires—even the color—all affect the value.
What you can do:
Make the seasonal factor work for you. Cars depreciate about 15% per year. If you’re planning to get a new car during the year, trade it in during the early months to cut down on depreciation. Timing your trade-in can help on depreciation.
Get your car in top condition. Get a professional detailing job. You will more than recapture the $50 to $150 you may pay for painstaking cleaning in trade-in value.
Do Your Homework
Know your car’s value. This way you’ll at least be able to tell if the trade-in offer from the dealer is in the right ballpark. Check Edmunds.com and Kelley Blue Book (www.kbb.com) for an idea of trade-in price for your car.
Deal with the dealer. When you get to the dealership, try to negotiate the price on a new car before talking trade-in. Otherwise the salesperson may give you a high trade-in value and make it back in a higher price for the new car.
The professionals at Mid Oregon Credit Union can help you finance your car purchase. Stop by, email or call today at (541) 382-1795, or check out our online loan application at www.midoregon.com.