The Bottom Line
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.
Keeping Your First Credit in Good Standing
Credit is a very tempting risk. As soon as you have all that available money at your disposal, all kinds of impulses can take hold of you. Stories abound of people getting numerous credit cards and going on spending sprees. Do you really think about keeping your first credit in good standing?
The Credit Hangover
Only after the bills come to their mailboxes do they feel the hangover. If it’s bad enough, they can feel it for many, many years. If you are one of them, you can be denied credit in the future, and you can even lose employment opportunities. You can be denied other loans, such as car and home loans. Such are the costs of abusing credit. With this in mind, here are some simple tips for wise use of that little plastic card:
Simple Tips
- Never think of credit as free money. Credit is not free money. You have to pay it back, often with interest.
- Understand what your credit history is made of. Your credit history is made up of several factors. It is 35% payment history, 30% amount owed, 15% length of your credit history, 10% new credit, and 10% type of credit used. As you can see, payment history factors in the most. A detailed explanation of each of these factors can be found at Experian.com.
- Be patient. Building good credit takes years. It is a lifestyle made up of responsible money habits. Give it time.
- Use your card regularly. Using your credit card regularly helps build up your credit history.
- Pay your balance fully each month. As you use your card regularly, it is wise to charge small amounts and pay them off each month. That way, you build up a payment history, and you also avoid interest charges.
- Pay your bills on time. The largest component of your credit score is payment history.
- Don’t use too much credit. Avoid this temptation. If you can use cash instead, do that.
- Don’t use it frivolously. Again, charge only small amounts.
- Use it for things you already have money for. This will help ensure that you pay your balance in full each month. But more importantly, it is an easy way to help you build a credit record.
Looking at Credit Differently
To quote the great comedian Bob Hope, “A bank is a place that will lend you money if you can prove that you don’t need it.” This paradox is resolved when you see it from the bank’s point of view. It loans you money out of its vault so that it can earn money in return. It’s a business. Those who do not need credit are therefore the most likely to be able to pay the bank back.
Other Resources
- Mid Oregon has resources to help you manage your credit. Here are a few:
- Mid Oregon’s online banking tool, Credit Savvy.
- Mid Oregon’s recent “Managing Your Credit” webinar. Watch the video. View the presentation slides.
- Read Mid Oregon’s Blog articles about credit .
- Mid Oregon branch locations to talk to a loan officer about your credit.
- Order your credit report, free
Contact us today to learn more, and to get help keeping your first credit in good standing.
Tame your Back-to-School Spending in Four Easy Steps
Follow these tips before hitting the stores to save on classroom supplies
By Jean Chatzky* It’s mind-boggling how quickly the most basic items on your back-to-school shopping list can add up to big bucks. A new survey shows parents are expected to spend more than ever before on new clothes, classroom supplies and the electronics many students want (and need) in case remote learning is required again during the 2021-2022 school year.
Families with children in elementary, middle and high school plan to spend about $849 on back-to-school items on average, which is about $59 more than last year, according to a report from the National Retail Federation and Prosper Insights & Analytics. Total back-to-school spending is expected to reach $37.1 billion, which is a big jump from $33.9 billion last year and an all-time high in the survey’s history.
College students and their families also are projected to set spending records, the survey found. Total back-to-college outlays are expected to be about $1,200 per student for a total of $71 billion, up from $67.7 billion in 2020.
Maybe you’re feeling like you want to spend more — to celebrate the fact that we’re (hopefully) moving out of the pandemic. Or because the consecutive rounds of stimulus dollars made you feel flush. But maybe…just maybe…you’re not feeling that way. With a little extra effort, families can find ways to save on the items students need to set them up for a successful school year.
Know what you need
Many if not most schools post supply lists by grade level on their websites. Before you shop, find the list, review it and take a photo with your smartphone for easy access when shopping. Because so many students became remote learners last year, many of the items required this year may be the same ones you bought back in 2020 that were barely touched. Items such as backpacks, lunch boxes and those cute notebooks with clever sayings are likely still good as new.
Take stock of previously purchased school supplies and clothes
With an eye to using what’s already paid for, get four or five clear storage bins or old shoe boxes. Then ask your children to go to their rooms and bring back all of the pencils, pens and highlighters they have stashed in drawers, under the bed and anywhere else school supplies lurk. Place them in a box. While they are busy searching, check behind the couch cushions, the junk drawer, your desk or home office for more writing instruments you don’t need. They go in the box, too. Now do the same for folders, composition notebooks, loose leaf paper and art supplies. You may never need to buy pens again.
Before buying new clothes, take an inventory in your child’s closet to see if school outfits and shoes still fit. If not, and you have the time and energy, you could sell them on sites such as Facebook Marketplace or your school’s PTA social media pages to earn extra cash for new clothes.
Use price trackers and promo codes for deals on laptops and tablets
One of the most sought-after back-to-school items this year are laptop computers, with more than half of the families in the National Retail Federation survey reporting they plan to purchase them. Before you buy, check out price-tracking websites and apps, such as Slickdeals, Honey and Brad’s Deals, that can send subscribers email alerts when a product they want goes on sale. Many price trackers also come with automatic coupons or rebate features in addition to the price alerts.
Check with your school about software and approved devices
Many school districts offer free or deeply discounted software programs and laptop computers for students. It’s also a good idea to check with your school or district before purchasing a new device for classroom use. Many public and private schools only allow students to use electronic tablets and laptops provided by the district and won’t allow outside computers on campus.
*This guest article is from the “Your Money Blog” in Mid Oregon’s Digital Banking Credit Savvy resource. It is made possible by SavvyMoney. “Tame your Back-to-School Spending in Four Easy Steps” by Jean Chatzky with Casandra Andrews was published in August 2021.
Tell-A-Friend about Mid Oregon Credit Union
We love rewarding our members when they spread the word about our great checking accounts—that’s why we introduced our Tell-A-Friend about Mid Oregon Credit Union program. When a friend or family member opens a new checking account, you’ll both get a reward!
We’ll buy back their old debit cards and checks for up to $10 and enter them to win a prize! (Prize through October 10, 2021, is a one-hour family photo session valued at $250). What do you get when you refer someone? As long as the person you refer provides us with your name and email address, your award will be automatic. But for a limited time, you are also entered to win a $250 local gift basket. Details are below.
Many ways to refer
There are three easy ways to refer your friends:
First, you can obtain a Tell-A-Friend about Mid Oregon referral slip at any of our seven branches, complete your information on the back and give it to your friend. We will capture your information when they present the coupon as they open their checking account.
Second, you can email your friend automatically using our online referral page. Just visit the page, complete your information, and enter your friend’s name, email address, and a brief personal message before you send it. When your friend opens their checking account, our new account representative will see you sent them an email and complete the process.
Third, use the shareable link from the above-mentioned Tell-a-Friend online referral page. You can share that link via text, social media, email, etc.
Chance to win a local gift basket
Now through October 15, 2021, you’ll also be entered into a free drawing for a local gift basket valued at more than $465, featuring $250 in gift cards to everyone’s favorite local eateries and retailers, including:
- $100 Old Mill gift card
- $75 Hola Restaurant gift card
- $50 Crux gift card
- $25 Cuppa Yo gift card
- Two High Desert Museum family passes (value up to $108)
- Crux logo cap, Strictly Organic Sumatran Coffee, and much more!
Just visit refer.midoregon.com to Tell-A-Friend about Mid Oregon and start referring. There’s no limit—you can refer as many friends as you like (and earn as many gift cards as you want). You don’t even need to have a Mid Oregon checking account to Tell-A-Friend and be entered to win. Although why would you miss out on all the savings and convenience by having your checking account anywhere else?
Drawing Rules: No purchase necessary to enter or win a prize. Must be 18 years of age or older. Entries accepted through October 15, 2021. No cash equivalent, substitution, or transfer of prize is permitted. One entry per person. Other restrictions apply. See a Mid Oregon associate for details.