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.
Manage Your Credit Cards Better
U.S. consumers are once again increasing their collective credit card debt, which now exceeds $1 trillion. The Credit Card Accountability, Responsibility and Disclosure (CARD) Act protections, which went into effect in February 2009, require card issuers to disclose rates and other information more clearly. This should make it easier for consumers to monitor what they owe. But, regulations can’t prevent people from making poor debt management habits. Learn how to better manage your credit cards.
Keep On Top of Your Cards
Here’s some advice for controlling credit card use:
• Actively manage your account. Open and examine your credit card statements promptly. Look for unauthorized use, of course, but also look for announcements from the issuer. Under the new rules, you must have 45 days’ notice of a change in your card’s terms, such as an interest rate increase. If you choose to “opt out” of the change, you no longer will be able to add new charges to your card, and will want time to get a replacement while you pay off the old balance.
Maintain a Good Credit Score
• Keep your credit score healthy. This number between 300 and 850 is a measure of your trustworthiness as a borrower. The higher your score, the easier it is to get a loan and, often, the more favorable the interest rate. The most important ways to maintain and improve your credit score is by paying all your bills on time and not taking on excessive debt.
Manage Your Balance to Limit Ratio
• Watch your card balance-to-limit ratio. It’s OK to occasionally “max out” your credit card for important purchases, as long as you can pay it off in a few months. But over the long term, try to keep your total credit card debt to a reasonable 10% to 20% of your total credit limit. If the ratio gets much above 20%, and you can handle the payments, ask for a higher limit on your current card or get another one. Don’t add new cards too often, though, and don’t close several unneeded accounts in a short period—either move can lower your credit score.
Understand Your Cards
• Understand the overlimit option. The CARD Act allows you to choose what you want your card issuer to do when you try to go over your card’s credit limit. If you “opt in,” you can go over the limit for a fee. If you “opt out,” your attempt to go over the limit will be declined.
If you don’t already have a Mid Oregon Credit Union Visa credit card, now’s the time to get one. Contact us through email, phone (541-382-1795) or in the branch. You can also apply for a Mid Oregon Visa online.
Message From the CEO: Local at Heart
A lot’s been happening here at Mid Oregon. When I look back at the past few months, one word comes to mind again and again: Local.
Local at Heart: Day of Community Service
For example, our team devoted the Columbus Day federal holiday to a special purpose. We spent the morning together, learning about balancing work and health, the way different generations unite to make a more dynamic and productive workplace, and how the credit union industry has the power to dramatically improve the financial well-being of families and communities.
After lunch, we put those concepts to work, engaging in a variety of service projects. We split into 10 teams and rolled up our sleeves, assisting our partner non-profits with activities ranging from clearing brush and organizing food assistance for veterans’ programs to providing financial literacy education to elementary-age students. With the theme of “head and heart,” our teams used their smarts and “good friends, great service” philosophy to determine what was needed, and do whatever it took to get it done.
Focused On Our Own Communities
A key component was that each team focused on its own community or neighborhood, rather than a one-size-fits-all attitude. We know that our strength lies in getting to know our community, building local relationships, and taking the time to build the best solution for the situation in front of us.
That’s the approach we have for the services we provide to our members, too. Whether it’s providing financing for a new commercial building in Bend or bringing our home loan services in-house to provide you a better variety of options, we’re making it easier to keep your financial business close to home, with people you know and trust.
New Services Ahead
We set ambitious goals for 2019, and we don’t see that slowing down for 2020. We look forward to announcing new services, including a better digital banking platform, Apple and Samsung Pay, and more. All while keeping our local connection strong and vital.
Thank you for choosing Mid Oregon Credit Union.
Bill Anderson
CEO, Mid Oregon Credit Union
Mid Oregon Welcomes New Mortgage Manager
Introducing new in-house home loan services, we welcome our new Mortgage Manager
Mid Oregon Credit Union has hired new Mortgage Manager Matt Mitchell to manage its expanded Home Loans division, enabling its members to apply for and receive conventional mortgage services directly from the credit union, in addition to offering a broader range of home loan options.
“We are thrilled to have Matt on our team,” says Cindy Krickhahn, VP of Lending for Mid Oregon Credit Union. “His background in lending and credit union operations, as well as his leadership skills, will help us increase our offerings to Central Oregon families seeking home loan services.”
Mitchell says, “I am looking forward to helping Central Oregonians with their home-financing needs.”
Expanded Mortgage Services for Members
Since Mitchell’s arrival at Mid Oregon Credit Union, the institution has begun accepting applications for 15- and 30-year conventional mortgages, helping members with financing for new purchases and refinances, including VA loans. Mitchell notes that Mid Oregon will continue partnering with other lenders to offer the widest variety of home loan options, including Bend-based Arbor Mortgage, which served members with dedicated staff at Mid Oregon’s East Bend location until the recent transition.
Arbor Mortgage President Rob Moore says, “We want to thank Mid Oregon CU for their many years of partnership. We feel fortunate to have had the opportunity to work alongside the employees of Mid Oregon over these 11 years (that time sure flew) with first class mortgage solutions. Watching Mid Oregon CU’s growth trajectory since 2008, we knew it was only a matter of time before you would have an in-house mortgage solution back in place. We are happy that time has come, and we wish MOCU continued success.”
Extensive Credit Union Background
Before coming to Mid Oregon, Matt Mitchell served most recently for Firefighters First Credit Union of California, and before that as an executive-level consultant for Arrowhead Credit Union in San Bernardino. He holds a Bachelor of Science degree from Oregon State University and an MBA from Grand Canyon University.
He has lived and worked throughout the western U.S., including Washington, Colorado, Arizona, California, and now back to Central Oregon, where he enjoys skiing and being outdoors with his family and dogs.