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7 Ways to Protect Your Credit Score
7 Ways to Protect Your Credit Score
When you swipe your credit card, you might not be thinking about what your creditors are doing to make sure they recover the money they just loaned you. But, as you make your next purchase, make sure to protect your credit score.
Your credit score is a three-digit number that creditors use to assess how likely you are to repay your loans. A high score can help you qualify for the lowest interest rates and gives you the ability to borrow money for purchases.
Here are seven things you can do to make sure your credit score stays healthy:
Good Habits
1. Pay back your debts on time. How you’ve repaid past debt is the most important factor (35%) in calculating your credit score.
2. Apply for new credit only when you need it. Ten percent of your credit score is determined by how many new credit accounts you’ve opened and the number of times lenders have checked your credit. Another 15% of your score is determined by the length of your credit history. When you add a new account into the mix, the average age of your credit accounts drops.
Co-Signing is Risky
3. Don’t co-sign. Be cautious about co-signing a loan–even for family members–unless you are willing and able to take on the payments later if necessary. If a payment is missed and you don’t pay it, it can negatively affect your credit score;
Make a photocopy or scan the information on your cards. It could take a long time to find contact information for your accounts if you lose your wallet. Keep copies (in a secure place) of the fronts and backs of cards so that you can cancel your accounts quickly when needed.
4. Consider keeping starter cards open. Cards designed for people without a credit history, called starter cards, usually have high interest rates and fees, low limits and few rewards. Even though you’ve stopped using them, it’s a good idea to keep them open. This will help the 15% of your score that comes from the length of your credit history. It also will help the even bigger part (30%) of your score that’s based on your utilization ratio: your credit card debt relative to your total available credit;
5. Guard your personal information. Be very careful when giving out your Social Security number, birth date, credit card numbers and other personal information. Use secure websites, and be cautious on phone calls. Don’t leave paperwork with this information on it lying around–shred it; and
Keep Your Eye on Your Accounts
6. Regularly monitor all your accounts. Even if you don’t use them, check each account to make sure there aren’t charges, such as annual fees, and that no one is fraudulently using your card. Order a free credit report from annualcreditreport.com, the only site sanctioned by the Federal Trade Commission, or, call 877-322-8228. Stagger your reports from the three reporting agencies so that you get one report every four months.
7. Stay diligent. Make sure that the good credit score you’ve worked so hard to build stays that way.
Card Nav is a Great Tool!
Mid Oregon has tools to help you guard your credit. CardNav lets you control your debit cards, monitor their use and fight theft of your information. Mid Oregon periodically offers free community workshops addressing online safety and ID theft (Next: Sep. 18, Parenting in a Digital World).
Contact us via email beheard@midoregon.com, phone (541) 382-1795 or visit one of our 7 Central Oregon branches.
Payment Card Safety During Summer Travel
From the July 3, 2017 Stickley on Security article “Gear Up For Summer Travel; But Don’t Forget About Payment Card Safety While You’re Gone”.
View the Mid Oregon Fraud & Security Center, featuring Stickley on Security.
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Gear Up For Summer Travel; But Don’t Forget About Payment Card Safety While You’re Gone
When preparing for your summer travel, whether a fun-filled road trip across the vast and varied landscape of the United States, to welcoming South America, the old country in Europe, or anywhere else in the world, keep a few tips in mind when using payment cards. You can have payment card safety during summer travel.
Prepare Before You Leave
- Contact your payment card company before leaving and let them know you’re headed on a trip. Provide them your travel dates and countries you intend to visit, if headed out of the US. Because of the high number of credit card numbers stolen in this country, many of them will deny any charges that don’t fit within your “normal” charging profile. If they know your travel dates and destinations, they can authorize it for those dates and destinations only. Sometimes you can set up a travel profile online with your financial institution.
View Mid Oregon Credit Union’s travel notification for debit/credit cards.
- Check the credit limit for each card you take with you. If going to another country, the exchange rate differences may cause you to overcharge on your cards.
Carry Cards Safely
- Consider taking only one or two payment cards to lower the risk of all of them being stolen if your wallet or purse is stolen.
- Carry your cards and identification documents safely. Put wallets in front pockets and carry bags and purses in front of you, across your body. Money belts are another option. Backpacks are easy targets for pickpockets. If you carry one, carry it in front of you.
- Make copies of both sides of your cards and keep them separated from your actual cards and hidden as much as possible. This will make it easier to replace and report to local authorities and the Embassy.
Have Contact Phone Numbers
- Make sure you have the international phone numbers for your payment card issuing institutions before you leave the United States and stashed where you can get to them quickly. While you’re getting those, jot down phone numbers for the local police in your destinations and the nearest US Embassies just in case you need to report theft, should you be headed overseas.
Review Your Card Accounts While Traveling
- Check your card accounts as often as you can while traveling to make sure there are no unauthorized charges. This is easy to forget when vacationing. If there are suspicious charges, contact the issuing institution immediately. Often just a few minutes on the phone will resolve it and you can go back to the fun.
- If abroad and you find your payment or identification card missing, immediately report it to the card issuer, the local police, and the US Embassy. When you get home, contact the IRS Identity Protection Specialized Unit to report the stolen cards. Also file a report using the IRS Identity Theft Affidavit, Form 14039. This is to mitigate any potential identity theft effects.
As always, never leave your cards unattended and cover your PIN numbers when entering them into keypads. Take a quick look at the ATMs as well to ensure there are no card skimmers attached to them. When traveling, these may be easy to miss because the machines are not familiar. A quick glance will prevent your card information from going to a cybercriminal while on your trip.
Getting in Financial Shape this Summer
6 Tips for Getting in Financial Shape this Summer
At a time when many are busy getting their bodies beach ready, why not consider whipping your finances into shape this summer. Could you use a few tips for getting in financial shape?
Here are six things you can do to get your financial situation looking right.
1. Put Your Money On Autopilot
Set up direct deposit, authorize electronic payments, and automate routine savings. Streamlining your finances with online tools is about more than just saving time–it’s fun, helps you avoid late fees and overdraft fees, and helps you save money. Mid Oregon has the digital tools you need. Our mobile app give you convenience and control. Deposit checks, turn your debit card on and off, and many more features.
2. Create a Budget
Only about 40% of adults have a spending plan, according to the National Foundation for Credit Counseling. Create a plan by comparing expenses to monthly take-home pay. Look for spending leaks and make adjustments where necessary. Our loan officers can help you get started.
3. Build An Emergency Fund
Fifty-six percent of Americans don’t have a rainy day fund. Strive to save three to eight months of income and increase savings from there. Setting up an automatic transfer from checking to savings can help you build this fund. Savers’ Club Certificates are the perfect way to build up your fund. Read more about emergency funds.
4. Build Up Your Credit Score
Pay all bills on time, every time; keep a low utilization ratio; don’t open a flurry of new accounts in a short time period; don’t close existing credit; and pay your fines. Whether it’s a parking ticket or a library fine, pay up. If debts are reported to a credit reporting agency, they can knock down your credit score. For adults without credit scores or those trying to raise their score, our Credit Builder Loans can make a world of difference. Visit one of our 7 Central Oregon branches or email us to learn more.
5. Review Your Credit Report
Routinely checking your credit report can keep you informed of your credit score and of fraudulent activity on your accounts. Request one free credit report a year from each of the three major credit reporting bureaus by visiting annualcreditreport.com, the only website authorized to provide free reports. You also can call 877-322-8228 or complete the Annual Credit Report Request Form and mail it to Annual Credit Report Request Service, P.O. Box 105281, Atlanta, GA, 30348-5281.
6. Beef up retirement funds
Make regular contributions to a retirement savings plan such as a 401(k) or IRA. If your company offers a 401(k) plan, contribute at least enough to meet the company match. If you don’t it’s like leaving free money on the table. Also consider opening an IRA at your Mid Oregon.
Would you like some additional tips? Visit any Mid Oregon branch and discuss your situation with one of our team. We would love to help you get in financial shape this summer!