Unity One Credit Union

Alyssa Guillory


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When are credit card balance transfers helpful?

Fri, Oct 18, 2019 @ 04:33 PM / by Alyssa Guillory posted in credit card, Unity One Credit Union, balance transfer

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Originally posted on the CUNA Financial Resource CenterWritten by Jenna Taubel.

If you find yourself buried in credit card debt you’re not alone. At the end of 2018, Americans carried nearly $420 billion dollars in credit card debt. However, simply having the debt itself is not necessarily an issue; it’s how you manage it that makes a difference. If you feel like you’re struggling to manage your credit card debt, you may want to consider a balance transfer.

A balance transfer of your credit card balances is an option for debt management that allows you consolidate high interest rate credit cards into one lower rate credit card, thus saving you money on your monthly payment and simplifying your finances.

Balance transfers may be helpful if you:

  • are making payments on multiple high interest rate credit cards
  • can qualify for a card with a lower interest rate than your current one
  • are not going to continue using the high interest card after the transfer
  • want only one credit card payment to make every month

There are many balance transfer credit card options out there, so make sure you do your research before jumping on the first offer to come along. Many credit cards will offer a 0% interest rate for a short time upfront to entice you to transfer your balance, but when the introductory period is over and the regular interest rate kicks in, you may not be saving as much as you thought. Ideally, after transferring your balance, it’s best to pay off the total amount during the low or 0% interest rate introductory period. That way, you accrue as little in interest charges as possible.

Additionally, to successfully get control over your credit card debt, you must stop using your high interest rate credit cards. If you continue to use these cards after your balance transfer, you will be back in the place you’re in now, struggling to pay down your debt.

Balance transfers may not be helpful if:

  • the regular interest rate after the introductory period is higher than what you’re currently paying
  • you continue using your high interest rate credit cards to make purchases
  • you still cannot afford to make your monthly payment after transferring balances

Using a balance transfer to manage your credit card debt is an excellent option for many people. But do your homework and choose the transfer offer carefully to avoid hurting your credit score. For instance, you don’t want to max out the new card with your transfer. Instead, choose one with a higher credit limit than the amount you want to transfer. To improve or maintain a good credit score, keep your credit utilization ratio under 30%.

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Unity One CU Scheduled Maintenance - Oct 2019

Wed, Oct 09, 2019 @ 12:25 PM / by Alyssa Guillory posted in scheduled maintenance

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System Maintenance will be conducted on the following days. This may affect online, mobile and telephone banking performance temporarily. 

Tuesday, October 15, 7 p.m. - 12 midnight
Thursday, October 31, 7 p.m. - 12 midnight

Thank you for your patience.

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Join Unity One CU for Kidtoberfest!

Mon, Oct 07, 2019 @ 07:32 AM / by Alyssa Guillory posted in Unity One Credit Union, Kidtoberfest, North Tarrant branch

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NT Branch Plasma Ad

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Live Simply, Reap Savings

Thu, Oct 03, 2019 @ 07:50 AM / by Alyssa Guillory posted in family budget, budgeting, Unity One Credit Union

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Originally posted on the CUNA Financial Resource Center. Written by Monica Steinisch.

There’s been an ongoing movement to simplify and unclutter our lives as a way to ease stress. One piece of advice has the power to both simplify and transform your life: Live beneath your means.

That philosophy is hard for some to adopt. For them, getting a raise doesn’t mean paying off debt or saving it. It means staying on the “make more, spend more” hamster wheel, racking up even more debt. 

Real change only possible with new mindset

In their best-selling book, Your Money or Your Life: 9 Steps to Transforming Your Relationship with Money and Achieving Financial Independence, co-authors Vicki Robin and Joe Dominguez explore the role of money in our lives and its power over us. Among their observations, the authors note that Americans "project onto money the capacity to fulfill our fantasies, allay our fears, soothe our pain, and send us soaring to the heights.... We buy everything from hope to happiness."

Funny thing—spending as a means to achieve greater fulfillment doesn't seem to work. Numerous surveys conclude that consumers on the higher end of the middle-class earning and spending scale are not any happier than those on the lower end.

Spending less than you earn results in less stuff and less stress.

So why do we keep spending beyond our means? Habit may be partly to blame. A daily routine that includes premium coffee, lunch, and snack purchases could have you spending at least $15 a day without a second thought. To avoid mindless spending, Robin and Dominguez encourage consumers to ask of each expenditure whether it brought "fulfillment, satisfaction, and value in proportion to life energy spent"— the hours of work it takes you to pay for a purchase. When you realize that dinner at an expensive restaurant will cost nine hours of your energy, you start to analyze your spending choices more critically.

Change your mindset that views spending as a reward and saving as deprivation. Instead, realize that overspending can deprive you of the freedom to choose how to live and work, and see living beneath your means as the path to peace of mind and financial independence.

Straightforward steps reduce spending, increase saving

The point of living beneath your means is to avoid debt and save for what is most important to you—homeownership, freedom to spend time with your family, early retirement, etc. Keeping your reward in mind will make adopting these techniques for easier:

  • Make saving automatic. According to David Bach's book The Automatic Millionaire: A Powerful One-Step Plan to Live and Finish Rich, the key to accumulating wealth is to pay yourself first, automatically. That's easy to do: Just set up a funds transfer from the account where your paycheck is deposited to a savings or investment account.
     
  • Track your spending.  Writing down your expenses will help you change automatic routines, like going out to dinner every weekend, and make you aware of your choices.
     
  • Challenge every expense. Compile a list of everything you spend money on. Then look at every essential expense, like housing, groceries, transportation, and determine how you might be able to reduce each one. Then make a list of your nonessential spending (for example, entertainment, meals out, and vacations) and determine which expenditures deliver the greatest bang for your buck. Also, think of ways to save money in those areas. For example, if you love eating out, you could substitute a less-expensive brunch for dinner.
     
  • Avoid temptation. The easiest way to do that is to not make shopping a recreational activity.

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When should I apply for FAFSA?

Tue, Oct 01, 2019 @ 09:56 AM / by Alyssa Guillory posted in Texas Extra Credit Education Loan, student loans, Unity One Credit Union, fafsa

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Planning to go to college in the Fall/Spring of 2019-20? Then it’s time to apply for financial aid!

On October 1, you can complete the Free Application for Federal Student Aid (FAFSA) if you’re planning to enroll in college for the 2019-20 academic year!

What is the FAFSA and why should you complete it?
The FAFSA is a form used by the U.S. Department of Education and your college to determine your eligibility for financial aid programs including grants, loans and work-study.  Even if you don’t think you’ll be eligible, YOU SHOULD STILL APPLY Over 1 million students fail to complete the FAFSA each year because they believe they are ineligible, when in fact, over a third of these students would have been eligible to receive some form of grant aid – THAT’S FREE MONEY.

To complete this FREE application all you’ll need is your 2018 federal tax return, social security number, driver’s license number, records of untaxed income and information on cash, savings, and investments.  If you’re considered a dependent student (per FAFSA) your parent(s) will also be required to provide this information.  For more information or to apply, go to www.fafsa.gov.

Still need additional money?

If you still need additional money to help cover your college expenses after you’ve been awarded by your college, be sure to visit Unity One's website to check out the Texas Extra Credit Education loan – an outstanding private student loan provided by one of our partner organizations.

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Free Up Cash in 30 Days

Fri, Sep 27, 2019 @ 11:36 AM / by Alyssa Guillory posted in family budget, budgeting, Unity One Credit Union

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Originally posted on the CUNA Financial Resource Center. Written by Laura Varela. 

If you have a tight budget, the thought of finding any extra money can seem unrealistic. But with a few minor tweaks to your spending, it may be easier than you think.

Here are ways to cut down on debt and actually save money in the long run:

  • Consolidate debt — Sometimes the key to paying down debt can be as simple as combining it. One way to consolidate is to get a 0% balance-transfer credit card, transfer your debts to this card, and pay off the balance in full during the promotional period. Another way is to get a fixed-rate debt consolidation loan through your credit union. By consolidating your loans, you could save on interest rates, simplify monthly payments, and start saving money. However, if you’re just going to use it to run up more debt, consolidation isn’t for you.
     
  • Refinance your house and car loans   Refinancing your loans to get a lower interest rate will free up money that can be put toward other bills or put into savings. A credit union loan officer can determine if you qualify for lower rates.
     
  • Revisit home and auto insurance policies —  Check the National Association of Insurance Commissioners website and Insurance Information Institute for advice about picking reputable companies and then compare quotes from different companies. Consider raising deductibles. Ask your insurer about good-student discounts for kids in high school and for college students who live away at school but leave their car at home.
     
  • Go green  Be environmentally conscious and save money while doing so. Programmable thermostats, fluorescent and LED bulbs, and window coverings are options that can help you save energy and money. Go green at the credit union as well by signing up for e-statements and automatic bill payments. Using automatic bill pay will help you avoid late fees and make consistent progress toward your financial goals. Signing up for automatic loan payments may also get you a discount on your interest rate. Ask a credit union loan officer for more information.

With just a little research and a few emails or phone calls, you should be able to free up more cash to pay off debt or put into your savings account.

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Unity One earns Great Place to Work Certification

Mon, Sep 23, 2019 @ 04:49 PM / by Alyssa Guillory posted in Unity One Credit Union, great place to work

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gptw_certified_badge_sep_2019_rgb_certified_daterangeFort Worth, Texas – Unity One Credit Union announced today that it is Great Place to Work-Certified™. Unity One joins 23 other credit unions nationwide in this prestigious designation.

Using validated employee feedback gathered through Great Place to Work’s rigorous, data-driven “For All” methodology, certification confirms 7 out of 10 employees have a consistently positive experience at Unity One Credit Union. Great Place to Work is the global authority on workplace culture, employee experience and the leadership behaviors proven to deliver market-leading revenue and increased innovation.

“We are thrilled to be Great Place to Work-Certified™,” says Gary Williams, president and CEO, at Unity One Credit Union. “We make employee experience a priority every day and it means a lot that our employees have reported a consistently positive experience with their coworkers, their leaders and with their jobs. This is important to us because we know that when our employees have a high-trust experience every day, they are more productive, drive better business results and make a difference to our members.”

“We congratulate Unity One Credit Union on their Certification,” said Sarah Lewis-Kulin, vice president of Best Workplace List Research at Great Place to Work. “Organizations that earn their employees’ trust create great workplace cultures that deliver outstanding business results.”

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About Unity One Credit Union

Unity One Credit Union is a member-owned financial cooperative providing financial services to approximately 31,000 members in Fort Worth, Texas, Kansas City, Kansas, and St. Paul, Minnesota. Originally chartered in 1927 for the employees and family members of Great Northern Railroad, today Unity One continues to provide excellent service to BNSF Railroad employees and their families as well as the communities surrounding their eight branch locations. To find out more, visit us at www.unityone.org.

About Great Place to Work®

Great Place to Work® is the global authority on workplace culture. Since 1992, they have surveyed more than 100 million employees around the world and used those deep insights to define what makes a great workplace: trust. Great Place to Work helps organizations quantify their culture and produce better business results by creating a high-trust work experience for all employees. Emprising®, their culture management platform, empowers leaders with the surveys, real-time reporting, and insights they need to make data-driven people decisions. Their unparalleled benchmark data is used to recognize Great Place to Work-Certified™ companies and the Best Workplaces™ in the US and more than 60 countries, including the 100 Best Companies to Work For® and World’s Best list published annually in Fortune. Everything they do is driven by the mission to build a better world by helping every organization become a Great Place to Work For All™.

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Free Shred Day - 9.21.19

Fri, Sep 13, 2019 @ 03:05 PM / by Alyssa Guillory

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September Shred Day - FB Event Header

Unity One Credit Union is shredding your documents for FREE on Saturday, September 21, starting at 9 a.m. at our North Tarrant Parkway branch in north Fort Worth.

Please take note of a few things:

  1. PAPER ONLY. Please only bring paper items to be shredded. Remove all other objects. Other objects could injure handlers, volunteers and the shred truck. No binders, glass, books, knives, cassettes, DVDs--and the list could go on.
  2. BE COURTEOUS. Be courteous of others, and restrict the amount that you bring to be shredded to a few boxes. 
  3. BE PREPARED. Be prepared to take your boxes or containers home with you.
  4. NO COMMERCIAL SHREDDING. We cannot accept commercial or business shredding, as a courtesy to other visitors. Only two trucks will be on-site.

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Unity One CU Scheduled Maintenance - Sept 2019

Tue, Sep 10, 2019 @ 09:35 AM / by Alyssa Guillory posted in scheduled maintenance

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System Maintenance will be conducted on the following days. This may affect online, mobile and telephone banking performance temporarily. 

Tuesday, September 17, 7 p.m. - 12 midnight
Monday, September 30, 7 p.m. - 12 midnight

Thank you for your patience.

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Rejected for a Loan? Stage a Comeback.

Tue, Aug 20, 2019 @ 10:02 AM / by Alyssa Guillory posted in loans, Unity One Credit Union

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shutterstock_1154320222Originally posted on the CUNA Financial Resource Center. Written by Dianne Molvig. 

Getting rejected for a loan can feel like a kick in the teeth. No way around it, rejection is painful. But consider looking at it from a different perspective.

Being denied for a loan tells you something you're not aware of or not acknowledging is going on in your financial situation. Take this opportunity to figure out what that is.

You can turn this around if you put your mind to it. Here's how to get started.

Find Out Why You Were Rejected

Upon reading "We are sorry but ..." in your rejection letter, you may feel the urge to pitch the letter into the trash.

Instead, read the whole thing. That letter will tell you precisely why your loan was denied. You have to know the reasons for the problem before you can fix it.

Were you late on paying bills? Are you already borrowing too much compared to your income? Maybe you need to work on paying down the debt you already have.

When you get a rejection from one lender, you may feel tempted to apply at other lenders, hoping you'll eventually get lucky. You're only postponing what you need to do—work to improve your credit standing. Also, each time you apply for a new card, your credit score gets a hit, bringing it down a few points.

Get a Copy of Your Credit Report

The denial letter will state which credit bureau the lender used in making the loan decision.

When you're turned down for a loan, you are entitled by law to a free "adverse action" credit report. This copy will not count against the free credit report you can get each year from each of the three major credit bureaus: Experian, TransUnion, and Equifax. Get a copy and check it over closely

It’s a good idea to review your credit report before applying for a loan to make sure everything in it is accurate.

What To Do If You Find Errors

Mistakes on credit reports are not uncommon. If you find any errors on your report, take three steps:

1.   Contact the credit bureau to report the error.

2.   Ask the bureau to send a corrected copy of the credit report to any lender that recently received the inaccurate one. The lender may reconsider your loan application.

3.  Get your credit reports from the other two credit bureaus to make sure mistakes don't show up there, as well. Clearing up a mistake at one agency doesn't mean the corrected information gets passed on to the other two.

If you feel the errors are the result of identity theft, report this immediately to the credit bureaus, your creditors, and law enforcement authorities.

Get Expert Help

To fix your credit problems, start by talking with the folks at your credit union. Someone on staff may be able to work with you to devise a credit repair plan. Or your credit union may refer you to a free or low-cost outside counseling resource.

Don’t lose hope. With a bit of work and discipline, your credit problems can be resolved, and loan rejections can be a thing of the past.

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