Unity One Credit Union

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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Show, Don't Tell: Teaching Teens Money Skills

Thu, Aug 15, 2019 @ 10:11 AM / by Alyssa Guillory posted in financial education for teens, teens and money, saving money, Unity One Credit Union

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

Do conversations with your teenagers about money begin and end with "How much do you need?” Then stop right there. If you want your teens to learn how to manage money successfully, show them how it’s done.
 
Being a good financial role model may prove challenging to some. According to a Debt.com poll of 1,000 American, 92% believe everyone needs a budget, but only 70% said they were using one. Many who do budget admit to slipping during holidays or on special occasions, sometimes undoing all their careful work during the year.
 

But don’t give up hope. You can still teach your teens how to manage their finances and brush up on a few skills yourself. Here are a few activities you can do with your teens that can help both of you:

  • Check impulse buying. If your teen wants something expensive, have him or her wait 24 hours before buying it. If the item isn’t as important to them by that time, then the money can be better spent elsewhere.
     
  • Comparison shop. Ask your teen to research the item with you to find the right one at the best price.
     
  • Show them how to create a budget. Debt.com has good instructions their website. There are some free budgeting apps you can use as well.
     
  • Compare credit card offers. Review with your teens several online offers or those you get in the mail so they can evaluate different interest rates and fees.
     
  • Warn them about the minimum payment trap. Choose a desired item that costs, say, $1,000 and use an online credit card repayment calculator to show how long it would take, and how much extra they'd pay in interest, if they pay only the minimum due each month. Or show them the table on your credit card statement that shows the cost of only making minimum payments.
     
  • Brace them for college sticker shock. Rather than telling your teens to save for college, show them why they should save. Have them choose three schools they're considering, then have them check the net price calculator required on all college and university websites. Discuss how financial aid, scholarships, and grants reduce the sticker price.

Finally, know that the real world is a far better teacher than a high school math assignment. Make your teens responsible for personal items, such as new clothing, hair and face products, and snacks. This teaches them how to search for bargains to stretch their dollars.

Open a Savings Account for your Child

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Reconciling a Spender-Saver Marriage

Tue, Aug 13, 2019 @ 07:02 AM / by Alyssa Guillory posted in family budget, budgeting, saving money, Unity One Credit Union

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

Money ranks high on the list of reasons partners fight or split up. In any marriage, even one where both partners manage money similarly, family finances create conflict at least occasionally. But when one spouse is a saver and the other is a spender, financial disagreements can be frequent, emotional, and divisive.

If you and your partner seem to be polar opposites when it comes to money attitudes, don’t give up hope of a truce. Experts say opposite money personalities actually can complement each other: Savers keep spenders out of the poor house while spenders encourage savers to enjoy themselves now and then. Of course, getting to a balanced approach to the family finances requires compromise and communication.

Understanding your partner's money personality

Your money personality—how you feel about money and the way you manage it—is a product of your upbringing and your life experiences. It was formed over many years and is unlikely to change significantly after you become an adult. Couples who understand this also understand that trying to convert one’s spouse is an exercise in futility. Instead, work on a compromise.

Here are some things counselors say couples should do to reduce conflict and to reach their financial goals.

Communicate

It's important that you talk about your finances. Throughout your discussions, remain open-minded rather than insisting that your partner do things your way. As you talk, make agreements to compromise. An agreement gives you the right to get your partner back on track if he or she veers from what was agreed upon.

Set goals together

It's crucial that couples set common goals. First, make separate wish lists and then, together, rank the items you both feel are most important. Some goals should be at or near the top of every couple's list. These include paying off nonmortgage debt and saving for retirement. Revisit your goals at least annually and make adjustments based on changing priorities and finances. 

Maintain individual accounts

One solution that works for many couples is to have a joint account as well as personal accounts for each partner. Use the joint account to pay household expenses, including mortgage or rent, utilities, insurance, and car and home repairs. If there's money left over, split it into personal no-questions-asked accounts. Use the money from these accounts for individual wish-list goals. For a spender, that might mean paying for a dream vacation. For a saver, it could mean beefing up an IRA (individual retirement account).

Check in with each other at least once a month—more if there have been problems—to re-evaluate and, if financial circumstances warrant, change the discretionary spending amounts. For the joint account, let the person who's good at money handle the bills, but sit down together to go over them regularly.

Get professional help

If you and your spouse reach an impasse, find a couple’s counselor or a financial planner to help you move forward.

For financial planning assistance or money management counseling, contact the professionals at your credit union. You also can find a nonprofit, accredited credit counseling agency through the National Foundation for Credit Counseling.

For couple’s counseling, check with your health plan or employee assistance program (EAP) to see if it covers counseling and to find a qualified, participating professional.

As you narrow the gap between your money management styles, remember that you and your partner are a team. For couples at opposite ends of the spender-saver spectrum, that means each partner has to inch his or her way closer to the center.

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The Fall semester is about to begin. Are you ready?

Fri, Aug 09, 2019 @ 10:52 AM / by Alyssa Guillory posted in Texas Extra Credit Education Loan, student loans, Unity One Credit Union

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Do you have enough money to cover all of your college expenses?  If not, be sure to check out the Texas Extra Credit Education Loan!  This private loan program offers an array of first-class features and benefits, including:

  • NEW, LOWER Fixed interest rates starting at 4.99% to 11.49%(with Annual Percentage Rates (APRs) from 4.99% to 10.31%)
  • NEW, LOWER Variable interest rates starting as low as LIBOR + 2.49% to LIBOR + 8.99%(with Annual Percentage Rates (APRs) from 4.90% to 11.40%)
  • 0.25% interest rate reduction just for graduating*
  • 0.25% interest rate reduction when you sign up for Auto Debit payments*
  • Choice of three repayment options*
  • 10 or 15-year repayment term*
  • $0 origination or disbursement fees

It’s easy to see why the Texas Extra Credit Education Loan is the right choice for your educational needs!

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* All rates and benefits are dependent on qualified applicants meeting certain requirements and conditions. For complete details about Texas Extra Credit including program specifics, eligibility requirements, repayment examples, repayment options and benefits, or to apply, click the link above.

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Be Financially Prepared for College

Tue, Aug 06, 2019 @ 10:03 AM / by Alyssa Guillory posted in Texas Extra Credit Education Loan, student loans, TX, Unity One Credit Union

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The start of a new school year is right around the corner, which also means it’s that time of the year when you have to open your wallet as wide as you can to pay for tuition and fees, room and board, books, meal plans and what feels like an endless list of other college-related items!

Of course we understand that college is expensive and not everyone is able to pay for it out of their pocket, which is why we offer the Texas Extra Credit Education Loan to our members!  This private student loan option provides an array of first-class features and benefits, including:

  • Low Fixed and Variable interest rates*
  • 25% interest rate reduction just for graduating*
  • 25% interest rate reduction when you sign up for Auto Debit payments*
  • Choice of three repayment options and two repayment terms*
  • No origination or disbursement fees
  • Cosigner release option*

So, if you find yourself needing additional money to help cover your college costs, and all financial aid has been exhausted, be sure to check out the Texas Extra Credit Education Loan!  

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* All rates and benefits are dependent on qualified applicants meeting certain requirements and conditions. For complete details about Texas Extra Credit including program specifics, eligibility requirements, repayment examples, repayment options and benefits, or to apply, click the link above.

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Unity One Cu informs: 2019 Bob Bennett Scholarship Winners Announced

Mon, Jun 24, 2019 @ 02:40 PM / by Alyssa Guillory posted in Unity One Credit Union, Bob Bennett

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1st Place Brady Nelson-1Unity One Credit Union is pleased to name Brady Nelson, graduating senior of Spring Lake Park High School in Minnesota, as the grand prize winner of the 2019 Bob Bennett Memorial Scholarship. Nelson’s award-winning essay detailed the differences between banking of the past and present, while exploring banking technology currently desired by Generation Z and beyond.

Nelson says of banking with Unity One, “Having an account has encouraged good habits, by offering a tool to manage my money and achieve financial goals. There are banking services that provide me time which I sometimes don’t always have. As a student, employee, and active participant in extracurricular and athletics my time gets stretched. Having the convenience of direct deposit means I don’t have to find the time or locate means to cash a check. This feature allows me to focus my time elsewhere without needing to worry about getting to the bank.”

Nelson will receive $1,000 to aid with his college expenses. He is a member of the National Honor Society, an Eagle Scout, captain of his soccer team and active participant of Youth Group: Confirmed.

2nd Place Chelsea KungChelsea Kung, graduating senior at Keller Central High School, and Breanna Nabarrete, student at the University of North Texas, were named runners-up and will receive a $500 and $250 prize respectively.

To be eligible for the scholarship, candidates had to be graduating high school seniors or college students attending a two-year or four-year college or vocational/technical school. They needed to have maintained at least a 2.8 grade point average (on a four-point scale) and be a member of Unity One Credit Union.

3rd Place Breanna NabarreteThe Bob Bennett Memorial Scholarship is a tribute to the life of Robert Bennett, a tireless champion on the credit union movement. He joined Unity One CU in 1954 and served on the Board of Directors until 2002. An advocate of growth and change, Bennett served through five name changes and three mergers. He passed away in December 2002.

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About Unity One Credit Union

Established in 1927, Unity One Credit Union is the oldest credit union in Texas. A member-driven and not-for-profit cooperative, Unity One CU served the employees and families of the BNSF Railway for 70 years. However, after transferring its corporate headquarters to Fort Worth in 1998, the credit union expanded its field of membership to include other non-railroad companies, organizations and individuals.

Today, anyone who lives, works, worships or attends school in Fort Worth, Blue Mound, Saginaw, Haslet, Keller, Colleyville, Bedford, North Richland Hills, Southlake, St. Paul, MN and Kansas City, KS may apply for membership. Unity One CU has eight branches to serve over 30,000 members nationwide. For more information about Unity One Credit Union, visit www.unityone.org. Think outside the bank.™

 

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Unity One’s New Look is Coming Soon!

Tue, Jun 18, 2019 @ 04:46 PM / by Alyssa Guillory posted in Unity One Credit Union, new website

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U1CU_MemberCommunication_PHASE1_EmailHeader

Have you ever wondered what a fresh coat of paint might 
look like on the Unity One Credit Union website?

Soon, you will be able to find out!
Launching in late June 2019, unityone.org is getting a new, 
bold look along with some great new features and easier 
access to information about your credit union.

U1CU_NewWebsite

What do I need to do?
Not to worry – there is nothing you will need to do for the 
new website! All of your personal information to access your 
accounts through Online Banking will stay the same.

In the coming weeks, we’ll be delivering some sneak peeks 
and helpful tips on how to find the information you need on the 
new Unity One site, so you’ll be all set. 

Questions?
Want to keep up to date with Unity One’s bold new website? 
No problem! Visit our New Website Resource Center to find out more.

Resource Center

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Unity One CU informs: Inver Grove Heights Branch Closure

Mon, Apr 29, 2019 @ 12:20 PM / by Alyssa Guillory posted in Unity One Credit Union, Inver Grove Heights

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IGH Closure Flyer
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Unity One CU informs: MN Branch Closures

Thu, Apr 11, 2019 @ 09:05 AM / by Alyssa Guillory posted in Unity One Credit Union, minnesota, branch closure

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shutterstock_1240880905 (1)For the safety of our staff and our members, our two Minnesota branch locations will be closed until further notice due to the blizzard conditions.

Members can access their account online, via our mobile app, through telephone banking or visit a Shared Branching location. We appreciate your understanding. Stay safe!

Find a Shared Branch

 

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Unity One CU informs: Inver Grove Heights Closure Letter

Tue, Apr 09, 2019 @ 11:37 AM / by Alyssa Guillory posted in Unity One Credit Union

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To our valued members:

Recently, a letter informing our members about our Inver Grove Heights branch closure was mailed out. Unfortunately, a few member names were printed on the wrong addresses and thus delivered to the wrong mailing address. 

Please take comfort in knowing that no personal information was compromised in the incident. All letters are okay to be opened by the receiver. 

The letter is listed below. Please contact us at 800-628-5517 if you have any further questions. 


IMPORTANT MEMBER MESSAGE:

Thank you for your continued membership with Unity One! You are a valued part of our credit union and we appreciate your business.  We are continually evaluating our services, locations, and staffing to ensure we are balancing excellent member service with the most efficient operations for the benefit of all members.   

Please note the following change related to the branch located in Inver Grove Heights, Minnesota: Effective Saturday, June 1, 2019 at 1:00 p.m., the Inver Grove Heights branch location (5300 S. Robert Trail, Inver Grove Heights, MN) will permanently close. 

All staff at the Inver Grove Heights branch are being retained and transferred to our Maplewood branch (1535 Beam Ave, Maplewood, MN), so you will continue to see the same friendly faces at the new location! If you currently bank at our Inver Grove Heights branch, there are no changes to your account type or account numbers. 

Members can access their accounts 24/7 through Online Banking, Mobile Banking and Telephone Banking, or through any of our surcharge-free ATMs. CO-OP Shared Branching locations are also available. To find your nearest Shared Branching location, visit our website at www.unityone.org

We value your banking relationship, and we are here to help if you have questions! You may call us at 800.628.5517 or visit any of our branch locations. 

Thank you for continued membership and loyalty to Unity One Credit Union.

Sincerely,

Gary signature

Gary Williams
President/CEO
Unity One Credit Union

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