Tag Archives: money

Member One: Credit Score Quick Guide

It’s one of the most important numbers linked to your identity: your credit score. But are you fully aware of why it’s so significant, and what constitutes a good credit score? Read on for a brief explanation of what it is and tips for improving it.

What is it? Your credit score is a number that ranges from 300 to 850 and, along with repayment history, is an indication of your creditworthiness. Anything above 700 is generally viewed as good credit and signals to potential lenders that you’re more likely to pay back your debts on time.

Why should I care? A credit score helps determine whether you’re approved or denied for a credit card or loan and your interest rate. On-time payments have a big impact on your score, and just one or two late payments can significantly lower it. If you’ve ever had a bill go to collections, declared bankruptcy, or had a foreclosure, your score will go down. The number of loans in your name matter and the more accounts you have (in good standing), the better, because it shows that multiple lenders have approved you.

How do I find out my score? The three major credit-reporting agencies—Equifax, Experian, and TransUnion—are required by law to provide you with a free credit report every 12 months. Keep in mind that this is just the report and not the actual score. In order to receive your score, you typically have to purchase it. Visit MyFICO.com to buy your official FICO score. Also, check your monthly credit card statement as some lenders now include your credit score as an added service.

What are some quick ways to improve it? One of the best ways is to consistently pay your bills on time. Other ways include paying down a credit card balance to improve your utilization rate, and keeping lines of credit open with zero balances. Both of these strategies show lenders that you’re able to manage debt and aren’t biting off more than you can chew.

As a general rule of thumb, you should review your credit report along with your score at least once a year. Not only is it beneficial to keep yourself informed and aware, it could help protect against fraud or identity theft.

Presented by Member One Federal Credit Union

 

Totally Selfish Reasons to Practice Sustainability

Okay, so unpopular opinion time: I love the idea of trying to save the planet, but when it comes right down to it, I typically make decisions that are most convenient for me.

When I started working for the Hybrid Electric Vehicle Team (HEVT), I made more of an effort to keep the environment in mind when making daily decisions. I found that practicing sustainability didn’t just help the environment, it also made my life much easier.

Don’t believe me? Here are three totally selfish reasons to practice sustainability:

vtgreen31) More space
Do you know what DOESN’T maximize space in your apartment? The ten thousand plastic grocery bags sitting on your washer and dryer. Carrying a reusable grocery bag immediately solves this problem (and HEVT gives these away for free, so if you need one hit us up). Also, most reusable grocery bags carry more groceries than plastic bags, which means less trips from the car. As for the stack of plastic bags already robbing you of your closet space? Micah’s Backpack and other organizations collect plastic bags so they can use them when packaging food for donation.

2) Money money money (monaaayyyy)
Even with gas prices going down, I still get that sinking feeling when the numbers at the pump go up and I can picture my balance at the bank going down. Opting to walk or take the bus a few times a week can make a large difference. If you are in the market for a new car, hybrids have been proven to save consumers money over time. Unplugging items such as coffee makers when you are not using them can also cut down electricity costs, which creates less of a burden on the environment.

3) Locally-grown food tastes better
Buying local is a good idea all around. Less travel means less pollution and gas consumption. Supporting local business means keeping money in the community. Seeing where your food comes gives you control over what hormones do and do not enter your body. But the biggest reason I buy local? It tastes So. Much. Better. Nothing can compete with a tomato picked fresh off the vine.

vtgreen1Written by Sara Lepley, the communication manager of the Hybrid Electric Vehicle Team of Virginia Tech (HEVT). HEVT competes against 16 other universities in a four year competition in which they transform a 2016 Chevrolet Camaro into a hybrid electric vehicle. Their two headline sponsors, General Motors and the Department of Energy, challenge HEVT to reduce petroleum usage and greenhouse gas effects, while maintaining safety, performance and customer acceptability. They also help in mind cost and innovation. This is Sara’s second year on the team.