About The Teachers Federal Credit Union

Teachers Federal Credit Union

Teachers’ federal credit union as the name signifies is the credit union specifically for teachers or precisely for people who are in teaching profession. It provides banking and financing services for the teachers. Teachers’ federal credit unions run under the authority of the Credit Union National Association. There is no central teachers’ federal credit union. The teachers’ federal credit union has many features which encourage their preference over banks.

Teachers’ Federal Credit union vs. Banks

There is similarity in functioning of the Teachers’ federal credit union (TFCU) and banks but TFCU have many discrete features which makes it different from a bank. In TFCU, a lower fee is associated with the opening of checking and savings accounts. One of the major differences between credit unions and banks is that since credit unions are non-profit organizations owned by members it provides better rates and low operating costs.

Benefits of Teachers' Federal Credit Union

Teachers’ federal credit union offers many benefits. One who joins credit union can have access to loans and financing options which are created keeping teachers in mind. TFCU provides accounts that are much cheaper to maintain in comparison to regular banks. Teachers find it more beneficial in all aspects as compared to banks.

Things to be considered

The most important thing that one needs to know before joining the teachers’ federal credit union is that what kind of the identification is required to open an account. Work ID as proof of employment is accepted at most places. It is also required to decide whether you need an ATM access or not.

More Secured

Mostly people have a misconception that federal credit unions are less secure than traditional banks. This is not the true as federal credit unions are nonprofit, so there are rare chances for their branches to be closed. Therefore, these are more secured as compared to banks.

Teachers’ Federal Credit Union also has other features like:-

New Online Banking Login Instructions

Easy Electronic Payments with ACH

Payday Loan Alternative Now Available

Additional TFCU Branches Now Accepting Mortgage Applications

5 Things You Need to Know About Credit Scores

Credit score plays an important role in a consumer’s life. Your credit score is a major factor when you plan to borrow money i.e., car loan or mortgage.Credit score  determines your ability to get the loan and the interest rate you are eligible for. You can enjoy the best rates available with the help of credit score. It could also have an impact on your insurance rates and your ability to get certain jobs.

5 Things You Need To Know About Credit Score :-

1. Credit Score is a Number

This number is reported by various credit bureaus. Different algorithms are used to determine the score. Score ranges from 300 to 850 and if above 700 then considered good.

2. One  Can Get The Credit Score For Free

Free credit scores are provided by many websites. One has to be careful, else one could end up paying a lot more than bargained for. 

3.  Good Number, Bad Loan?

Despite of your good credit score you can get a bad loan offer.This is due to the recent credit crisis.

4. Credit Score Can Be Improved

It can be improved following the given steps:-

• Review your credit report
• Set a budget and make payments on time
• Use credit cards sparingly 
• Pay off the balance in full every month

5. Credit Score Can Be Lowered

It can be lowered by many things major ones are declaring bankruptcy, letting your debt go into collection, and having a tax lien against you.

Advantages of Using a Credit Union

Advantages of Using a Credit Union

Most people belong to a labor union or are affiliated with a large employer, organization or residential community. If you are interested in joining a credit union but aren't sure, you just want to know more about credit union advantages. As we know, credit union is a non-profit cooperative financial institution and they also offer credit union financial services to its members as other banks do.

Here are few reasons why you might want to join:

Membership is Easy

Credit unions are owned financial institution and operated by their members. The credit union members are also the owners and there are no outside partners. It means that the credit union institutions are not open to everyone. Credit union offers its service for those people who are affiliated with the group it serves. The membership benefits communicate the value of membership to the members. Be a part of a credit union, it also allows all union members and their families to join.

They Offer Plenty of Financial Services

Credit unions offer savings accounts, checking accounts and ATM cards, like other banks offer. Credit union provides all the services provided by any other bank and one of the biggest reasons to join them is the low interest over loans.

Loans at a Credit Union

Since the credit union is a non-profit institution, also owned and operated by its members, it provides all type of financial benefits to its members. Such as: lower loan rates, higher saving rates, lower fees as compared to other institutions. Credit union also provides car loan or mortgage at attractive interest rates.

Credit Unions are Safe

In a credit union, control your financial problem, also help other members achieve all members’ financial dreams. All the money deposited by its members, for saving money, is insured in the credit union. If you are affiliated with a group, it provides complete and supporting financial services to secure your money. Strict privacy, loan protection and life insurance at no direct cost to the eligible member, is also provided by a Credit union.

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How to Avoid Getting Your Credit Card Canceled

A credit card company has many reasons to cancel a card, in-fact Nonpayment is not the only reason for the cancelation of your credit card there are other reasons such as including non-use, excess debt,  low credit score. Some people like to have their credit card available for emergencies. If you are in an emergency such as need gas or a hotel room on short notice or while traveling abroad then a cancelled credit card may cause considerable problems. So be careful, as that card might not be available to you, just when you need it the most.

First in this article we will explore the various reasons of cancellation of a credit card and also explain some tips to help avoid having your own credit card canceled.

Here are some specific reasons why the credit card company could cancel your credit card:

• Non-Use: If your card will be canceled then “Non-Use” is the most prevalent of reasons for that.

• Your Credit Score Dropped: If your credit score drops then the company cancels your credit card.

• Your Debt Increased: Canceling your card and eliminating the chance if your amount increased such that your credit utilization ratio is teetering.

• Your Credit Increased: Main reason of a company to cancel your credit card is crossing the limit of credit available to you.

How to Prevent Cancelation:

1.  Avoid cancelation due to inactivity by Use it or lose it. It means that you can use the card every couple of months. If you are purchase something then you can pay it off immediately too. 
2. Pay Attention to Ratios, if you want to keep you credit score then maintaining a credit utilization ratio below 25%. 
3.  If you have multiple credit cards then focus on Longevity. Pay special attention to the ones you have had for a long time.

What to do if you’re Credit Card is canceled:

Check Your Credit Report: If your credit card canceled then report your company and also copy of your credit report submit from one of the big three credit bureaus. After this you can also use a free service like Credit Karma.

Maintain your credit score: If your credit score goes down company may cancel your existing account. So make at least your minimum monthly payment on time and to contact your creditor if you have financial difficulties.

Use your credit card: Use your credit card at least once every 60 days. If you purchase something then you should pay it off immediately. So it regularly informs the company that your card is still being used.

Pay your bills on time: More people neglect to pay their monthly statement and make chance to get their credit cards canceled. So pay your bill on time.

Call Them: If you don’t know what your card is cancelled make a call to the company and ask them the reason.

3 Alternative Sources of Funding

Alternative Sources of Funding

 

According to Small business monitor survey 37 percent of small business owners expect to grow their companies in America. In-fact, 35% people are planning to hire staff and 44% to make capital investments. Especially these days’ small-business owners would be wise to familiarize themselves with credit alternatives. For secure financing to buy a business, fortunately there are using other ways than banks. If you can’t afford to finance your company’s growth the question is  what should you do or where to start ?

Here are following financing options to consider:

Community Development Credit Unions
Crowd sourced Funding Sites
Peer-to-Peer Lenders

Community Development Credit Unions 

Socially minded investors and lenders push money to community development financial institution, such as credit unions which serve low income communities. These can be very beneficial for the businesses that lack the access to traditional methods of financing. If you are looking for a loan you should check the website of  “National Federation of Community Development Credit Unions “ to fnd a small business friendly credit union in your locality.

Crowd sourced Funding Sites

Each crowd sourced funding site has its own milieu. Websites like “Kick starter” let you post information about your business idea and seek startup funding from small donors, are proliferating. If you have built strong connections with contacts on social networking sites, it is really good for you and it easy to broadcast information about your financing campaign on websites like Face book. Most of businesses types are focused on artists, musicians, and social ventures but Kick starter, App back, Profounder, and 33Needs may have the money you're looking for.

Peer-to-Peer Lenders Networks

If you are unable to access a small business loan from a bank then you may be able to borrow money from individual investors if you are looking to get better returns than they might help you in this. You can also make money through peer-to-peer lending networks sites such as Lending Club and Prosper. Lending Club will connect only credit-worthy borrowers with lenders. If you have good credit score and also been diligent about paying bills on time then they affects your interest rate. You may easily find the deals on these sites.

Auto Financing - Dealer Vs a Credit Union

Auto Financing

How to finance a new car? There are many things required when you are buying a car as like making several decisions besides choosing the car and also which model of vehicle you want. Financing word refers to how you pay for a vehicle.

Dealer Vs a Credit Union

Members make loan from financial institutions as like banks, credit unions, dealer financing and they all serve two primary methods for obtaining a loan. Mainly credit unions give more advantages to their members as compare to dealership. When members comes to loans, a credit union always offer best rates even they comes for auto financing or car loans.

Credit Union Auto Financing

Credit union provides an opportunity to create a relationship with the lender when you are applying for loan or already belong to credit union. After doing this you can easily persuade the credit union that you are responsible with your finances and also provide your credit report and credit union solutions such as your checking or saving statement. These types of personal statements help you to explain in detail that you're not a risk and will pay back the loan.        

Credit Union Easy To Join 

It is very easy to join a credit union and after that you have access to all of the services which are offer by the credit union. These services include offer checking and savings account, to all types of loan products including car loans, mortgages, credit cards and financial marketing solutions.