MARCH 2016
HARBOR NAVIGATOR
Looking out for your financial well-being
ONLINE BRANCH TO RECEIVE
MAJOR UPGRADE IN 2016
In recognition that times and technology have changed, we’ve committed to a
significant investment to upgrade our Online Branch. We’re committed to a transition
as seamless as possible and expect to unveil the following upgrades in summer 2016.
ONLINE BANKING: You’ll continue to have 24hour access to real-time account information. The
new platform will give you even more control and
consistency, whether you’re working from a PC, tablet
or smartphone.
More Options to Move Money: Pay bills, pay
people, request money, transfer funds to and from
your accounts at other financial institutions, and
more! We’ve improved Bill Pay with a free, simple and
efficient eBill option. Billers able to provide electronic
statements will be identified with an eBill icon. You
can set up automatic payments for the amount on the
bill or even have the system pay the bill upon receipt
or due date. A new expedited payment option will
also be available.
Send Money to Friends and Family: Popmoney ® is
an innovative personal payment service within Bill Pay
that eliminates the hassles of checks and cash. Send
and receive money as easily as you do email and text
messages! All you need is your payee’s email address
or mobile phone number to move money from your
Harbor Checking Account to their account at
any institution.
Mobile Banking Keeps You in Control: As the
ultimate on-demand service, Mobile Banking will let
you view accounts, make payments and transfer funds,
and even deposit a check into your account – all from
your smartphone! You can also receive alerts – for
example, when your balance falls below $50 or your
direct deposit is in your account. The new apps will
be available to download with the launch of the
new upgrades.
Get the Big Picture with Personal Finance
Manager: Our powerful software will collect your
account data from other financial institutions, credit
cards, investment accounts, and mortgage and
insurance accounts in one place. Our tools will then
help you analyze your spending, track your investment
portfolios, reach savings goals and take control of
your finances to improve your financial well-being.
TURN YOUR
EVERYDAY
PURCHASES
INTO REWARDS
ScoreCard® from
Harbor Credit Union
Use your ScoreCard® Rewards
credit card for all purchases and
watch how quickly your Bonus
Points add up. Then redeem
your points for name-brand
merchandise or travel. You can
even book your travel online 24
hours a day, seven days a week,
using your points.
HOW TO BECOME
MORTGAGEABLE
For anyone who’s dreamed of owning a home, the words “your loan is
denied” can be a blow. How easy it can be to give up, especially if you
already have some debt and live on a modest income. But patience and
hard work can make home ownership a reality.
The best strategy is to meet with a Harbor loan officer and learn about
the home loan process before you start looking for a house.
Lenders size up loan applicants based on whether or not they are good
credit risks. In other words, will an applicant fulfill a debt obligation or
fall behind on payments and eventually default? Factors that can derail
a mortgage application include a debt-to-income ratio above 35%,
less than two years of employment history, nonpayment of bills and
application to purchase property that’s depreciating in value.
Plus, you’ll enjoy these
additional benefits:
Low, competitive rates
No annual fee
No penalty APRs
No balance transfer fee
Reward yourself with savings
and rewards – you’ll earn one point
per dollar spent, and your points
will never expire. Ask us about
transferring your high-rate balances
to a ScoreCard today or visit
HarborCU.com/ScoreCard.
APR=Annual Percentage Rate. Subject to credit approval.
*
These “Three Cs” are the traditional acid test for creditworthiness:
• Capacity. Do you have the income to repay the debt? Lenders
review employment history, gross monthly income, housing
expenses and outstanding debt.
• Character. How much debt do you already owe? Do you pay your
bills on time, and are you able to live within your means? Lenders
also want proof of stability – how long you’ve lived at the same
address and held your present job.
• Collateral. Is the property structurally sound or a sagging shack
that’ll undermine your ability to repay the mortgage? A licensed
appraiser helps make this determination.
Most lenders use credit scoring, an objective model that predicts credit
risk. In essence, scoring uses credit report data to evaluate your credit
history based on experience with other borrowers. Computerized credit
scoring speeds up the loan underwriting process and eliminates human
bias. But it doesn’t have the human ability to detect personal issues that
can affect someone’s credit history. That’s why we sometimes consider
other factors in the case of low-scoring applications. We may also find
situations that override a poor score.
The credit union wants to find reasons to say yes, not to say no. So call
Harbor and start learning how you can become a homeowner.
THE CONFUSING WORLD
OF CREDIT SCORES
A recent survey, jointly released by the Consumer Federation
of America (CFA) and VantageScore Solutions, revealed that
a large number of consumers know little about credit scores.
The survey found that:
• Two-fifths of those surveyed did not know that credit card
issuers and mortgage lenders use credit scores in making
decisions about credit availability and pricing.
• Between one-third and two-fifths did not know that the
credit scores of co-signers of a student loan are affected
by that loan – with the credit score improving if payments
are made on time and declining with one late payment.
• More than one quarter did not know key ways to raise or
maintain their scores – keeping credit card balances low
and not applying for several cards at the same time.
• Only 7% knew that making several inquiries about getting
a consumer or mortgage loan in a short span of time will
never lower their FICO and VantageScore credit
scores, so consumers shouldn’t be discouraged from
comparison shopping.
Your credit score – that three-digit number
summarizing your credit history – is a critical
factor in a lender’s decision to grant you credit
and at what rate. While lenders are the primary
users of credit scores, some employers,
landlords and insurance companies also use
them to evaluate applicants.
Therein lies the problem. If you purchase
your credit score from Fair Isaac Corporation
at myfico.com, you get a FICO® Score. If you
request a free TransUnion or Experian credit
report from annualcreditreport.com and
also purchase your credit score from that
website, you’ll get a VantageScore®. And if
you use any of these sites – experian.com,
freecreditreport.com, consumerinfo.com,
creditexpert.com or familysecure.com – you’ll
get a PLUS Score®, which typically isn’t used by
lenders, and you’ll be automatically enrolled in
costly credit monitoring services that you may
or may not want or need.
The best advice is to ask any potential lender
which credit score it uses to determine your
creditworthiness. Also, a clean credit history
will boost all your credit scores.
Before you apply for credit, take these steps to
clean up your credit report:
• Pay all bills on time
• Keep each account balance at less than 25%
of your available credit limit
• Don’t close old accounts – or open a flurry
of new accounts – right before you apply
for credit
• Don’t co-sign for another person with bad –
or no – credit
If you still have questions about credit scores,
come talk to us. We can help you sort out
the facts.
HARBOR NAVIGATOR
Guidance to help improve your financial well-being
MAILING ADDRESS
P.O. Box 22430
Green Bay, WI 54305-2430
24-HOUR ACCOUNT ACCESS
Phone Teller: (920) 431-6692
PC or Mobile: HarborCU.com
ROUTING NUMBER
275977832
INSURANCE
HarborCU.com/TruStage
MONITOR YOUR CREDIT
AnnualCreditReport.com
NMLS NUMBER
686328
QUESTIONS? (920) 431-6688 • Toll Free (800) 827-4645
BRANCH
DAY
LOBBY
DRIVE UP
Green Bay East – Weise Street
Mon-Thr
8:30a-5:00p
8:30a-5:30p
Bellevue – Steffens Court
Fri
8:30a-6:00p
8:30a-6:00p
Howard – Velp Avenue
Sat
Closed
8:30a-12:00p
Ashwaubenon – S Ridge Road
Mon-Thr
8:30a-5:00p
8:30a-5:00p
Fri
8:30a-5:00p
8:30a-5:30p
Mon-Thr
8:30a-5:00p
8:30a-5:30p
Fri
8:30a-5:30p
8:30a-5:30p
Sat
Closed
8:30a-12:00p
Luxemburg – Main Street
www.HarborCU.com
CRUSH DEBT –
AND BEEF UP
YOUR BUDGET!
Consolidate high-interest debt
for as low as 7.99% APR*
Ready to experience a new kind of budget brawn?
Visit HarborCU.com/CrushYourDebt or call us at (920) 431-6688.
*APR=Annual Percentage Rate. Your APR could vary based on your credit history and applies to personal loans that close in March 2016. Offer excludes all loans already financed at
Harbor Credit Union. A $10,000 loan at 7.99% APR for 60 months would have a monthly payment of $202.72. Rates and terms are subject to change.
Harbor Credit Union® is a member-focused
financial cooperative committed to building our
members’ financial well-being and becoming
their primary financial institution.
OUR MISSION
How to Become
Mortgageable
Looking out for your
financial well-being
Turn Everyday
Purchases into
Rewards
Online Branch
to Receive Major
Upgrade in 2016
HARBOR NAVIGATOR
PO Box 22430, Green Bay, WI 54305-2430
MARCH 2016