AGCU Scholarship Recipients

 

SPRINGFIELD, Mo. –  We announced the recipients of our 2023 AGCU Scholarships Thursday, June 8 at the Annual Business Meeting held at Central Assembly.

Every year we award scholarships to a number of New Attitudes members who are graduating from high school and plan to attend an accredited college or university in the fall of their graduation year. It’s just our way of thanking our New Attitudes members who have chosen AGCU as their banking institution.  If you would like to learn if you or a loved one qualify for an AGCU Scholarship, contact your local branch!

Annalise Goodwin

$1000 Scholarship
Merrell K. Cooper Memorial Scholarship

Annalise is graduating as a homeschooled student in Grand Rapids, Michigan, and plans to attend Southeastern Assemblies of God University – Ohio campus as a media and design major. She is a member of Timothy Teams at Ohio Ministry Network Kids Camp and assists with children’s ministry for Africa missionary field conferences. Annalise designed her parents’ missionary prayer cards for their ministry in Africa. She is also active in her church serving as a greeter and member of the choir and orchestra.

 

Jackson Hayes

$4000 Scholarship

Jackson is graduating from New Covenant Academy in Springfield, Missouri, and plans to attend John Brown University as an electrical engineering major. He was accepted into the Missouri Boys State program and served on the House of Representatives in the program. Jackson is a member of National Honor Society.

Natalie Vaughn

$4000 Scholarship

Natalie is graduating from Hillcrest High School in Springfield, Missouri, and plans to attend John Brown University as a biology major. She is valedictorian of her class, student body president, and vice-president of National Honor Society. Natalie serves as an assistant pre-K teacher at her church and is actively involved with her youth group. She also volunteers with numerous community service projects.

Nathan Buller

$4000 Scholarship

Nathan is graduating from Bauxite High School in Bauxite, Arkansas, and plans to attend Southwestern Assemblies of God University as a digital media major. He is vice-president of Student Congress, a member of Future Business Leaders of America, and National Honor Society. Nathan has also been a member of the AV Tech/Media Team at his school and church.

Oliver Puccini

$4000 Scholarship

Oliver is graduating from Breck School in Golden Valley, Minnesota, and plans to attend the University of Notre Dame as an aerospace engineering major. He is a member of the Breck School Stampede Robotics team and writes for the school newspaper. Oliver is also a member of his school Bato Bato Marimba band and jazz orchestra. Additionally, he has been a mission team leader assisting a Ukrainian Refugee Center and tutors for the Neill Elementary’s Science Enrichment program.

Madeline Berkey

$4000 Scholarship

Madeline is graduating from Rosslyn Academy in Nairobi, Kenya, and plans to attend Trinity Bible College as a Children’s Ministry and Missions major. She is a National Honor Society member. Madeline is member of the women’s basketball and volleyball teams. She serves in the children’s program at her church, as well as a member of the Spiritual Life Committee at her school.

 

 

 

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Navigating Mortgage Lenders and Credit Checks: Your Roadmap to Informed Choices

If you need a mortgage but you’re worried about the negative effect on your credit from a credit check, remember the 45-day rule. Learn about that and more in our guide!

Q: What happens when a mortgage lender checks my credit score?

A: That’s a great question! Let’s explore the mortgage-shopping process, how credit checks can affect your score, and some helpful tips for choosing the right lender.

Understanding Credit Scores:

First off, what’s a credit score, and why should it matter to you?

Your credit score is a three-digit number that reflects your financial responsibility and creditworthiness. It considers factors like your payment history, credit utilization, types of credit, outstanding debt, and credit history. A higher credit score not only improves your chances of mortgage approval but also helps you secure more favorable interest rates.

Demystifying Credit Checks:

When you apply for a mortgage, the lender will likely request your credit report from one or more major credit bureaus. This process is commonly known as a credit check. The lender examines your credit report to evaluate your creditworthiness and determine whether you’re a suitable candidate for a mortgage. If any concerning red flags appear, it could lead to a higher interest rate or even a potential denial of your mortgage application.

Impact on Your Credit Score:

A credit check can have a temporary impact on your credit score. Each credit inquiry is noted on your credit report and might be viewed as a potential risk by lenders. However, the good news is that the effect is usually minor and short-lived. Your credit score typically bounces back within a few months.

Managing the Effect on Your Credit Score:

Contrary to common misconceptions, you don’t need to limit your mortgage applications out of fear of harming your credit score. Here’s the encouraging part: Multiple credit checks from mortgage lenders within a 45-day window are treated as a single inquiry on your credit report. Lenders understand that you’re in search of a single home loan, so these inquiries won’t be seen as multiple loan applications. This means you can take your time, explore various lenders, and gather loan estimates without worrying about negative consequences to your credit score.

Choosing the Right Mortgage Lender:

When seeking potential lenders, it’s always valuable to consider personal recommendations from family and friends who share your values. Additionally, you can explore online ratings and reviews of lenders to gain insights into their reputation and customer experiences. As you evaluate different options, prioritize lenders who demonstrate excellent customer service, transparent loan processes, reasonable closing costs, and fees, and offer favorable interest rates.

This knowledge will empower you as you embark on your homeownership journey. By understanding the impact of credit checks and making well-informed decisions, you can confidently select the mortgage lender that resonates with your beliefs and values.

 

AGCU is committed to helping you find the right home loan option for you. We offer a variety of products to meet your requirements. Whatever your lending needs are, AGCU is here to help you navigate the process.

Visit our Home Loan Center to get started!

Buying and Leasing a Car: What You Need to Know

Finding a new or used car that meets your criteria is a challenging endeavor in today’s market. If you need a new car right now, what’s your best choice? Let’s take a deeper look at buying versus leasing a car to help you determine which option makes the most sense for you.

4 Tips to Help You Decide: Should You Buy or Lease?

In every market, there are some drivers who are better suited toward owning a car and others who benefit more from leasing. The following are the top four important factors we suggest for you to consider when making this decision.

1. How long do you hold onto your cars?

If you like to swap in your cars for a newer model every few years, a lease may be a better fit for your lifestyle. On the flip side, if you tend to hold onto your cars for many years, consider buying a car instead.

2. What kind of insurance costs do you want?

Leases require full insurance coverage, which can be pricey. When you own your vehicle, though, the amount of insurance coverage beyond what is required by law is your decision.

If you like having full protection that includes GAP insurance (GAP Insurance pays the difference between what you owe on a car and its true value if it’s totaled in an accident or stolen), then a lease may be a better choice for you. If you tend to purchase just minimum coverage, you may be better off purchasing your vehicle.

3. How much mileage do you typically drive?

If you usually put more than 10,000 miles on your car each year (the standard milage amount allowed by most leasing companies before charging extra), you may be better off buying a car. Keep in mind, though, that you’ll still need to pay for those miles in depreciation costs of the car.

4. Are you willing to pay for your vehicle’s maintenance?

When you lease a car, most maintenance costs are on the leasing company. You’ll need to pay for anything related to wear and tear of the vehicle, but most other repairs will be covered. You’ll also have the option to pay extra for tire protection, and dent and scratch insurance.

When you own your car, you’ll be footing the bill for all these costs, plus any maintenance needs. To minimize these costs, don’t finalize a car purchase without first ensuring it’s in good working order. You can do this by using its VIN (vehicle identification number) to look up its car history and by having it professionally inspected by a mechanic.

Long Term Effects of Leasing or Buying a Vehicle

While individual circumstances vary, in general, you can expect the cost of purchasing and leasing a vehicle to break even at the three-year mark. While a lease may offer you cheaper monthly payments, you’ll likely earn back two-thirds of the price you paid on a car if you sell it after three years.

If you’re choosing between buying or leasing a car, be sure to weigh all variables carefully before making your decision.
When you’re ready to make your decision, a great option to consider is applying for an auto loan face-to-face with AGCU’s video banking service.

Banking With A Purpose

Much more than a catchphrase, our tagline is our passion, our reason why we do what we do. This is the impact of your membership with AGCU. Learn More About Banking with a Purpose

Adulting with Faith: Biblical Financial Advice for Young Christian Adults

Adulting Like a Boss

Achieving Financial Freedom: Tips for Young Christians.

Congratulations on taking the first step towards achieving financial freedom and adulting like a boss! We know that the thought of managing your finances can seem daunting, but don’t worry, we’ve got you covered with some tips and tricks to help you along the way.

As you start taking on more responsibilities and managing your finances like a pro, don’t forget to have fun and enjoy the journey. Remember, being an adult doesn’t mean you have to stop having fun! Make time for hobbies, spend time with friends and family, and don’t be afraid to try new things. And always remember, no matter how challenging adulting may seem, you’re not alone! As a Christian, you have a loving God who is with you every step of the way.

Remember, with a little bit of guidance, a lot of hard work, and a healthy dose of humor, you can adult like a champ!

Here are some tips to get you started:

• Set financial goals: Start by setting clear financial goals. Whether it’s paying off student loan debt, saving for a down payment on a home, or building an emergency fund, having clear goals will help you stay motivated and on track.
• Create a budget: A budget is essential for managing your finances and achieving financial freedom. Create a budget that includes all of your income and expenses, and stick to it as much as possible. AGCU has handy budget tools to help track and manage your finances. Log in to Online Banking, or Become a Member today and get started!
• Minimize debt: High levels of debt can be a major obstacle to achieving financial freedom. Focus on paying off high-interest debt first, and consider strategies like debt consolidation or refinancing to make your debt more manageable.
• Live below your means: Living below your means is key to achieving financial freedom. Look for ways to cut back on expenses, such as eating out less or finding cheaper housing options.
• Increase your income: Consider ways to increase your income, such as taking on a side hustle or seeking out promotions or new job opportunities. Increasing your income can help you pay off debt faster and save more money.
• Invest in your future: Investing in your future is an important step toward achieving financial freedom. Consider investing in a retirement account or a diversified investment portfolio.
• It’s worth noting that many young adults still rely on financial support from their parents. According to a recent survey, about 50% of adults aged 18-34 receive financial support from their parents, with the average amount being around $3,000 per year. While receiving financial support from parents can be helpful, it’s important to work toward financial independence and not rely on this support long-term.

Achieving financial freedom as a young adult requires discipline, goal-setting, and a willingness to make sacrifices. By creating a budget, minimizing debt, living below your means, increasing your income, and investing in your future, you can take steps toward achieving financial freedom and securing your financial future.

Intro To Adulting :
Saving :
Debt :
Income :
Employment :
Budgeting :
Retirement Planning :
Housing – Buy Vs. Rent :
Transportation- :
Health Care Costs :
Family Financial Obligations:
The Biblical Perspective On Money Management:
Setting Financial Goals:
Creating A Budget:
Tracking Expenses:
Saving For Emergencies:
Managing Debt:
Building Credit Responsibly:
Understanding Interest Rates:
Planning For Retirement:
Investing Basics:
Transportation Expenses:
Giving And Tithing:
Avoiding Financial Pitfalls:
Choosing The Right Bank Account:
Finding Ways To Save Money On Everyday Expenses:
Using Coupons And Discount Codes:
Avoiding Unnecessary Purchases:
Using Credit Cards Wisely:
Making A Shopping List And Sticking To It:
Budget-Friendly Meal Planning:
Avoiding Lifestyle Inflation:
Side Hustles And Ways To Earn Extra Income:
Paying Off Student Loans:
Understanding Insurance Options:
Preparing For Financial Emergencies:
Prioritizing Financial Goals:
Continual Financial Education And Growth:
Saving For A Down Payment On A Home:
Understanding The Real Cost Of Owning A Car:
Planning For The Cost Of Higher Education:
Developing A Long-Term Financial Plan:
Avoiding Scams And Fraudulent Financial Schemes:
Discussing Finances With A Significant Other Or Spouse:
Finding The Right Financial Advisor:
Creating A Will And Estate Plan:
Planning For Charitable Giving:
Creating A Financial Legacy For Future Generations:

APR=Annual Percentage Rate. *Annual Percentage Yield (APY) 4.33% effective date 2/8/23 and subject to change without notice. New money only. Minimum balance of $10,000 required. Penalty for early withdrawal will apply.

AGCU, The Secure Place To Save Your Money

When you deposit money at AGCU, safety should be at the top of your priority list. One of the primary reasons to use a financial institution is to keep your money safe.  It’s a great idea for members to save regularly to build economic security for themselves and their families.

Banking With A Purpose

Much more than a catchphrase, our tagline is our passion, our reason why we do what we do. This is the impact of your membership with AGCU. Learn More About Banking with a Purpose

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Adulting & Budgeting: How to Wisely Budget Your Paycheck!

Savings Account vs. CD vs. Money Market Account: Which is Right for You?

Shopping around for the best savings account can make a significant impact on your financial well-being. With inflation nibbling at our budgets, finding an account that offers decent returns has become more crucial than ever. Certificates of Deposit (CDs) and money market accounts are two alternatives to traditional savings accounts that offer higher interest rates with minimal risk. But how do you choose between them? Let’s explore the factors to consider and help you decide which option best suits your needs.

CDs and money market accounts offer competitive interest rates with low risk, but they serve different purposes based on your financial goals and needs.

 

CDs: Locking in Returns for a Fixed Term

A Certificate of Deposit (CD) operates as a time-bound investment where you deposit a lump sum for a fixed term, typically ranging from three months to five years. In exchange, you receive a fixed interest rate, and at the end of the term, you get back your initial deposit plus the accumulated interest. CDs are NCUA-insured and do not lose value, making them a safe investment option.

Pros and Cons of CDs:

Pros:

• Higher interest rates compared to regular savings accounts.
• Certainty of returns; you know exactly how much you’ll earn and when.
• Safety and security; CDs are NCUA-insured and do not lose value.

Cons:

• Early withdrawal penalties may apply if you need access to funds before the CD matures.
• Opportunity cost if interest rates rise during the CD term.
• Long-term returns may be lower compared to diversified investment portfolios.

Money Market Accounts: Balancing Flexibility with Returns

A money market account blends features of both checking and savings accounts. You can deposit and withdraw funds as needed, typically via checks or a debit card. Money market accounts offer higher interest rates than regular savings accounts, making them an attractive option for savers looking to earn more while maintaining access to their funds.

Pros and Cons of Money Market Accounts:

Pros:

• Competitive interest rates higher than regular savings accounts.
• Flexibility to access funds easily through checks or debit cards.
• NCUA-insured, ensuring the safety of your deposits.

Cons:

• Minimum balance requirements may be higher than regular checking accounts.
• Withdrawal limitations on number of transactions per month.
• Potential fees for falling below the minimum balance or exceeding withdrawal limits.

Choosing Between a CD and Money Market Account: Consider Your Needs

Deciding between a CD and a money market account boils down to your financial goals and timeline. Here’s when each option might be more suitable:

When a Money Market Account Might Be a Better Choice:

• You prioritize flexibility and need access to your funds for unexpected expenses or emergencies.
• You want to continue making contributions to your savings over time.
• You maintain a sufficient balance to meet minimum requirements and maximize interest earnings.

When a CD Might Be a Better Choice:

• You have a lump sum of money that you won’t need access to for a fixed period.
• You have a specific financial goal with a defined timeline, such as saving for a down payment or a future expense.
• You anticipate a decline in interest rates and want to lock in a higher fixed rate for guaranteed returns.

In Conclusion:

CDs and money market accounts offer safe and reliable ways to earn higher interest on your savings. Choosing between them depends on your individual financial circumstances, goals, and need for access to funds. By evaluating the pros and cons of each option and considering your long-term objectives, you can make an informed decision that aligns with your financial strategy and helps you achieve your savings goals effectively.  Contact Member Care to Open a CD or Money Market Account Today!

Start a Video Banking Call or apply through an online application.

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Give it a try today! Video Banking Hours (CST): Mon – Fri: 9:00 a.m.- 5:00 p.m.

Apply through online application.

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