Your credit score is vital to your financial health. This number measures your money management skills, credit capacity, and fiscal responsibility. An excellent credit score can open the door to large loans with better interest rates, as well as employment opportunities and more.

Let’s explore the best ways to build and maintain an excellent credit score.

Have several active credit cards

Building and preserving a healthy credit score requires owning a few cards and keeping them active. If you’re just starting out, consider signing up for a beginner’s card, which generally features easy eligibility requirements and very little available credit. Otherwise, have a minimum of three open cards that you use wisely on a regular basis. AGCU offers a variety of personal credit cards, including Max Cash Preferred, Real Rewards, Platinum, and Secured Card. Pick the card best suited for your needs!

Work on paying down debt

First, choose your debt-crushing method: The snowball method works by putting all available funds toward paying off the lowest debt first and then the next smallest, until all debts are paid off. The avalanche method works the same way but focuses on paying off the highest interest rate debts in descending order until all are paid off. With the snowball method, you’ll get faster results but may end up paying more in overall interest payments on all debts. Showing the credit bureaus that you’re on track to pay off your debt can do wonders for your score.

Pay your bills on time

Paying credit card bills when, or before, they’re due is a major factor in your score. Continually carrying an outstanding balance and/or owing lots of interest shows that you can’t be counted on to repay loans responsibly. Remember, you can set up automatic monthly payments with AGCU Bill Pay, so you’re always on time.

Bring down your credit utilization ratio

Another crucial factor in your score is your credit utilization ratio. This refers to the amount of available credit you use. Keep your utilization under 30% or even 10% if you can. To that end, make sure you’re using just a bit of your available credit each month. In addition, consider accepting offers for increased credit – as long as you know you won’t rack up huge bills simply because of having all that credit.

Use the tips outlined here to build and maintain a great score.

Read Step 1: How to Track Your Spending

Read Step 2: Creating a Budget

Read Step 3: Pay Down Debt

Read Step 4: Have the Money Talk With Your Partner

Read Step 5: Practice Mindful Spending

Read Step 6: Pay It Forward

Read Step 7: How to Pay Yourself First

Read Step 8: Know When and How to Indulge

Read Step 9: Build and Maintain an Excellent Credit Score

Read Step 10: Plan for Retirement

Read Step 11: Start Investing

Read Step 12: Review and Tweak

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.
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12 Steps to Financial Wellness:

Step 11- Start Investing

The world of investing can be confusing, especially for a first-timer. No worries, though; AGCU can help! Here’s how to start investing in five easy steps.

1.  Define your tolerance for risk

If you’re investing, be prepared for potential losses, because there are no sure things. But how much loss can you take? Your risk tolerance will vary according to the time horizon you’re working with, the amount of money you can afford to lose and your objectives.

2.  Define your investment goals

Why are you investing this money? Do you hope to save enough money for a down payment, or to fund your retirement? Or, are you simply looking for a way to grow your money? Identifying your investment goals will help you choose your investment vehicles and the amount of money you’re comfortable investing.

3.  Determine your investing style

Next, you’ll need to find an investing style that suits your personality and investing goals. Here are your basic choices:

• Active management–personally managing your investments. This can be a great choice for an investor who is confident in their knowledge of the market.
• Broker/financial advisor–allowing an outsider to manage your investments and make decisions regarding your portfolio.
• Robo-advisor–an automated option that typically costs less than a traditional broker and works with your goals, risk tolerance level and other personal details.

4. Choose your investment account

You’re ready to choose your investments! Here are some popular first-time investments:

• Bonds–a loan to a company or government entity which agrees to pay you back in a specified amount of years. You’ll get modest dividends until the bond matures. Bonds are low-risk, but offer lower long-term returns.
• Exchange traded funds (ETFs)–individual investments bundled together and traded throughout the day, like a stock. Share prices are relatively low.
• Mutual funds–professionally managed pools of investor funds that focus their investments in different markets. Mutual funds are inherently diversified, making them a good choice for beginner investors.
• Stocks–a single share or a few shares in a specific company. Be sure to research your chosen company/ies carefully.

5. Learn to diversify and reduce risk

Monitor and adjust your portfolio on a regular basis to keep it diversified and help minimize the risk of loss. Follow these steps to help you get started investing with more confidence.

If you’re ready to start investing or would like some more advice, Reach out to our good friends at AGFinancial

Read Step 1: How to Track Your Spending

Read Step 2: Creating a Budget

Read Step 3: Pay Down Debt

Read Step 4: Have the Money Talk With Your Partner

Read Step 5: Practice Mindful Spending

Read Step 6: Pay It Forward

Read Step 7: How to Pay Yourself First

Read Step 8: Know When and How to Indulge

Read Step 9: Build and Maintain an Excellent Credit Score

Read Step 10: Plan for Retirement

Read Step 11: Start Investing

Read Step 12: Review and Tweak

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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Scratch and Save is back August 1st!

You could save up to 2% on your next auto, motorcycle, RV, or watercraft loan.* This includes NEW & USED vehicles.

Here are the ways you can get your discount:

• Postcards will be mailed to members at the beginning of August. Scratch off the circular shaded area on the back of the postcard to discover your discount.
• Log in to Online Banking and click the banner at the top of the homepage to reveal your discount. You can even click again once per day to try for a bigger discount! Online Banking will keep track of the best discount you reveal. Log in here.
• Visit one of our branches to get a scratch-off postcard from a loan officer.

Do you have a vehicle loan with another lender? See if Mystery Savings can save you money by refinancing your loan with AGCU!

Apply online or contact a loan officer at 866-508-2428.

*Minimum interest rate is 2.24% APR up to 72 months and 3.24% APR up to 84 months. APR = Annual Percentage Rate. The maximum loan term is 84 months. Member must be in good standing. Subject to credit approval and the credit union’s eligibility requirements. No refinancing on existing AGCU loans. Offer valid 8/1/2022 – 9/30/2022. Not valid with any other offer. See credit union for complete details.

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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Beware Malware Scams

Oh no! Your computer’s been hacked, and it now has an awful virus. But there’s good news; a helpful caller reached out to you to offer their expert help. The caller may even be a representative of the Federal Trade Commission (FTC), or another reputable company, and they’re happy to help restore your device to safety. Just do as they say, and all will be right again.

Unfortunately, it won’t: If you do follow the caller’s instructions, you’ll be lured into a scam.

Malware scams are particularly malicious, as they exploit the prevalence of scams and hackers to trick innocent victims into losing their information and money. Here’s what you need to know about malware scams and how to avoid them.

How these scams play out

Malware scams, also known as tech support scams, begin with a phone call. A scammer reaches out to an individual and informs them that their computer has been hacked. The caller claims the alleged hacker gained access to the victim’s device and can do all kinds of damage. However, the caller, posing as tech support, says they can help remove any malware that’s supposedly installed. The bogus rep gives the victim instructions for removing the malware, possibly even giving the caller access to their device. Unfortunately, though, if the victim follows these directions, they’ll actually be installing malware on their computer.

Red flags

Avoid malware scams by looking out for these signs:

• An alleged rep of a tech support company, or the FTC, has called you without you reaching out to them first.
• The “tech support rep” asks you to provide them with remote access to your device so they can allegedly remove any malware that has been installed.
• The caller claims that serious damage has already been done to your computer even though everything looks untouched from your observations.
• The caller urges you to act immediately or risk causing further damage to your device.
• The caller asks you to enter your credit card information or checking account details to pay them for their service. Alternatively, they’ll ask to be paid via a prepaid gift card.

If you’ve been targeted

If you believe you’ve been targeted by a malware scam, take these steps to protect your money, and your device, from harm.

First, do not engage with the caller. Hang up as soon as possible and block the number. Next, if you’ve started entering information into your computer as per the caller’s instructions, close your device immediately. If you believe you have already given the scammer access to your device, you may want to consult a genuine tech support expert to remove any malware that may have been installed. In addition, consider canceling any credit cards you may have shared with the scammer or which were stored on browsers and apps on the device. Also, consider placing a credit freeze on your name to prevent any loans or new lines of credit the scammer may take out in your name. Finally, report the scam to the FTC.

Signs your device has been infected

A computer may be infected with malware and still operate almost normally. Here’s how to tell if your computer’s been infected:

If you notice any of these signs on your computer, it’s best to bring it to a tech support expert who can scan it for malware. If malware is found, follow the steps outlined above to protect your money and your information from further harm.

Don’t get caught in a malware scam! Stay alert and stay safe.

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.
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Step 6 : Pay it Forward

There’s so much good you can do with the money you’ve been blessed to have. There’s also a lot of good you can do with your time, talents, and possessions. Let’s explore some ways you can make the world better by paying it forward.

1. Donate funds to your favorite cause

The classic and simplest way to pay it forward is by supporting a charity or two that speaks to your heart. Make a donation that fits your budget to help make a difference. Be sure to verify the authenticity of the organization on a charity-vetting site, like Charity Navigator or CharityWatch. Don’t forget to save your receipt so you can claim a tax deduction.

2. Commit to do one random act of kindness each day

Kindness doesn’t have to be big, loud, or costly to make a difference. Small things can have a big impact on someone’s day. You can offer to make a coffee for your coworker, feed a parking meter that’s about to run out, remove a branch or rock from a busy thoroughfare or let someone go ahead of you at a checkout counter.

3. Write thank you letters

When was the last time you thanked your child’s teacher, your parents or your postal carrier? Pick up a set of thank you cards, and spend 20 minutes writing thank you letters. Your letters may be cherished by the recipients for many months or years to come.

4. Donate your time

Unfortunately, there are many people suffering from various hardships. With just a small donation of your time, you can help alleviate some of their suffering. Volunteer at a soup kitchen, help bring cheer to hospitals, offer to babysit for a couple who is going through hard times so they can have a night out or visit a lonely person. You can brighten someone’s day simply with your presence!

There are so many ways to pay it forward and make the world a better place. And when you give to others, you’re really giving to yourself by learning to be a better, kinder person.
The more you use AGCU for your day-to-day banking needs, the more you help support worthy causes – both locally and worldwide. We donate 10% of our annual earnings to support churches and ministries, educational scholarships and programs, and humanitarian efforts. Every day, we provide financial services to people across the United States and missionaries in 190 countries around the world.

Read Step 1: How to Track Your Spending

Read Step 2: Creating a Budget

Read Step 3: Pay Down Debt

Read Step 4: Have the Money Talk With Your Partner

Read Step 5: Practice Mindful Spending

Read Step 6: Pay It Forward

Read Step 7: How to Pay Yourself First

Read Step 8: Know When and How to Indulge

Read Step 9: Build and Maintain an Excellent Credit Score

Read Step 10: Plan for Retirement

Read Step 11: Start Investing

Read Step 12: Review and Tweak

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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Living a life of financial wellness means being happy with a lifestyle that’s within your means, but doesn’t leave you feeling like you’re lacking. At the same time, financial wellness means money choices are governed by discipline and not by emotion. So how do you strike a balance between the two?

Here’s how to indulge responsibly.

Live with a budget

To do this, track your spending for three months. Next, make a list of all your expenses and list your income in a parallel column. Tally up your totals and assign a realistic dollar amount to each expense. Going forward, be sure to only spend within the allocated amount for each expense category.

Leave room in your budget for “just for fun” purchases

As you work on building a budget, leave room for the occasional treat. The exact amount will vary by income level, lifestyle and personal choice. However, wisely choose an amount you can easily afford without feeling deprived.

Review your savings

Before giving yourself permission to indulge, make sure you’re setting aside some of your monthly income to savings. Ideally, short-term savings should be enough to keep you afloat for 3-6 months if you have no source of income. Long-term savings should be sufficient to support your retirement and any long-term savings goal you may have.

Choose your “treats”

Everyone’s got a personal vice or three. Take a look at where your non-discretionary money went over the last month and highlight the more expensive impulse buys. Hold these purchases up to these questions:

• Did this purchase bring me happiness or positive energy the day I bought it? How long did that feeling last?
• Did this impulse buy blow my budget?
• Does thinking about this purchase now fill me with joy, guilt, or something else?

Use the insight about your indulgences to help you make better money choices in the future.

Lose the guilt

Once you’ve decided how much you want to spend each month on indulgences, it’s time to let go of guilt. If you’re spending responsibly, there’s no need to beat yourself up over an impulse buy you could have done without. As long as you’re keeping these just-for-fun purchases within your budget, you can maintain your financial wellness.

Read Step 1: How to Track Your Spending

Read Step 2: Creating a Budget

Read Step 3: Pay Down Debt

Read Step 4: Have the Money Talk With Your Partner

Read Step 5: Practice Mindful Spending

Read Step 6: Pay It Forward

Read Step 7: How to Pay Yourself First

Read Step 8: Know When and How to Indulge

Read Step 9: Build and Maintain an Excellent Credit Score

Read Step 10: Plan for Retirement

Read Step 11: Start Investing

Read Step 12: Review and Tweak

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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Summer Skip-a-Pay

“Pay yourself first” is a catchphrase that refers to prioritizing your personal savings above other expenses. To achieve it, savings should be a fixed line on your budget that happens every month without fail.

Here’s how to pay yourself first.

Review your spending

Take a clear look at your spending. If you already have a budget, this will be as simple as reviewing the column which lists all of your expenses, including your discretionary spending. If you don’t have a budget, track your spending over several months to identify your primary expenses and to find the average amount of money you spend each month.

Set short- and long-term saving goals

Short-term savings, or funds you want to be able to access in the near future if necessary, can be allocated to an emergency fund. Experts advise having three- to six-months’ worth of living expenses set aside in an emergency fund in case of a sudden, large expense and/or loss of employment.

Long-term savings should include funds you can afford not to touch for several years or more. Your long-term saving goals can include your retirement, as well as a downpayment on a home, a new car, a sabbatical from work or any other super-big expense.

Narrow down your short- and long-term goals, then attach a number to each savings category.

Set a timeline for each savings goal

Now that you have a number for the amount you want to save, you’ll need to work out a realistic timeline for meeting those goals. It’s best to give first priority to your emergency fund, but at the same time, it’s a good idea to start saving for retirement today so compound interest has an opportunity to work its magic. To that end, you may want to allocate the bulk of your monthly savings to your emergency fund until you meet your goal. Once your emergency fund is full, you can divide your savings more evenly between your short-term savings and long-term savings.

Calculate how much you’ll need to save each month

Take your total for each goal, and divide it by the number of months in your timeline. For example, if you’ve decided you want to have an emergency fund of $24,000 established in four years’ time, you’ll divide $24,000 by 48 months to get $500 a month. This is the amount you’ll need to set aside each month to reach your goal in time. Do this for each of your goals.

Automate your savings

Once you’ve got your savings plan ready to go, it’s best to make it automatic. You can set up a monthly transfer from your credit union checking account to your credit union savings account. This way, your savings will grow even when you forget to feed them.

Congrats–you’ve mastered the art of paying yourself first!

Read Step 1: How to Track Your Spending

Read Step 2: Creating a Budget

Read Step 3: Pay Down Debt

Read Step 4: Have the Money Talk With Your Partner

Read Step 5: Practice Mindful Spending

Read Step 6: Pay It Forward

Read Step 7: How to Pay Yourself First

Read Step 8: Know When and How to Indulge

Read Step 9: Build and Maintain an Excellent Credit Score

Read Step 10: Plan for Retirement

Read Step 11: Start Investing

Read Step 12: Review and Tweak

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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Ahh…summer! The season of flip-flops and sunscreen, of lemonade and baseball games. What’s not to love about summer?

Unfortunately, though, summer is also the season of overspending for many. When the sun is blazing across a cloudless sky and the day stretches on with endless possibilities, purse strings are looser and cards are swiped with abandon. But nothing kills summer fun like a busted budget and a mountain of debt. So, how can you stay financially fit this summer?

Keeping your finances intact throughout the summer is well within reach if you’re ready to plan ahead and make responsible choices. Here are four hacks for a summer of financial fitness.

1. Prepare for a possible change in income

If you’re a freelancer, business owner or you get paid per diem, you can expect to see a drop in income during the summer months. Business is notoriously slower across a wide range of industries during the summer, so it’s best to be prepared for this reality. To avoid dipping into savings or going into debt, you can trim your discretionary spending and use the extra funds to cover non-discretionary expenses. You can also choose to find a side hustle for the summer to cover the gap in your income.

2. Get your budget ready for summer

Your budget will see some changes in the summertime, and it’s a good idea to prepare in advance instead of being caught unaware. Here are some changes you can anticipate:

• Higher utility bills. With the AC blasting, your energy costs will likely be higher. Water costs can rise, too, especially if you water your lawn and any outdoor plants and flowers on a regular basis.
• Increase in fuel prices. Just when you thought it couldn’t go any higher, the price of fuel is likely to jump again in the summer.
• Travel expenses. Of course, if you’ll be traveling this summer, it’s going to cost you. If you haven’t yet budgeted for your getaway, start saving up and/or trimming costs from other categories in your budget now.
• Social events. It’s wedding season, and they don’t come cheap, even if you’re not the one in the white gown. You may also receive invites or host other events during the summer months, such as family reunions, block parties, anniversary celebrations and more. It’s best to budget for gifts, the travel costs of attending these events and of course, for the expense of hosting, if applicable.
• Activities for kids. School’s out, and the kids need to be kept busy. Aim for free activities whenever possible, but you may want to set aside some funds in your budget for occasional activities that have a price tag attached.

3. Create a vacation budget 

Aside from adjusting your monthly spending plan, you’ll want to build a workable budget for your summer getaway to avoid overspending. Money choices are nearly always better made in advance, so plan for every conceivable expense during your vacation. Attach a dollar amount for your hotel stay, car rental, food costs, transportation expenses, entertainment and outings, gifts, and any other cost you might have. Leave a bit of wiggle room for miscalculations, but try to keep your budget as close to the actual cost as possible. While on vacation, be careful not to go over budget and be open to a last-minute change of plans if some expenses end up being substantially higher than expected.

4. Review and adjust as necessary

Like going off a diet, blowing a budget is never an excuse to go all out and overspend without sparing a thought to the consequences. To avoid falling into this trap, resolve to review your budget and your overall spending on a regular basis throughout the summer. You can choose to do this weekly, or bi-weekly, but be sure to take a careful account of every dollar in and every dollar out. Being aware of the state of your finances in real-time instead of waking up after the damage has been done will make it easier to make responsible choices going forward.

The temptation to overspend is especially strong during the summer. Follow these tips to keep your finances intact throughout the summer.

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.
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AGCU was honored to partner with Freedom City Church during the Festival of Hope at Grant Beach Park! The community came out for an unforgettable afternoon of live music, family-friendly activities, giveaways, and powerful testimonies of lives transformed from addiction to recovery.

This is what bringing hope to your community looks like

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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