GCTFCU Blog | All posts tagged 'Good Credit Score'

How to Save Money?

Learning how to save money is one of the key components of financial literacy. It allows you to make the most out of your financial resources while encouraging you to take well-informed financial decisions.

Let us explore some effective ways to build up your savings and a good credit score.

Learn to Distinguish Between Wants & Needs - Be clear on your financial priorities and divide your income wisely. To make it more effective, learn to distinguish between wants and needs. Your needs include housing, transportation, electricity, insurance, gas, clothes, food, water, health and other household items. These are the recurring expenses and are essential for survival. Things that you buy for leisure, entertainment, fun like travel, expensive clothing, dining out, automatic subscriptions, memberships, etc. are considered as wants. To save money, keep your focus on the needs rather than overspending on the wants. Keep track of your monthly expenses; do not stress yourself and save a comfortable amount of your income.
First Pay all the Debts - The first and foremost priority should be paying off all the debts while making small contributions to build up savings. Once you've paid off your debt, it will be more comfortable and convenient to save significant amount of your income.
Find Ways to Save on the Monthly Expenses - Find ways to save on recurring monthly expenses such as: investing in energy-efficient appliances. Managing lifestyle priorities also help in saving on monthly expenses.
Wise Savings & Investment Options - Explore various savings and investment options that have potential of higher returns, good interest rates, minimum risks and reliability.

Insured by the National Credit Union Share Insurance Fund (NCUSIF), Greater Central Texas Federal Credit Union, Killeen offers a broad array of financial services. With various types of saving accounts like Share Account, Money Market Accounts, Christmas Club, Vacation Club, Certificates of Deposits and Individual Retirement Account and investment & lending options including New and Pre-Owned Vehicle Loans, Secured & Unsecured loans, Greater Central Texas Federal Credit Union strives to cater different financial needs and interests of our members.

Visit Greater Central Texas Federal Credit Union at 3305 E Elms Rd, Killeen, TX - 76542. You can also contact us by filling up the contact form available at www.gctfcu.net or call us: (254) 690 – 2274.

Tips On Credit Card Usage

Managing Your Credit Card Wisely

Responsible credit card usage is important for effective financial management. It helps in building credit score, preserving savings accounts, minimizing risks and enjoying financial rewards.

To gain maximum benefits from credit card usage, following are some tips on how to manage your credit card wisely:

Borrow Wisely: A thumb rule is to borrow what you can pay back easily. Create a budget based on your monthly income and expenditures to have a clear picture of how much you should spend with your credit card.
Check The Interest Rate: While applying for a credit card do make sure that you research the market and get a card which offers lowest rate of interest. Do pay attention to the annual fee and reward system offered by the lender. You may consider getting a credit card from a credit union for a competitive rate of interest.
Pay Off Debts On A Monthly Basis: Restrict your interest charges from growing exponentially by paying off your balance every month. Avoid skipping a payment, as this will lead to higher expenses due to late fee and will negatively impact your credit score.
Maintain A Low Credit Utilization Ratio: Use less than the credit utilization ratio i.e. borrow less than what you are authorized to borrow. Experts recommend keeping this ratio under 30 percent.
Keep Checking Your Credit Reports: Keep a tab on your credit reports by asking for a copy from a credit reporting company annually. The report will provide you an insight into your credit history and also throw light on fraudulent accounts, incorrect information, if any and more.
Beware Of Hidden Fees: Ask the lender for any hidden fees such as late payment fees, processing fees, balance transfer fees, credit limit fees etc. before applying for the credit card.
Limit The Number Of Cards: Limiting the number of credit cards you own, makes it easier to manage them. Having more cards may translate into higher debts which can affect your credit score. Once you have decided the cards that you want to keep, hold onto them. Sticking to your credit card, keeping the account active and maintaining a good payment history can build your credit score.
Use Technology: It is much easier to manage accounts now as most financial institutions offer free online tools to enable clients to keep a tab on their accounts.

Greater Central Texas Federal Credit Union is a not-for-profit financial cooperative that operates for the common benefit of its member and offers an array of services. For more information, visit 3305 E. Elms Rd., Killeen, TX -76542 or call at (254) 690 – 2274.

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