Money Management: College Student Edition

College students are often navigating the “real world” for the first time in their lives, so understanding smart money management is pivotal to survival. Having this skill is key in learning how to keep themselves afloat, as well as in preparing for their future. Talking to your college student about how to handle finances is one of the most important conversations you’ll have with them. However, if you find it difficult to open the door to this topic, you can get help at your credit union in Texas. They are another constructive avenue to take in educating your college-age student about managing their money throughout college.

Credit Card Concession

·         Credit cards can come in handy in the middle of an emergency, but they need to be utilized responsibly. Break the ice with your college student and discuss if they’re keeping up with payments on time, and about the frequency of their usage. Understanding how credit cards are meant to function is always of great importance. Texas credit unions can also show your student ways to manage money wisely, even while using their credit cards.

Coupons, Coupons, Coupons

·         Couponing is not just for soccer moms; anyone can benefit from them! Share your couponing resources with your student and show them just how useful they can be. In this modern age, coupons can also conveniently be clipped digitally! They can save a lot of money by only taking a few minutes to clip or click away.

Savvy Student Discounts

·         Help your student scope out local stores and retailers that will provide and honor student discounts. Search together and find out if there are any mobile apps where coupons and discounts can be obtained online, specifically for college-age students.

Financial literacy is a necessary component of everyday life. It is crucial for everyone to possess, especially for those who are just gaining their footing in the world. Don’t be afraid to communicate with your college student in various ways; be sure to keep them abreast of any ways to save that you can find.

Discuss the benefits of them becoming a member of your credit union to take advantage of low interest rates, great savings plans and getting help from a member services representative to guide them through the process. Knowing how to locate and implement these financial strategies on their own will propel them into a prosperous and successful future.

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Why Your Credit Score Matters When Getting a Car Loan

Are you looking for a new car? Perhaps the one you have has decided not to start again. Maybe you’re just ready for a change. If this is the case, then a Texas credit union loan is on the horizon and GO Federal Credit Union can help. Car loan rates are forever changing, and the deciding factor will be your credit score.

Credit Scores and Interest Rates

Credit score companies will break down scores into ranges. The range you fall into will determine the interest rate you will pay according to car loan rates.

Those ranges include:

·         Exceptional - Good: Expect to get a low interest rate

·         Good - Fair: You may not get the lowest interest rate, but you won’t get the lowest.

·         Poor: Expect to pay the highest interest rate

Contacting a Dallas credit union will help you understand where you are.

Before Shopping for a New Car

Before shopping for a new car, there are a few actions to be completed. First, you need to know what your credit score is. Look at all three credit bureaus at least once a year. Once you have gathered your credit information, reach out to a Dallas credit union for pre-approval.

Getting pre-approved for your car loan will help you find your ideal budget and ensure that you get credit union financing at the dealership. Another tip is to consider a down payment. Having a down payment can affect the amount of your Texas credit union loan and lower your payments.

Don’t want to deal with the hassles that come with buying a car? Use GO Federal’s car buying service. Tell them the year, make, model and preferred options of the vehicle you want. They will take it from there. They will do the shopping for you and negotiate the best possible price.

Improving Your Credit Score

Once you have found your credit score, you may find it needs some improvement. Here are tips to improve your credit score.

·         Pay bills on time monthly.

·         Keep credit balances low.

·         Only open a new credit card if you need too.

·         Work with a Dallas credit union to improve your credit score.

Federally insured by NCUA and Equal Housing Lender