OnPath Credit Union

OnPath Update

A FICO Score to Open the Door

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FICO scores, developed by Fair Issac Corporation, are the most common credit scores used by mortgage lenders to determine not only who gets to buy a home, but also at what interest rate. However, beyond a few basics like good payment history, low revolving accounts usage, old accounts and diversity of credit, Fair Issac releases little information about what goes into having a good score. Luckily for you we have some previously unknown FICO score factors to share with you. Just remember these three "A's" to help you ace your mortgage application.

5 Tips for first credit card users

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Credit cards are powerful financial management tools. If you use them wisely, they will help you achieve your financial goals. But as the saying goes, with great power comes great responsibility. Abuse them and you will find yourself in a world of financial hurt. Check out these five tips that can help you find and use your credit card in a smart, financially- sound way.

4 Factors to Consider When Switching Financial Institutions

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If you're tired of being charged unnecessary fees for every transaction you make, or you're moving and want better access to ATMs, it may be time to switch your financial institution. In order to make this transition as simple as possible, OnPath Financial Federal Credit Union has compiled some key factors to consider when switching banks.

Credit Cards 101

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Credit cards can be an excellent financial management tool when used correctly. However, credit isn't always easy to understand. At OnPath Financial Federal Credit Union, we are committed to empowering our members to make better financial choices, so we've created a primer on the basics of credit card use. Check out our handy guide below to learn more about credit cards and how to choose the best options for your financial needs.

What is a Share Certificate?

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When looking for the best way to invest and grow your money, there are plenty of options out there that have varying levels of risk and reward. One of the ways you can build your savings with little risk is through a Share Certificate, what is known as a CD (certificate of deposit). This type of investment is similar to your typical savings account, but with a few key differences. Learn more about CDs and how they can help you save with this guide from OnPath Financial Federal Credit Union.

Banking Fees to Avoid

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Have you ever checked your statement balance and noticed that the total was less than you expected? Banks often charge fees for withdrawals, deposits and transfers, and these fees can add up. We've compiled some of the most common fees charged by banks to show you how it can affect your savings.

Mortgage Terms to Know

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A mortgage is simply a type of loan to help you cover the cost of the home you're buying. You can apply for one through a lender, like a credit union. The most common mortgage loans for first-time homebuyers are ones insured by the Federal Housing Administration (FHA). Typically, first timers get a 30-year term with a fixed interest rate. That means you'll make fixed monthly payments for the next 30 years until your loan is paid off.

What is an APY?

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When setting up or maintaining a bank or credit card account, it is important to fully understand the financial terms and phrases that are often used so you know exactly how your funds will be handled. OnPath Financial Federal Credit Union has created this quick guide to help you familiarize yourself with one of these terms – APY.

Where to Stash your Cash?

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Keeping your savings in your checking account seems like the convenient thing to do, it is usually not a good idea because you'll likely be tempted to spend your money prematurely. So where can you put it?

Here are some recommendations for keeping your stash safe, (and in a box under your bed is not one of them.)

10 Tips to be a Financially Healthy Family

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Remember, you are not being "cheap" for the sake of saving a few dollars. You are being "frugal" for the well being of your family over the long term, and will come out ahead by doing so. Commit yourself to spending within your means. A line of credit should never be confused with an emergency fund or income.