Ruby Huggler
Consumer Lending Manager
American First Credit Union
As Consumer Lending Manager, part of my job is helping Members achieve financial success. Below are some of the more common questions I hear.
I'm trying to pay down my bills. Where do I start?
There are several answers to this question among different experts, however this is my preferred solution.
- Lay out all your bills on a table, from lowest to highest balance.
- Budget to pay the minimum payment on all bills.
- Put any extra money toward paying off the lowest balance first.
- Continue this cycle until all bills are paid off in full.
This approach works and helps keep you motivated because you reduce the number of bills more quickly, instead of having lower balances on the same number of bills months later. Remember, to keep your credit in good standing, it is important to pay at least the minimum payment on all bills. Tip: Paying cash for items you used to charge helps you "see" your credit card balances decrease.
Q.
How do I know what my credit looks like?
A. There are a lot of advertised ways to get your free credit report; however, the only one endorsed by all three credit bureaus, and truly free, is at www.annualcreditreport.com. All consumers are entitled to receive one free credit report annually from Experian, TransUnion and Equifax. One tip I suggest to Members is to pull one of these three reports every four months; this way you can monitor your credit all year long. If you are confused about your credit report, or have questions, please call American First Credit Union. Our representatives are trained to help you understand what is in your credit report. Plus, there are several benefits of becoming familiar with your credit report. You can protect yourself from ID fraud, correct errors from creditors, and if you're behind on your bills and get them caught up, it's rewarding to see your credit score improve with your efforts.
Q.
How much should I have in my savings account?
A. The old wisdom said you should have at least three months worth of living expenses saved in a liquid, emergency account. In today's economy and difficult job market, I recommend having at least 6 months worth of living expenses saved. That may seem overwhelming when you look at such a large figure, but even starting small will help you build a cushion. And it feels so much better to have the emergency cash available if needed.
Q. I see in the media that financial institutions don't have any money to lend; where can I go to get a loan?
A. This is a common misperception but, in fact, it's not the case. American First has money to lend and is actively making loans to our Members. We work with our Members to look at the overall financial picture and find the loan that fits their needs with payments they can afford. Our conservative lending practices make it possible for us to continue to offer loans at competitive rates. Check out current loan rates at www.amerfirst.org.
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Branch Locations La Habra Buena Park Orange Placentia Tustin |
Branch Hours
800/ 290-1112
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Important Dates CU Service Centers® CO-OP ATMs |
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