March Email Newsletter
Welcome to Basecamp, the monthly email newsletter from P1FCU. This month we're diving into some common misconceptions about credit scores. If you want to know more about credit scores, we have a whole series on credit scores you can subscribe to. Click below to receive a comprehensive deep dive on credit scores delivered to your inbox.
1. Checking your credit score will hurt your score
There are multiple types of credit inquiries, some of them show up on your credit report and hurt your credit score while others do not.
There are multiple types of credit inquiries, some of them show up on your credit report and hurt your credit score while others do not.
2. Income affects credit score
Your credit score is based on five factors, credit utilization, length of credit, credit report inquiries, and credit mix. Notably income is not included in this list.
Your credit score is based on five factors, credit utilization, length of credit, credit report inquiries, and credit mix. Notably income is not included in this list.
3. Carrying a balance on your credit card statement improves your credit score.
Credit utilization, or the amount of credit you are using divided by the amount of credit you have extended to you, is one of the categories that impacts your credit score.
Credit utilization, or the amount of credit you are using divided by the amount of credit you have extended to you, is one of the categories that impacts your credit score.
4. You only have one credit score
There are three credit bureaus that collect your information and create your credit score. These three credit bureaus are Equifax, Experian, and Transunion.
There are three credit bureaus that collect your information and create your credit score. These three credit bureaus are Equifax, Experian, and Transunion.
5. You cannot get credit if you don't already have it
If you've never borrowed any money, you may not have a credit score or report yet. That said, there are options available to you if you don't have a report or you have a poor rating.
If you've never borrowed any money, you may not have a credit score or report yet. That said, there are options available to you if you don't have a report or you have a poor rating.
Greenlight
Teach kids to earn, save, and spend wisely with Greenlight. Parents can send their kids money and set parental controls, while kids can use their own debit card (with parental controls in place), set and achieve savings goals, and so much more.
Apply for the P1FCU Scholarship!
Each year we award 15 $1,000 scholarships to high school seniors who are P1FCU members. Applications are due March 31st. Click below to download the application packet.
How to Protect Yourself From Scammers
Scammers spoofing phone numbers are running rampant these days. The unfortunate reality is that, while most people think it won't happen to them, these fraudsters are extremely convincing. While you may think it won't happen to you, you never know until you're on the other end of a call with a scammer. When you receive a call, text, or email about your accounts, approach these interactions with a healthy amount of skepticism. If you're on the phone with someone who claims to be from a financial institution, utility company, government agency, or even online retailer like Amazon, and they're demanding money from you, asking for your bank account information, debit card information, or online login credentials, hang up and contact them through a verified contact method. You can also protect yourself from these scammers by taking these actions:
- Add a verbal password to your account when available
- Shred documents that contain information about where you have accounts
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Be careful about what you post about where you bank online
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