New Loan Incentive
Erie Police Federal Credit Union wants to reward you for your good credit!!
Anyone with a Credit Score of 740 or higher will be eligible to receive 1/2 % off of our already low current rates for a new or used car loan or the refinance of an existing loan from another lender. Stop by or call the credit union for more details.
The Credit Union annual dinner meeting will be held Thursday April 27, 2017 at 3rd Street Falcons. Mark your calander today!
The Credit Union follows the holiday schedule posted at the end of the newsletter.
Semi-annual statements will be mailed to Members the first week of January and July.
Have you ever received an email asking for sensitive information?
Many of us have. Such e-mails appear to have been sent by your trusted financial institution, but they were more likely sent by a criminal trying to gain unlawful access to your accounts. This is known as phishing and we don’t want you to become a victim of it. While we will occasionally send you information and updates via e-mail, we will never ask you to provide sensitive information, such as account numbers, usernames, and passwords through links in an e-mail. If you receive an e-mail requesting this type of information, do not respond to it.
As always, if you are ever concerned that you have received a phishing email, or have questions about an e-mail that appears to come from us, please contact us anytime. We’re here to help.
Phishing - Don't Fall for it.
Tips to Help You Avoid Being Taken by a Travel Scam:
- Avoid offers that sound "too good to be true", particularly if you have been solicited by phone or have received a postcard or certificate in the mail.
- Never give your credit card number or credit union/bank account information over the phone to a solicitor.
- Get the complete details in writing about any trip before paying.
- Be cautious with companies that require you to wait at least 60 days to take your trip or require that you select several dates of departure for your trip.
- Avoid mailings using words like "grand finalist," "urgent," or "winner" that appear to be sent by special mail courier.
- Be wary of "900" phone numbers; the calls will cost you and may not result in any benefit to you.
Don't be pushed into a decision; it's the surest sign that someone's up to no good. Never feel that you have to make a decision on the spot
Just a reminder! If you wish to change your payroll or pension deduction after a loan is paid off you will need to authorize the credit union to change your deductions. If not, the funds will default will to your share account. NCUA does not authorize the credit union to alter your deduction without your written authority.
Plan for next Year! Open a Club account for Vacation Or Christmas! Save a little over time and avoid going in debt. You may open an account today or change the amount you currently have deposited to your Club Account.
Common Credit Report Mistakes Could Cost You
If you haven't requested a copy of your credit report, there are many reasons why you should.
A recent study by the National Association of State Public Interest Research Groups revealed that almost 79% of all credit reports contain some type of error. One-fourth of credit reports contain such serious errors that those individuals could be denied credit.
What are the common errors?
- Misspelled names
- Wrong Social Security numbers
- Inaccurate birth dates
- Inaccurate information about a spouse
- Out-of-date address
- "Closed" accounts listed as "open"
- The same mortgage or loan listed twice
- Absence of major credit, loan, mortgage, or other accounts that could be used to demonstrate creditworthiness
How can these errors happen?
Most mistakes can be pinned to creditors who provide inaccurate information to credit bureaus. Mistakes happen when credit accounts change hands. Other mistakes simply are human error. One report found that some banks admit to not providing credit bureaus with complete information about their customers. Some errors are the result of thieves stealing your personal information and establishing fraudulent accounts in your name.
Why should you care?
Lenders use credit reports to determine the interest rates on loans; the more creditworthy you appear on paper, the lower the rate you pay. Errors may cause you to pay more. In some cases, you even could pay a higher premium for auto and homeowners insurance, because insurance companies have found that people with poor credit histories tend to file more claims. And many people are surprised to learn that a potential employer turned them down for a job because of negative information on their credit report. Federal law, however, requires that the employer get your permission before pulling your report.
How much does a credit report cost?
A new federal law requires each of the "big three" credit reporting agencies—Experian, Equifax, and TransUnion—provide consumers with one free credit report per year. Go to annualcreditreport.com.
What if you find an error?
Write a letter to the credit bureau, which is obligated by law to contact the creditor who supplied the disputed information. The credit bureau must respond to you within 30 days. If you're not satisfied with how the dispute is settled, ask that a brief written explanation be added to the bottom of your credit report.
Calculate Your Debt-to-Income Ratio
Use this guide to calculate your debt-to-income ratio:
Monthly mortgage or rent payment
Minimum monthly credit card payments
Monthly car loan payment
Other loan obligations
Total monthly debt payments
Monthly gross salary
Other monthly income
Monthly alimony received
Total monthly income
Debt divided by Income = % ratio
35% or less: This is an ideal debt load to carry for most people. Showing that you can control your spending in relation to your income is what lenders are looking for when evaluating if you are credit-worthy.
37% to 42%: Your debts still may seem manageable, but start paying them down before they begin to spiral out of control. At this level, credit cards still may be easy to obtain, but acquiring loans may be more difficult.
43% to 49%: Your debt ratio is high and financial difficulties may be looming unless you take immediate action.
50% or more: Seek professional help to make plans for drastically reducing your debt before it becomes a real problem.
The Best Time to Buy a Car
To put yourself in the best negotiating position, the time of month or year when you shop for a new car really does matter. Dealerships and individual salespeople have monthly quotas to meet. So in the last few days of a month, they're especially eager to make deals. In late summer and early fall as the next year's models are about to go on sale, buying a leftover vehicle from the current model year can mean huge savings. Shopping for cars, not gifts, right before Christmas--when auto showroom traffic is light--also can produce a good deal. And, even consider shopping after very bad weather--when the roads clear just after a snowstorm, for instance. Any time when few people are out and about is a good time to be car shopping,
Shopping at the right time can boost your chances of getting a really good car deal. But if you aren't prepared with research and a pragmatic target price, you aren't likely to make the most of your good timing.
Fortunately, Internet Web sites now make it easy to find once-elusive cost data that will tell you how ready a dealer is to deal on a given model. Web sites like Kelley Blue Book (kbb.com), Edmunds.com, and MSN Autos (autos.msn.com) show the dealer cost or invoice price in addition to the list price or manufacturers suggested retail price (MSRP). Whenever you're shopping, always start negotiating from the invoice price, not the MSRP. Kelley Blue Book and Edmunds also show what typical consumers actually paid for a given model in your region based on your zip code.
Especially if you are shopping for a slow-selling model, you can aim for a deal near invoice price and sometimes even lower. Make sure you don't let the sales person bring the rebate into the negotiations. You're entitled to that from the manufacturer no matter what price you negotiate otherwise.
As auto companies get ready for their annual new-model introduction, dealers are eager to get rid of the old models--especially since dealer volume targets set by the manufacturers track the model year. With this strategy, you may be limited in your choice of the exact color and optional equipment you ideally would pick. Offsetting that is the best deal you're likely to find any time.
2017 Holiday Schedule
- New Years Day, Monday January 2, 2017
- Martin Luther King Day, Monday January 16, 2017
- Presidents Day, Monday February 20, 2017
- Good Friday, April 14,2017
- Memorial Day Monday, May 29, 2017
- Independence Day Tuesday, July 4, 2017
- Labor Day Monday, September 4, 2017
- Columbus Day, Monday October 9, 2017
- Veterns Day, Saturday, November 11, 2017
- Thanksgiving Day, November 23, 2017
- Friday after Thanksgiving, November 24, 2017
- Christmas Holiday, Monday December 25 and Tuesday December 26, 2017
- New Year's Holiday, Monday January 1, 2018 and Tuesday January 2, 2018