One of the most important parts of the home loan process is utilizing your credit score. Credit score is one of the primary factors that determines many of the vital financial details of a mortgage loan, and can often be the difference between you getting the mortgage rates you need and not doing so.
At Wasatch Peaks Credit Union, we’re dedicated to providing our clients all the knowledge and savvy they need to make the right personal, business and family financial decisions. We’ve seen firsthand the pitfalls of lackluster credit in the mortgage loan process, so what are some things you can do to make sure you aren’t suffering from a low credit score?
Keep diligent track of your spending habits, particularly your lines of credit – exactly how far these extend should be something you know, and do your best to never exceed these limits. Many financial experts suggest the “20/10” rule of thumb: Never let your credit card debt get higher than 20 percent of your yearly post-tax income, and never tie up more than 10 percent of your monthly income in credit card payments.
Unexpected expenses are part of life, and if you’re forced to run these up on your credit card every time they happen, it could tank your credit score and impact your financial future. Keep a buffer of 10 to 15 percent of your available credit if possible, or even more if you can manage it. Try setting up a Budgeter Account to save money for an emergency fund. Many people try to keep several months’ worth of income saved up in case of emergency.
Staying organized prevents negative outcomes like missed payments or unnoticed spending limits. Keep track of your due dates in a comprehensive list you can easily access, and keep all your bills in one place – online and mobile banking with Wasatch Peaks has made this easier than ever.
You can schedule payments either online or in person with your credit union, and set up automatic payments. You’ll be thanking yourself down the line when your credit isn’t the thing keeping you from an affordable home loan.
Especially if you’re having any issues with credit card or other debt payments, keep an open line of dialogue with your lender. Lenders want the same result you do – their money back – and even if it often seems like you’re on opposite sides, they’ll generally work with you to restructure things if you’re falling behind.
Interested in learning more about mortgage loans, home refinance projects or any of our other services which may be directly impacted by credit score? Our financial advisors at Wasatch Peaks Credit Union are standing by.
Utah saves money with historically low interest rates!
You can save money with your Wasatch Peaks auto loan:
Getting your auto loan started is as easy as coming into any branch, applying online, or calling 801-627-8700!
Wasatch Peaks makes it easy for you by preparing your loan documents and paying off your current loan balance with another financial institution. All you have to do is sign and drive away with a lower rate on your new auto loan!
*Annual Percentage Rate (APR). On Approved Credit (OAC). This is our best rate; your rate may be different depending on credit history and underwriting criteria. Rates subject to change based on vehicle loan-to-value and term. Limited time offer.
Creature comforts like smartphone bank deposits are nice, but how much are they costing you? Your statement might not show the costs directly, but there’s an old adage about situations like this: If you’re not paying for a service, you’re not the customer. You’re the product. In this case, corporate banks use slick technological bells and whistles to get you in so you’ll be more likely to take out loans and use other for-pay services.
If you’re tired of being treated like a product, you’re not alone. Last year, 2 million people between the ages of 18 and 35 joined a credit union. 28% of credit union members are under 35 while 54% of them are under age 50. The tools of technology are making it easier to see the value that credit unions offer.
Don’t just take our word for it. Do your research and see for yourself how credit unions compare to for-profit banks. Consider these five categories:
Here’s a fun game. Call a corporate bank with a simple request, like checking the balance of a savings account. Count the number of irritating phone tree menus you have to sift through before you could talk to a real person who could answer your question. You win when you get frustrated and slam the phone down in anger!
For-profit banks have earned a reputation for cumbersome customer service and out-of-touch policies. Getting information on financial services, like credit repair or auto loans, means sitting on hold for hours. Credit unions, on the other hand, provide easy-to-use services and real, live human beings who can answer questions, make recommendations and help you understand the complicated world of finance.
For-profit banks answer to corporate owners. They expect a predictable, stable rate of return on their investments. This demand puts a straitjacket on lending and ensures those practices never deviate from a pre-determined formula. Take income, multiply by credit score, divide by 2, that’s the interest rate they’ll charge.
However, let’s pretend you just got a new job, so last year’s tax returns aren’t a good indicator of how much you are earning. That’s not in the formula, so it doesn’t matter. Credit history ruined by an old medical bill? Corporate banks stop reading after the first three words of that sentence. In short, there’s no room for flexibility and interest rates tend to be much higher.
Credit unions are community institutions, so helping people out is part of what we do. Our rates tend to be lower than those of corporate banks. We also tend to be more willing to make exceptions for details that may not be reflected in the conventional lending formula.
In the wild west days of the Internet, only corporate banks could afford online banking. Now, your pet gerbil can have his own website. The Internet is everywhere and credit unions are on board. The services you use every day, like online bill pay, direct deposit and checking on account balances are just a click away. Follow this link to learn more about the mobile banking that Wasatch Peaks offers.
Most people don’t handle paper checks anymore, so banking from the computer or mobile device is all most consumers really need.
Corporate banks have historically made a killing by keeping people in the dark about their practices. Credit card companies made it hard to tell exactly how much interest you were being charged. Banks charged overdraft fees without ever telling you they were doing it. These things got so bad, Congress took action. Consumer ignorance was built into the profit model of big financial institutions. Educating consumers was not just a waste of money to them, it was actually costing them business.
Credit unions are not-for-profits that want to make their communities a better place. Wasatch Peaks donates thousands of dollars and volunteer hours each year to our community. Part of the mission of making our community a better place includes financial education. If you need advice about home-buying, making a budget or using credit responsibly, Wasatch Peaks will be happy to help. We also have a blog called "Peaks Financial Fitness" that is published every Monday. It relates everyday topics to finances in a way that is applicable to almost all lives.
Credit unions work for their members. We pay back the money they make to their members in the form of dividends. Since our members are also the people paying for their services, we don’t have much of an incentive to charge an arm and a leg in interest and fees.
Wasatch Peaks Credit Union offers competitive rates on savings accounts and CDs/certificates. Because we don’t have to siphon off money to pay shareholders, we can return that money to their investors: you know, the people who do their banking with the credit union. Compare the earned interest on a credit union checking or savings account to those offered by a for-profit bank. Then, go open an account at a credit union, like Wasatch Peaks. You’ll thank yourself later.
Did you know that as a member of Wasatch Peaks Credit Union, you have many member benefits available to you? From shopping online and earning cash back to saving up to $15 on TurboTax®, being a Wasatch Peaks member really has its perks!
Wasatch Peaks and Powder Mountain are teaming up to bring you discount tickets! Wasatch Peaks members receive 15% off day lift tickets and 40% off night lift tickets. This makes night tickets start at less than $16, and day passes following in an affordable fashion! All you have to do is follow this exclusive link, and enter in the following (Case Sensitive) creditentials:
Club name = WPCU
Password = WPMember
The snow and weather are working in the favor of those of who ski or snowboard, so grab your poles or board and take this long weekend to hit the slopes! Wasatch Peaks wishes you the best of time and thanks you for being a member, right here in Utah.
Wasatch Peaks Credit Union announces its 2017 Annual Meeting. This year we will be offering two movie choices (movie selection subject to change due to availability). Due to limited theatre seats, RSVP is required. You may RSVP for up to 5 people.
Date: Thursday, March 2, 2017
Location: Walker Cinemas North Ogden, 1610 N Washington Blvd, Ogden, UT 84404
Check-In: 5:30 p.m. Due to limited seating, everyone will be required to check-in. Everyone will receive a ticket for a box of popcorn and drink. All Wasatch Peaks primary account holders will receive a ticket for the prize drawing.
Business Meeting: 6:00 p.m.
Prize Drawing: 6:45 p.m. All Wasatch Peaks members are eligible for the Prize Drawing. You must be present to claim your prize.
Movies: 7:00 p.m. Adults must accompany their children.
Please RSVP for the following two movie options:
Rated PG-13, Running time: 104 minutes, Maximum Seats: 445
When a mercenary warrior (Matt Damon) is imprisoned within the Great Wall, he discovers the mystery behind one of the greatest wonders of the world. As wave after wave of marauding beasts besiege the massive structure, his quest for fortune turns into a journey toward heroism as he joins a huge army of elite warriors to confront the unimaginable and seemingly unstoppable force.
Rated PG, Running time: 90 minutes, Maximum Seats: 675
WThere are big changes brewing in Gotham, but if Batman (Will Arnett) wants to save the city from the Joker's hostile takeover, he may have to drop the lone vigilante thing, try to work with others and maybe, just maybe, learn to lighten up.
OGDEN, UTAH, March 30, 2016 – Wasatch Peaks Credit Union employees and members joined forces and participated in Warm the Soles to benefit children right here in Weber County. They raised $13,228.17 and donated 388 pairs of shoes to children in Ogden and Weber School District. Wasatch Peaks had a goal of raising $10,000, but surpassed this goal and provided shoes to children who may have otherwise gone without adequate footwear for the winter.
Wasatch Peaks employees brought these shoes to elementary schools all over Weber County including James Madison, Roosevelt, Municipal, Burch Creek, Washington Terrace, and North Park Elementary School.
“It is such a wonderful opportunity for the members and staff of Wasatch Peaks to participate in this great endeavor that allows us to give shoes to children in our community,” said Wasatch Peaks Credit Union CE Blake Burrell.
Wasatch Peaks is actively involved with the community and is looking forward to participating in Warm the Soles again next year. They are planning on adding even more schools and shoes next year thanks to the generous donations provided by both employees and members.
Wasatch Peaks Credit Union is a federally chartered credit union. All those who live, work, worship, attend school in Weber, Davis, and Morgan Counties, or have immediate family who are members, are eligible for membership. Wasatch Peaks Credit Union has eight branch locations, more than 31,000 members, and $287 million in assets. For more information: visit wasatchpeaks.com or call 801-627-8700. Follow Wasatch Peaks Credit Union on Facebook, Instagram, and Twitter.
There are five (5) candidates running for four (4) seats on the Board of Directors for Wasatch Peaks Credit Union. Voting instructions and ballots will be made available to members 18 years and older beginning on January 25th. Ballots must be recieved by midnight on Friday, February 24, 2017.
Nanette has 22 years of experience working for credit unions. She has worked closely with members, employees, and board members of Wasatch Peaks Credit Union. Her most recent position was the Branch Manager of the Roy Branch.
Nanette graduated from Weber State University in 2007, receiving her Bachelor of Science degree in Accounting. Mrs. Combe is a member of Women in Business through the Ogden/Weber Chamber. She is also a lifetime member of the National Ski Patrol.
Brad has served on the Ogden Government Credit Union, Alliance Credit Union, and now Wasatch Peaks Credit Union Board of Directors since 1994. Mr. Egbert worked for the IRS for 11 years and the United States Postal Service for 26 years where he retired in 2009.
Currently, Brad is self-employed with his own successful tax preparation business. Mr. Egbert is a graduate of Ben Lomond High School and Weber State University. He is married with two children and enjoys golfing and relaxing at his cabin in the Uinta Mountains.
Michael E. Enz—Incumbent
Michael is a Farr West resident and Weber State University graduate with a bachelor’s degree in Telecommunications Management. For 26 years he has worked at McKay-Dee Hospital where he currently manages the phone systems and cabling network for many Intermountain Health Care facilities. He is known as the “Voice of McKay Dee.”
Since 2008, Michael has served on the Board of Directors for SummitOne and Wasatch Peaks. His experience includes serving as Vice Chair and strategic planning on various committees. Mike enjoys spending time with his wife and 4 children, volunteering with the youth of his church, and has a love for the outdoors.
Mr. Ramsey is the current Board Chair on the Wasatch Peaks Board of Directors where he has served for more than 15 years. He has also served on the Supervisory Committee of Alliance Credit Union. Mark is a lifelong resident of Weber County, graduate of Roy High School, and attended Weber State University for three years.
Mr. Ramsey has been employed by the Ogden City Police Department for 30 years and currently serves as an Investigator in the Youth Crimes Unit. Mark is married with two children. He enjoys hunting, fishing, church, and activities with his family.
Gerald R. West—Incumbent
Mr. West served on the SummitOne Credit Union Board since 2004 and currently serves on the Wasatch Peaks Board. Mr. West worked in commercial banking for 22 years and served as president of Weber State Credit Union for 20 years, where he retired in 2003. He served on the boards of the Credit Union League of Utah and Corporate Central Credit Union.
Born and raised in Ogden, Gerald graduated from Weber State College and the American Institute of Banking. Mr. West is married with four children and 15 grandchildren. He enjoys family, traveling, gardening and woodworking.
To vote in the 2017 Board of Directors Election, you can vote by dowloading the ballot or electronically by filling out the form below:
If you meet the voting requirements, please print, fill out the ballot on both pages, and submit your ballot:
Members are entitled to one vote only and must be over the age of 18 years. Thank you for being a member of Wasatch Peaks Credit Union.
The New Year is a great time of renewal. That makes it a good time to make bold, decisive changes in your life. Leave behind the baggage that was 2016 and start fresh with a blank slate in 2017. If you’re looking for some resolutions to improve your personal finances, we’re pleased to offer seven ways to make 2017 the year of the dollar!
If you’re looking to take your first steps toward financial literacy, figuring out where your money goes should be at the top of your list. If you don’t know where your money goes, it’s going to be tough to follow through with any other money plans. You may have a general sense of how much you spend, but after a month where you’ve recorded every dollar, you’ll have a much better picture. Using Peaks Money Manager™ can automate the process. You might even find that keeping track of what you do with your money encourages you to spend a little more judiciously.
About 70% of Americans live financially spontaneous lives. They don’t make a plan for spending or saving. When asked why they chose not to do so, the most common response was that the family spent all the money anyway. This is a circular problem. If you don’t have a budget that includes setting aside money for long-term expenses and savings, you’ll end up spending all your money on unplanned things and events. The best way to stop the cycle is to sit down and make a budget that modifies your spending to be more in line with your priorities.
Easier said than done, right? However, there’s no bigger stumbling block to financial security and wealth building than debt. It’s hard to save for long-term goals when so much of your monthly income gets eaten up by interest and fees. There are a variety of methods you can use to help accelerate your payoffs. For instance, you can add an extra $50 or $100 to your credit card payments. Or, you can focus all your payment resources on the highest interest debt until it’s paid off and then move it all to the next highest for snowballing your way to freedom from debt.
The best way to avoid going into debt is to have some money on hand to handle the occasional, yet inevitable, emergency. Most Americans, though, can’t come up with $500 in such instances. Set a specific goal, like adding $10 per month to a savings account. At the end of the year, you’ll have more than $100 available in case something goes wrong.
You can’t save for what you don’t think about. When retirement is years or decades away, it’s difficult to incorporate thinking about it into your daily routine. If you have a retirement account open, you’ll get monthly statements, which serve as reminders. The challenge, though, is taking that first step. Don’t let perfect be the enemy of good. While there are important differences between Roth and Traditional IRA accounts, either one is better than no retirement savings at all. If your job offers a 401(k) matching program, sign up to get at least the full matching funds amount – it’s free money. Do a little bit of research, then open the account that seems like the best idea.
Saving money takes willpower. Because it’s hard to practice self-denial on a constant basis, that extra $5 you’ve earmarked for savings can very easily turn into a mid-morning coffee. Fighting that impulse is a constant struggle. That’s why it’s easiest to avoid the decision altogether. Change your direct deposit to put some of your paycheck directly into a savings account, where you won’t even think of spending it impulsively.
Knowledge is power, and that’s especially true in the world of personal finance. What you know about your money goes a long way toward determining how much of it you get to keep. There’s a lot to learn, but you’ve got a wealth of information at your fingertips. Resolve to read one personal finance article a week. Not only will this give you good ideas for improving your personal financial situation; you’ll also spend more time thinking about your money. That’ll lead to positive results down the line!
Happy New Year from all of us at Wasatch Peaks Credit Union. We hope you have a safe, happy and prosperous 2017!
What resolutions are you making this year? Will 2017 be the year you join a book club, quit smoking or spend more time with your family? Let us know in the comments!