Financial Advice Blog

Become a Password Pro - Essential Tips and Tricks for Securing Online Accounts - Keesler Federal Credit Union

Sylvia Hanes — Wed, 17 Jul 2024 05:00:00 GMT

Strong passwords are essential for protecting your online information. Here are some practical tips to help you become a pro at creating and managing secure passwords:

Renting vs. Buying – Which is the Best Path Home? - Keesler Federal Credit Union

Sylvia Hanes — Tue, 25 Jun 2024 05:00:00 GMT

It’s an age-old debate: rent or buy? Both choices come with their own respective perks and downfalls that need to be considered when deciding where to call home. What is ideal for one may not be feasible for another, making the decision to rent or buy very subjective.

Savvy Summer Job Money Moves! - Keesler Federal Credit Union

Sylvia Hanes — Thu, 30 May 2024 05:00:00 GMT

Summer is here, and for many teens, it’s the perfect time to earn some extra money through summer jobs. Babysitting, mowing lawns, scooping ice cream, or whatever the job may be, it’s a great time to start making strategic money moves and learning smart money habits that will set the base for a strong financial future. Here are some smart strategies to maximize summer job earnings:

Think Before You Click on that Facebook Ad! - Keesler Federal Credit Union

Sylvia Hanes — Wed, 08 May 2024 05:00:00 GMT

Thinking of snagging a deal from that irresistible Facebook ad? Before you hit “buy,” it’s essential to be aware of the potential dangers lurking behind those tempting offers. Here’s what to watch out for and how to protect yourself:

Spring Cleaning for Your Finances! - Keesler Federal Credit Union

Sylvia Hanes — Fri, 03 May 2024 05:00:00 GMT

As we bid farewell to winter and welcome the warmer days of spring, it’s the perfect time to give your finances a thorough cleaning. Just like decluttering your home, tidying up your financial matters can bring a sense of renewal and empowerment. So, let’s roll up our sleeves and get ready to spruce up your financial space!

Savings Accounts | Keesler Federal Credit Union

Admin — Fri, 26 Apr 2024 05:00:00 GMT

Keesler Federal does not sell US Savings Bonds but they can be deposited into a checking or savings account and/or redeemed for cash at any branch. Restrictions and limitations apply. Visit a branch for more details.

Draft Your Financial Dream Team with Smart "Picks" for Your Future - Keesler Federal Credit Union

Sylvia Hanes — Thu, 25 Apr 2024 05:00:00 GMT

Just like in football, where teams carefully select players to build a winning lineup, making smart financial “picks” is essential for securing your financial future. Let’s take a look at how to make financial “draft picks” and strategic choices to achieve victory this season!

Watch out for imposter scams - Keesler Federal Credit Union

Sylvia Hanes — Wed, 17 Apr 2024 05:00:00 GMT

Imposter scams scams primarily use the telephone to contact you, but scammers may also use email, text messages, social media, or U.S. mail. Scammers pretend to be from an agency or organization you know to gain your trust. Law enforcement imposters use tactics that usually say there is an investigation with you, they may also claim that they are investigating someone who is scamming you, or that there is some other problem that they need your help with.

Achieve your high score with a credit game plan! - Keesler Federal Credit Union

Sylvia Hanes — Tue, 12 Mar 2024 05:00:00 GMT

Your credit score is a powerful tool that influences your financial opportunities and future. However, navigating the world of credit can be daunting, with pitfalls and misunderstandings lurking around every corner. In this comprehensive guide, we’ll dive into the key components of your credit score, shed light on common missteps and misunderstandings, and provide actionable tips to help you achieve financial fitness.

Payment History

Payment history is the cornerstone of your credit score, comprising 35% of the total score. One of the most frequent missteps people make is missing payments or making late payments, which can have a significant negative impact on your score.

Coach’s Tip: Set up automatic payments or reminders to ensure you never miss a payment. Even if you’ve made late payments in the past, focus on making on-time payments moving forward to improve your score.

Credit Utilization

Credit utilization, accounting for 30% of your credit score, measures the amount of credit you’re using compared to your total available credit limits. Maxing out your credit cards or carrying high balances can hurt your score, even if you pay your bills on time.

Coach’s Tip: Aim to keep your credit utilization ratio below 30% by paying down balances and avoiding unnecessary spending. Consider making multiple payments throughout the month to keep balances low and improve your score.

Length of Credit History

The length of your credit history contributes 15% to your credit score. One common misunderstanding is that closing old accounts will improve your score. However, closing accounts can shorten your credit history and negatively impact your score.

Coach’s Tip: Keep old accounts open and active to maintain a longer credit history. Even if you don’t use them regularly, keeping them open can benefit your score.

New Credit

New credit accounts for 10% of your credit score and includes factors like the number of new accounts you’ve opened and recent credit inquiries. A common misstep is applying for multiple new credit accounts within a short period, which can signal risk to lenders.

Coach’s Tip: Be strategic with new credit applications. Limit the number of new accounts you open and only apply for credit when necessary. Multiple inquiries can lower your score, so be mindful of how often you apply for credit.

Credit Mix

Credit mix makes up the final 10% of your credit score and considers the variety of credit types you have. Some people mistakenly believe that having too many credit accounts will improve their score, but having too much available credit can actually be detrimental.

Coach’s Tip: Aim for a balanced credit mix by having a variety of credit types, such as credit cards, installment loans, and mortgages. Focus on responsibly managing the accounts you have rather than opening new ones unnecessarily. You can easily monitor your credit score and look for unexpected changes online or via the Keesler Federal app.

Understanding the components of your credit score and avoiding common missteps and misunderstandings is key to a successful game plan for exceptional financial fitness. By staying informed, proactive, and committed to responsible credit management, you can build and maintain a strong credit score that opens doors to better financial opportunities. If you need a personal coach to help you improve your game, reach out to our financial counselor. Remember, your credit journey is a marathon, not a sprint. Stay patient, stay focused, and stay on the path!

Put Your Tax Refund to Work - Keesler Federal Credit Union

Sylvia Hanes — Tue, 27 Feb 2024 06:00:00 GMT

It’s tax season, and you know what that means?!? For most Americans, that means it’s time for tax refunds! While you may be tempted to splurge, why not put that money to work? Making smart moves with this extra cashflow will pay off in the long run. Here are ways you can make the most of your tax refund: