• Skip to main content
  • Skip to primary sidebar
  • Skip to footer
  • Contact Us
  • Locate Us
  • Apply For A Loan
  • Events

SafeAmerica Credit Union

  • Checking
  • Savings
  • Loans
  • Services
  • Autos
  • Payments
  • Join
  • Log In

June 4, 2020 • By Kevin Alvarez

COVID-19 Credit Check Reminder

The year 2020 has been one for the books. Everyone has been feeling both the direct and indirect effects of the ongoing pandemic. With everything that’s going on, now is a good time to review and understand your good credit with our COVID-19 Credit Check Reminder.

Protecting your credit during COVID – 19

  • Reach out to your internet and phone providers for flexibility with payment options.
  • Reach out to your auto insurance provider for any possible flexibility. Learn more about our auto insurance coverage here.
  • Reach out to lenders for any possible flexibility with payment options. Learn more of our current payment options here.
  • Do your best to pay the minimum on your credit card bills every month.
  • Keep an eye on your credit score for any fraudulent activity.
  • Consider signing up to receive fraud alerts.
  • Reach out for financial assistance with a credit counselor.
  • Make a budget and do your best to stick with it.
  • If you speak with anyone online or via phone, make sure they are someone who could be trusted and working for a trusted company. Learn more on how to protect yourself from COVID-19 scams by clicking here

By keeping a close eye on what information the governor’s office and county officials release, we understand that we are closer to this being over more than before. We also understand that as humans we need to have our minds occupied with personal tasks and objectives to distract ourselves from the possibility of misjudgment stemming from the pandemic.


So let us preoccupy our minds with our COVID-19 credit check to learn some credit basics and position ourselves appropriately for what is next in our financial future.

What makes up your credit score?

35% is payment history
30% is credit utilization/capacity
15% is the length of credit
10% is search & acquisition for new credit
10% is the type of credit

Credit FYI's

  • A good credit score will ONLY benefit you.
  • Do your best to not miss any payments
  • The better your credit, the better rates you will get for car loans, mortgages, credit cards, personal loans, insurance costs and employment opportunities
  • When lenders check your credit they may use any one of the three major credit bureaus, Experian, Equifax and TransUnion
  • Stabilizing your credit will set a foundation to grow
  • Make sure to identify, plan and act upon ways to improve your score
  • Hard credit checks are when lenders use your score to decide your rates
  • Soft credit checks do not impact your credit score since they are not for a line of credit
  • Your credit score is viewed/generated every time a lender requests the information
  • You can check your own score at annualcreditreport.com and it will fall under a soft credit check
  • Do not close credit cards. This keeps your credit utilization looking great. Meaning you have the resources and have paid them off

What is a credit report?

  • Shows amount of debt you have
  • Types of credit you have
  • The length of time you have had credit cards for
  • Hard credit checks stay on your report for a little over two years
  • A good credit utilization rate is below 30%
  • Lenders typically focus on history of on time payments and low credit utilization
  • Credit utilization is how much of your available credit balance you are using

What is a good way to improve credit?

Credit repair companies can only do what you can already do. You can also dispute any incorrect or outdated information.
There are multiple ways to go about improving your credit, but let’s focus on how to improve credit by making the most of credit utilization.
Most people can agree that if you are not using something, you should get rid of it. So when someone pays off their credit card, they may think of closing their credit account right away. However, when it comes to improving your credit, you should consider leaving some credit accounts open. This leaves you to have a bigger pool of credit at your disposal. This is where the importance of credit utilization comes into play. Having a pool of money but only using 30% of it shows lenders that you are responsible with your finances and not blowing through your credit limits.


An example:

You open a new credit card and your limit is $1,000.

What is the most you should spend, ideally?

Up to 30%

So that means…

You should only be spending (borrowing) a maximum of $300 until you pay it off.

Now when you go to pick out a new car and have your credit report checked, the lender will be able to see your credit history and see the card with $1,000 limit and only $300 borrowed, this shows the lender you are financially responsible by not spending your limit or maxing your credit card.


Learn more about:

Auto Insurance by clicking here

COVID-19 business updates by clicking here

COVID-19 Scams by clicking here

Previous Post: « SafeAmerica Credit Union 67th Anniversary
Next Post: Saving Money with an Auto Loan Refinance »

Primary Sidebar

Recent Posts

  • What is a balance transfer?
  • New Year, New Money Habits!
  • 5 Holiday Spending Tips to bring You Less Stress (and More Joy!) This Holiday Season
  • Holiday Travel (COVID Style)
  • 7 Tips to Get Smart About Debt

Keep In Touch

Facebook Twitter LinkedIn Instagram

Footer

Home

Home

  • Contact Us
  • Find A Branch
  • About SafeAmerica
  • SafeAmerica Leadership
  • Careers

Services

Services

  • Online Banking & Bill Pay
  • Mobile Banking & Mobile Deposit
  • Direct Deposit
  • Mobile Wallets
  • VISA® Debit Card
  • STARS Telephone Banking
  • eStatements
  • Investment Management
  • View Your LPL Account
  • Enterprise Car Sales
  • Order Checks

Banking

Banking

  • Checking
  • MoveUP Rewards Program
  • Savings
  • Money Market
  • Certificates
  • IRAs
  • Account Insurance
  • Youth Program

Community

Community

  • College Scholarship Program
  • Events
  • CU@Work Program

Resources

Resources

  • Rates & Fee Schedule
  • Calculators
  • Educational Videos
  • Financial Education
  • Discount Programs
  • Newsletter
  • Switch Kit
  • Travel Notification Form
  • Blog
  • Forms & Applications
  • Secure Document Upload
  • Financial Hardship
  • Foreclosure Prevention Strategies
  • Privacy
  • Disclosures
  • Report Website Errors

Loans

Loans

  • Auto Loans
  • Home Loans
  • Home Equity Loans and Lines
  • VISA® Credit Card
  • Personal Loans & Lines of Credit
  • Student Loans
  • Refinance Your Existing Loan
  • VISA® Balance Transfer
  • Vehicle Release Information
  • Skip-A-Pay Program
  • Make A Payment

Protection & Insurance

Protection & Insurance

  • Auto, Home & Life Insurance
  • Accidental Death Insurance
  • Long-Term Care Insurance
  • Debt Cancellation
  • Vehicle Protection
  • Verify Insurance

Buttons


Follow Us

Follow Us

Facebook Twitter LinkedIn Instagram

Phone

(800) 972-0999

  • No. California: (925) 734-4111
  • Lost or Stolen Card
  • Debit Card: (800) 472-3272
  • Credit Card: (800) 472-3272

Routing Number: 321171757

NMLS#: 746366

Log In »

Logos

SafeAmerica is an Equal Housing Lender American Share Insurance Logo

Your savings insured to $500,000 per account. By members’ choice, this institution is not federally insured, or insured by any state government.

© 2021 SafeAmerica Credit Union. All rights reserved.

We use cookies to give you a more relevant browsing experience and improve our website. Using this site means that you agree with our Use of Cookies Policy. Cookie settingsACCEPT
Privacy & Cookies Policy

Privacy Overview

This website uses cookies to improve your experience while you navigate through the website. Out of these cookies, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may have an effect on your browsing experience.
Necessary
Always Enabled

Necessary cookies are absolutely essential for the website to function properly. This category only includes cookies that ensures basic functionalities and security features of the website. These cookies do not store any personal information.

Non-necessary

Any cookies that may not be particularly necessary for the website to function and is used specifically to collect user personal data via analytics, ads, other embedded contents are termed as non-necessary cookies. It is mandatory to procure user consent prior to running these cookies on your website.