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Category Archives: Financial Literacy

Poor or no credit? Here’s a way to fix it that you probably never thought of.

Poor or no credit? Here’s a way to fix it that you probably never thought of.

If you have poor or no credit, don’t feel bad. Because you’re not alone. According to Experian, a credit reporting agency, 68 million people in the US are in the same boat.

The good news is that since you’re a Compass Community Credit Union member, you already have an easy way to start building or rebuilding your credit score. It’s your Compass Savings account.

Simply take out a loan against the balance you have in your savings account. Make payments on the loan on time. And your credit score will start to reflect that in a positive way. Plus, you can use the money from the loan to help pay down any high interest credit card debt or catch up on other bills that you may not be paying on time.

But while taking out a loan against your Compass Savings Account is a really easy way to start improving your credit, it’s not the only step you can take. Here are a few other tips we recommend you try:

• Pay all your bills on time — including your utility and cell phone bills
• Pay off debt and keep balances low on credit cards
• Don’t close unused credit cards unless they charge you annual fees

Remember, having a good credit score can help you qualify for better interest rates and terms when borrowing money, buying a car, or applying for a mortgage. It’s also used by landlords when you apply to rent. And it might even influence your smartphone lease and your life or car insurance rates.

If you’d like to learn more about taking out a loan against your Compass Savings Account, stop by your local branch. A Compass representative will be happy to tell you more.

Waiting for sales isn’t the only way to save on big purchases.

Waiting for sales isn’t the only way to save on big purchases.

When it’s time to make a big purchase like a new TV, computer, furniture, appliances, or yard equipment, most people wait for a sale to buy them. And that’s a great way to save money. But then they’ll put their purchase on a credit card and make monthly payments. Or even worse, they’ll take out a loan. Continue Reading

Financial literacy starts here

Financial literacy starts here

As a parent, you instill good moral values and financial guidance in your children. Help your son or daughter toward a secure future by teaching financial responsibility early with a free checking account from the Credit Union. “I wanted to teach my kids how to be financially responsible. I opened a checking with a debit card… Continue Reading

Compass Community Credit Union

PO Box 1268
Eureka, CA 95502-1268

707-443-8662
800-440-8662

NMLS #423538

Federally Insured by NCUA

Compass CCU utilizes AudioEye to ensure that our site is fully accessible to all users. Click here to learn more.

If you are using a screen reader or other auxiliary aid and are having problems using this website, please call 1-800-440-8662 for assistance.

Compass Community Credit Union

PO Box 1268
Eureka, CA 95502-1268

707-443-8662
800-440-8662

NMLS #423538

Federally Insured by NCUA

Compass CCU utilizes AudioEye to ensure that our site is fully accessible to all users. Click here to learn more.

If you are using a screen reader or other auxiliary aid and are having problems using this website, please call 1-800-440-8662 for assistance.