26 Aug

How to Build Good Credit

how to build good creditCredit. Those five little letters have the ability to inspire fear and raise blood pressure. If you have little to no credit history or a low credit score, RMLEFCU’s Credit Builder loan was designed with you in mind.

It works like this: RMLEFCU acts as a gatekeeper and loans you between $500-$5,000 with a rate determined by your FICO score and our signature loan rate. You make payments on the loan over a period of time, perhaps a year, and RMLEFCU puts the money in an interest-bearing savings account. Once the loan is paid off, you can access the full amount.

To help ensure your success, RMLEFCU will arrange for a low monthly amount and set up automatic repayment options. Just ask us the next time you’re in or call our main line at (303) 458-6660. You’ll know within minutes if you are approved. Read More

10 Jul

5 Essential College Items to Buy with Your RMLEFCU First-Time Visa

RMLEFCU First Time Visa for CollegeRocky Mountain Law Enforcement Federal Credit Union understands the value of opening up your first credit card account as a young adult. You’re establishing your creditworthiness early and setting the tone for the soundtrack that is your life. Whether that soundtrack will be “I Wanna Rock n Roll All Night” or “Pressure” is still to be determined. All you know is that your first semester of college is around the corner and you need a few things for your dorm.

Luckily, RMLEFCU offers a 6.75% APR* first-time Visa credit card to purchase these must have items. Read More

24 Jun

4 Things You Must Do To Build Your Credit

Build your credit score RMLEFCUWe know you’re a trustworthy, reliable person. Anyone who has ever met you can tell right away that you fulfill obligations and that your word is as “good as gold.” I have bad news and more bad news. First, the price of gold is dropping and second, your reliability and trustworthiness, at least to people who might lend you large sums of money to buy a car or a home, relies on three little numbers – your credit score.

So, what are 4 things you need to do to build your credit?

  1. Get a credit card. First check out RMLEFCU’s visa cards. We have a couple options available depending on whether you want better rewards or a lower interest rate. If you’re unable to get an unsecured credit card, look into a gas card or store card. We would suggest if it’s a store card, to get one at a place where you normally do your shopping. For example, check out Target or Wal-Mart store credit cards. With Target you’ll get 5% off with every purchase, no shipping if you shop online and you’ll have 30 extra days to return items. With Wal-Mart, when you first open your account and spend $75 at Walmart.com, you’ll save $25. You’ll also receive 5 cents off per gallon at participating Wal-Mart gas stations. Bonus: Neither card has an annual fee.
  1. Pay your card IN FULL and ON TIME each month. We know what you’re thinking, isn’t this two things in one? “Paying in full” is like the peanut butter to the jelly that is “on time.” They are best when they are done together. Contrary to popular belief, you don’t need to carry a balance to build an awesome score. If you absolutely cannot pay it in full, always pay the minimum balance.

To make sure you are never late, set up an automatic payment. If for some reason that option is not available, ensure you have some kind of reminder, handwritten or electronic, to pay the bill each month. Thirty-five percent of your credit score is determined by your track record with making on-time payments on your bills.

There are a couple of myths out there about building credit that, like cockroaches, are hard to kill. Carrying a large balance will help boost your score and so will closing old accounts you don’t use. Doing either of these can really HURT your credit, so avoid them at all costs. Little known fact: Fifteen percent of your credit score is based on the length of time you’ve maintained a credit account.

Read More

20 May

Financial Advice for Younger Adults

financial advice for younger adultsRMLEFCU employees were informally surveyed and asked, “If you could go back in time and talk to yourself at 21, what kind of financial advice would you give?”

In no particular order, here are 6 top responses:

  • If your employer has a retirement plan, you had better contribute. If they don’t, open an IRA. Unless you are planning on checking out early or not having any children or loved ones you leave behind, you will want to start saving as soon as you move your belongings out of your college dorm.
  • Cash or Debit Cards Only. Speaking of college, chances are you don’t have the income to offset any high interest credit card debt you may have been enticed to rack up. I know it’s tempting, but if you can’t get by on a debit card or cash, you probably don’t need it. P.S. That’s great that they were giving out those mini footballs/Frisbees/t-shirts and you needed/wanted/had to have one, but cut that credit card up now if you can’t afford it.
  • If you already have a credit card, remember this advice, “Do not put anything on your credit card that you can’t pay off the next month.” Look at it only as a way to afford something that you’ll have the money for in 28 days. Maybe the movie “28 Days Later” will help drive this point home since having credit card debt will be worse than a zombie chasing you. Zombies can be outrun, creditors will never stop coming after you.

Read More

06 May

RMLEFCU Makes Car Buying Hassle Free

Quiz: What are seven little letters that could save you a lot of hassles at a car dealership?

Answer: R-M-L-E-F-C-U.

hassle free car buying at RMLEFCUWhen you sit down at the car dealership, you mean business. Before you pick up that pen and begin any paperwork, remember that RMLEFCU has already done a lot of work to make sure you’re not going to have a case of car buyer’s remorse.

We have partnered with 300 dealerships in the Denver area to offer you competitive rates with Direct Connect. www.getacreditunionloan.com

Just mention that you are a member of Rocky Mountain Law Enforcement Federal Credit Union. The dealership will complete the loan paperwork and offer the same competitive rates as RMLEFCU.

Need some info? Check out our auto resource center.  Read More

22 Apr

Colorado Home Prices Rising at Fastest Rate in the Country

How to use a Home Equity Line of Credit HELOCAccording to the Denver Post who referenced a report from CoreLogic, a firm that tracks housing trends, home prices in Denver rose by 9.8% year over year in February. This home-price appreciation rate is currently the highest in the United States. The average sold home price in metro Denver is around $354,000 in March 2015. It was around $344,000 in February 2015 and was around $311,000 in February 2014.

RMLEFCU is offering Mortgage Loans at 4% APR* with no mortgage insurance and ½% origination fee for RMLEFCU members. If you are trying to buy a home, please contact a RMLEFCU representative.

That’s great, but you already own a home and you don’t plan on selling anytime soon. So what does this mean for you?

How to take advantage of low interest rates and the increased value of your home. Read More

16 Apr

IRS Phishing Schemes and How to Protect Yourself

protect yourself from IRS phishing scams‘Twas the day before April 15th and tax bills were nigh and so the good people of the U.S. let out a collective sigh.

But the story doesn’t end there. Scammers are always trying out new methods to scare and intimidate Mr. and Mrs. Taxpayer. Phishing is a term that developed in the 1990’s where online thieves used a wide net to fish for potential victims. It was commonplace for computer hackers to deliberately misspell words and hence the term “phishing” was coined to describe their scam.

There are many different types of phishing scams and other schemes using the IRS name. We will explain a common telephone scheme in this article. Click here to see the full list from IRS.gov! Read More

15 Apr

Your Financial Spring Cleaning Checklist

spring cleaning financial checklistNow is the time to give those finances a thorough Spring cleaning! At the Rocky Mountain Law Enforcement Federal Credit Union we are big fans of setting financial goals and achieving financial success. To help you we have assembled your financial Spring cleaning checklist!

Discard

  • Debt
    • Until you can completely pay off your credit card bill, there are still a few things you can do.
    • Pay your bill the day you get it. Grace Periods usually only exist for those who pay their balance IN FULL EVERY When you do this, you won’t be charged interest.
    • Always pay more than the minimum when you can.
    • If you are not eligible for a low interest rate card like our RMLEFCU credit cards, apply for one with a teaser rate (1 year or less) ONLY DO THIS if you know you can pay off the entire balance before that attractive rate disappears.
  • Discrepancies on your credit report
    • Contact Experian, Trans Union and Equifax for a free credit report once a year at: https://www.annualcreditreport.com/index.action

Read More