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Navigating Auto Loans

Looking to buy a new car? Sweet Home FCU is here to help make the process as smooth and affordable as possible. With our competitive auto loan rates and flexible terms, you can find a loan that fits your budget and needs.

Here are a few tips for navigating auto loans:

• Do your research. Before you start shopping for a car, take some time to research different makes and models. Consider your needs and budget, and narrow down your choices to a few cars that you’re interested in.
• Get pre-approved for a loan. Getting pre-approved for a loan will give you a better idea of how much you can afford to spend on a car. It will also make the buying process faster and easier.
• Shop around for the best rate. Don’t be afraid to shop around for the best auto loan rate. You are not obligated to take a loan through the dealership, so take the time to find a rate that works for you.
• Consider a used car. Used cars are typically less expensive than new cars, and they can be just as reliable. If you’re on a budget, a used car is a great option.
• Make a budget and stick to it. It’s important to make a budget and stick to it when you’re buying a car. This will help you avoid overspending and getting into debt.

Sweet Home FCU is here to help you with all of your auto loan needs. We offer competitive rates, flexible terms, and a variety of loan options. Apply for an auto loan today and get behind the wheel of your dream car.

Contact us to day to learn more about our auto loan options.

Demystifying Credit: Understanding Your Report and Score

Your credit report and score can feel like mysterious factors controlling your financial life. But fear not! Sweet Home FCU has you covered! Understanding these concepts is easier than you think, and can empower you to make informed decisions about your finances.

Understanding Your Credit Report:

Your credit report is a detailed report card of your borrowing habits. It typically includes information like:

• Personal Information: Your name, address, and Social Security number.
• Credit Accounts: A list of all your credit cards, loans, and mortgages, including current balances and payment history.
• Public Records: Bankruptcies, foreclosures, and tax liens (if applicable).

It’s important to review your credit report regularly (you can usually access a free copy at annualcreditreport.com) for errors or inaccuracies.

Understanding Your Credit Score:

Your credit score is a three-digit number (typically ranging from 300 to 850) that summarizes the information in your credit report. It essentially tells lenders how likely you are to repay a loan on time. A higher score indicates better creditworthiness, which can unlock several financial benefits:

• Lower Interest Rates: Qualifying for lower interest rates on loans like mortgages and car loans can save you thousands of dollars over time.
• Better Credit Card Deals: Higher credit scores often translate to better credit card rewards programs and lower annual fees.
• Improved Insurance Rates: Some insurance companies consider your credit score when setting rates, so a good score could mean lower premiums.

Boosting Your Credit Score:

The good news is that your credit score isn’t set in stone. In fact, it can change monthly. Here are a few key strategies to improve it:

• Payment History is King: This is the single most significant factor affecting your credit score. Make sure to pay your bills in-full and on-time consistently. Consider setting up automatic payments to avoid missed payments.
• Credit Utilization Matters: Maintain a low credit utilization ratio. This refers to the amount of credit you’re using compared to your total credit limit. Experts recommend keeping it below 30%. Aim to pay down credit card balances and avoid maxing them out.
• Don’t Apply for Too Much Credit at Once: Multiple credit inquiries in a short period can lower your score. Space out credit card applications and only apply for what you truly need.
• Become an Authorized User (Strategically): Being added as an authorized user on someone else’s credit card with a good payment history can improve your score. However, only consider this with trusted individuals who manage their credit responsibly, as their negative actions will also impact your score.
• Keep Good Accounts Open (Even if Unused): Length of credit history is another important factor. Consider keeping older credit cards open, even if you don’t use them frequently. Just ensure they stay in good standing and don’t accrue any fees.
• Dispute Errors on Your Report: If you find incorrect information, contact the credit bureau to have it removed.This can significantly improve your score.

Taking Charge of Your Financial Future:

By understanding your credit report and score, you can take control of your financial future. Regularly monitor your report, work towards improving your score with these strategies, and reap the rewards of good credit. Remember, a healthy credit score opens doors to better financial opportunities and paves the way for a more secure financial future.

Q&A: Getting a Loan with Sweet Home FCU

Thinking about applying for a loan with us? This Q&A guide will walk you through everything you need to know, from membership requirements to the loan approval process.

Membership and Eligibility

• Who can become a member of Sweet Home FCU?

In order to be eligible for a loan at SHFCU, you must live, work, worship, attend school, or volunteer in the towns of Amherst and Tonawanda. Membership is also open to immediate family members of current members. You can become a member by opening a share account with a minimum deposit of $5 when your loan is finalized.

• What are the different loan options available at SHFCU?

SHFCU offers a variety of loan options, including auto loans, home equity lines of credit (HELOCs), share secured loans, and signature loans. You can find more details about these options on the SHFCU website www.sweethomefcu.org.

Applying for a Loan

• Will applying for a loan hurt my credit score?

Yes, applying for a loan can cause a temporary dip in your credit score because a hard inquiry is made to assess your credit history.

• Are there any fees involved in applying for a loan?

There are no application fees at SHFCU at this time.

HELOC loans will not incur closing costs if you keep the line open with a balance for three or more years. If the line is closed or paid off prior to a three year period, borrowers are required to repay the closing costs. 

• How can I increase my chances of getting approved for a loan?

Having a good credit score, a steady income, and a low debt-to-income ratio will all improve your chances of loan approval (hint: check out the article in this issue about improving your credit score!)

• What documents do I need to apply for a loan?

SHFCU’s online application process is designed to be hassle-free. You will need to provide income verification during the application process, such as your most recent pay stubs, social security statement, or pension statement.

• Can I still get a loan with sub par credit?

It is possible to get a loan with less-than-stellar credit, but you will likely receive a higher interest rate.

• How long does the loan approval process take?

The approval process can vary depending on the complexity of the loan and your financial situation. Generally, SHFCU aims to provide an answer within one to two business days. In some cases, a more complex application may require additional review.

Still have questions? 

Fill out the form below or give us a call at (716) 691-9187 to chat with one of our loan officers today!

Weather Life’s Storms: Build An Emergency Fund

Life doesn’t always go as planned. An unexpected car repair, a medical bill, or a job loss can quickly disrupt even the most fine-tuned budgets. That’s where an emergency fund comes in – a safety net that catches you when things get bumpy. 

Why It Matters

Imagine facing a sudden expense. Without an emergency fund, you might rely on high-interest credit cards or dip into long-term savings, jeopardizing your future goals. An emergency fund provides a buffer, allowing you to weather unexpected storms without going into debt.

How Much Do You Need?

Experts recommend saving three to six months of living expenses. This can vary – consider your essential monthly bills (housing, food, utilities) and settle on a realistic amount that keeps you feeling comfortable and confident.

Building Your Nest Egg: Step-by-Step

Building an emergency fund takes discipline, but even small contributions add up:

• Start Small: Begin with a manageable amount you can comfortably contribute each month.
• Automate: Set up automatic transfers from your checking to your emergency savings account.
• Track Your Progress: Monitor your growth and adjust contributions as needed.
• Find Extra Cash: Look for ways to generate additional income – like garage sales or side jobs – to help sock away extra cash.

Sweet Home Federal Credit Union offers a wide variety of accounts, some that are perfect for an emergency fund. By prioritizing consistent saving, you’ll be prepared for whatever life throws your way, and give yourself some peace-of-mind. Get in touch with us today to set up your emergency savings account!

Beat the Back-to-School Rush: Your Wallet-Friendly Shopping Guide

Summer’s winding down (UGH!), and whispers of “back to school” fill the air. But before you brace yourself for sticker shock, check out these tips to conquer back-to-school shopping without breaking the bank!

Plan and Conquer:

• List it Up: Avoid impulse buys with a detailed list of what your child actually needs. Check last year’s supplies and see what can be reused.
• Spread the Wealth: Don’t wait for the last minute rush! Take advantage of sales throughout summer and snag deals on backpacks, clothes, and basic supplies.
• Budgeting is Key: Set a realistic spending limit and stick to it. Involve your child in the process (age-appropriately) to teach valuable money management skills.

Pro Tip: Turn list-making into a bonding activity! Let your child decorate the list or pick out fun stickers to mark off completed items.

Shop Savvy:

• Coupon Clippers Unite! Who says coupons are outdated? Digital apps and even grandma’s Sunday paper inserts can score you serious savings.
• Secondhand Gems: Thrift stores and online marketplaces are treasure troves for gently used clothes, backpacks,and calculators.
• Bulk Up (Smartly): Team up with other parents to buy in bulk for certain supplies and split the cost. This works especially well for classroom essentials like tissues or hand sanitizer.
• Brand Loyalty: Many stores offer reward programs that translate into discounts or exclusive deals. Consider signing up for a few based on where you shop most.

Pro Tip: Check store flyers and websites for specific coupon codes or promotions before you head out.

Think Outside the Box:

• DIY Crafts: Get creative with pencil cases, lunch bags, or decorations. It’s a fun way to personalize without spending a fortune.
• Hand-me-downs: See if older siblings, cousins, or friends have outgrown clothes or supplies that could get a second life.
• Needs vs. Wants: Help your child differentiate between essential items and trendy desires.

Pro Tip: Host a clothing swap party with friends or classmates to exchange gently used items.

By planning, shopping smart, and getting a little creative, you can conquer back-to-school shopping without sacrificing your budget. Remember, a successful school year starts with a happy wallet too!

Don’t Get Hooked: How to Spot Financial Scams Online

The internet is fantastic. A digital playground, if you will. But it can also be a breeding ground for scammers looking to steal your hard-earned money. Financial scams can appear anywhere online, from social media posts to seemingly legitimate emails. But fear not, savvy web surfers! Here’s how to identify and avoid these online cons:

Red Flags on Social Media:

• Get Rich Quick Schemes: Promises of effortless wealth are a major red flag. If it sounds too good to be true, it probably is.
• Investment “Gurus”: Be wary of anyone claiming to have a secret investment strategy with guaranteed returns. Legitimate financial advisors won’t make such promises.
• “Miracle” Products or Services: Products promising quick weight loss, disease cures, or unrealistic financial gains are usually scams.

Bonus Advice: Do your research! Look up the company or individual behind the post. Check for negative reviews or complaints online.

Phishing Emails:

• Urgency and Fear: Scammers often try to pressure you into acting quickly by creating a sense of urgency or fear.
• Generic Greetings: Legitimate emails from Sweet Home FCU, a bank, or your credit card company will address you by name. Scammers will often use generic greetings like “sir” or “madam”.
• Poor spelling and grammar: Scam emails often contain misspelled words, odd punctuation and capitalization, and poor grammar. These are big red flags. Delete immediately.
• Suspicious Links or Attachments: Don’t click on links or download attachments from unknown senders.

Pro Tip: Hover over a link before clicking to see the actual website address. If it looks suspicious, don’t click!

Website Warnings:

• Errors: Legitimate businesses take pride in their online presence. A website riddled with errors is probably a scam.
• Unrealistic Offers: Be wary of websites offering incredibly low prices or deals that seem too good to be true. They usually are!
• No Contact Information: A reputable website will always have clear contact information readily available.

Extra Caution: Check the website’s security features. Look for the padlock symbol in the address bar and a URL that starts with “https” (not just “http”).

Staying Safe Online:

• Be Skeptical: If something seems off about an offer or website, it probably is. Trust your gut and err on the side of caution.
• Never Share Personal Information: Don’t share your bank account details, social security number, or passwords with anyone you don’t know and trust – Especially if they call claiming you have a virus on your computer!
• Report Suspicious Activity: If you encounter a potential scam, report it to the platform you saw it on (e.g., social media website, email provider).

By following these tips and staying vigilant, you can protect yourself from online financial scams and keep your hard-earned money safe. Remember, knowledge is power – the more you know about how scammers operate, the less likely you are to fall victim to their schemes.

Hidden Gems for a WNY Summer

Sunshine, festivals, and endless adventures – Western New York explodes with life during summer! Whether you crave the buzz of Canalside or the fresh mountain air of Ellicottville, there’s something special waiting for you. Here are a few ideas to jumpstart your summer bucket list.

FOR THE FOODIE

INIZIO – Downtown Buffalo, NY

Calling all pasta fanatics! Inizio, a newcomer to the Buffalo dining scene, is a haven for fresh, made-from-scratch dishes. Nestled in the heart of Elmwood, this cozy spot offers a unique twist on Italian classics, blending them with American flair for an unforgettable experience. Get ready to fall in love – your taste buds will be begging for a return visit!

FOR THE SPA ENTHUSIAST

ELLICOTTVILLE SALT CAVE & SPA – Ellicottville, NY

Craving a rejuvenating escape? Ellicottville offers the perfect day trip! Breathe easy at the Ellicottville Salt Cave & Spa, where 20 tons of imported European salt create a healing atmosphere. Relax further with a massage or facial, all within this tranquil spa. Top it off by exploring the charming village nearby – delicious restaurants and breweries await!

FOR THE ART LOVER

BUFFALO AKG ART MUSEUM – Delaware Park, Buffalo, NY

Formerly known as the Albright Knox Art Gallery, Buffalo AKG is an art museum located right in Delaware Park, in downtown Buffalo. It was closed for almost two years, and has recently reopened for art lovers to rediscover.

FOR THE SWEET TOOTH

LAKE EFFECT ICE CREAM – Lockport, NY

If you are an ice cream lover, chances are you’ve heard about Lake Effect. They churn out unique, small-batch flavors you won’t find anywhere else. Made with fresh ingredients and local flair, their shops in Lockport and Buffalo are the perfect pitstop to cool down and indulge in a taste of Western New York this summer.

FOR THE BEER FANATIC

WAYLAND – Orchard Park, NY

Southtowns, rejoice! A fresh brewery has arrived, and it’s a game-changer. Owned by the same folks behind The Grange Community Kitchen and West Rose (you know, the design masters!), this stunning space boasts a beer hall, event space, bocce court, and a sprawling beer garden. Get ready for summer hangs and delicious brews – we’ll see you there!

Hiring the Perfect Home Improvement Contractor 

Investing into your home is exciting, but choosing the right contractor can feel overwhelming. Fear not! This guide equips you with the knowledge to find a reliable partner for your renovation journey.

The Foundation: Qualifications & Experience

A solid foundation starts with a trustworthy contractor. Here’s how to ensure that:

• Verify Credentials: Don’t rely on verbal assurances. Check if their licenses and insurance are valid and cover the specific work you need. Contact the issuing bodies for confirmation.
• Experience is Key: Look for past projects that mirror your vision. Ask about their experience with similar renovations and request references. Check online reviews to see what previous clients have to say about their quality, communication, and work ethic.

Clear Communication & Cost Management

Open communication and transparent costs are essential for a smooth project:

• Detailed Estimates: Obtain detailed estimates from several qualified contractors. These estimates should clearly outline the project scope, materials, labor costs, and a realistic timeline. Beware of significantly lower estimates as they might indicate inferior materials or shortcuts.
• Understanding Warranties: Don’t be left in the dark about future repairs. Before signing any agreement, understand the expected lifespan of the work and the warranties offered on both materials and workmanship. What will be covered if an issue arises later?

Securing the Deal: A Strong Contract

A well-defined contract safeguards both you and the contractor:

• Ironclad Contract: A detailed contract outlining the scope of work, timeline, payment schedule, and change order procedures is crucial. This ensures everyone is on the same page and minimizes misunderstandings. Consider having a lawyer review it for added peace of mind.
• Realistic Timeline: Agree on a realistic timeline for the project and hold the contractor accountable. Discuss potential delays due to weather or unforeseen circumstances and how they will be communicated. Transparency is key.

By following these tips, you’ll likely find a reliable, trustworthy contractor to help with your home improvement needs. And remember – trust your gut. If something about a contractor raises red flags, walk away, and continue your search.

But before you begin your quest to find the right contractor, you’re going to need to assess your finances, and whether or not a home line of credit (HELOC), or a home equity loan is in your best interest. Did you know we offer a HELOC with no monthly fees?

Master Your Money with Podcasts!

At Sweet Home Federal Credit Union, we’re passionate about empowering you to reach your financial goals.  Whether you’re budgeting for a dream vacation, saving for retirement, or tackling student loans, knowledge is key. Podcasts are a fantastic way to learn about personal finance on the go, during your commute, workout, or while relaxing at home.

Here are some of our favorite financial podcasts, categorized to fit your specific needs:

Financial Fitness Boot Camp:

• The Ramsey Show: No-nonsense host Dave Ramsey offers tough love and practical advice to help you get out of debt and build wealth.
• BiggerPockets Money: Dive deep into personal finance, real estate investing, and achieving financial freedom with experts Scott Trench and Mindy Jensen.
• Clark Howard Podcast: Consumer champion Clark Howard shares tips on saving money, navigating credit scores, and avoiding scams.

Investing 101:

• We Study Billionaires: Learn the strategies and mindsets of successful investors by unpacking the decisions of the world’s wealthiest.
• The Motley Fool Money: Stay informed on the latest market news and stock picks with the Motley Fool crew.
• Invest Like the Best: Interviews with top investors offer valuable insights for building a strong portfolio.

Making Money Fun (and Informative):

• So Money with Farnoosh Torabi: Engaging host Farnoosh Torabi tackles personal finance with a relatable and lighthearted approach.
• Planet Money: National Public Radio’s award-winning podcast uses quirky storytelling to explain complex economic concepts with humor.
• Afford Anything: Learn how to achieve financial freedom and travel the world with host Paula Pant.

Remember, this is just a starting point! There are countless fantastic financial podcasts out there.  Explore different shows, find hosts whose styles resonate with you, and enjoy the journey to financial wellness.

Peace of Mind, Guaranteed: Your Security is Our Priority at SHFCU

At Sweet Home Federal Credit Union, we understand the importance of safeguarding your financial information. That’s why we want to assure you that we will never send text messages requesting personal details, account numbers, or passwords.

In today’s digital world, phishing scams can appear surprisingly convincing. Rest assured, we prioritize clear communication and will always contact you through secure channels for any important information.

Here’s how we keep your information safe:

• No Text Requests: We will never ask for sensitive information via text message.
• Verified Communication: We prioritize secure channels for important updates or requests.
• Your Control: You have the power to manage your account information directly through online banking or by contacting us at [phone number].

If you ever receive a text claiming to be from us and requesting personal details, know it’s a scam. Do not respond or click on any links.

For any questions or concerns, call us at (716) 691-9187. We’re here to help you navigate your finances with confidence. Together, let’s build a secure financial future for you and your loved ones.