SPONSORED CONTENT: What Is Your Credit Score and Why You Should Care
Your credit score is more than just a random number. Establishing a good credit history and score can be very helpful for you and your family. Good credit makes it easier to finance major expenses, such as a home or car, and important life events such as college tuition, weddings and so much more. However, building and maintaining good credit requires healthy habits and good financial choices.
WHAT DO YOU NEED TO KNOW ABOUT CREDIT?
You are establishing credit when you obtain a loan from a lender today that you promise to pay back in the future. Using credit is one way to buy things you might not otherwise be able to buy, especially those important purchases and investments mentioned above.
Lenders are more willing to extend credit to people who are more likely to pay back the loan than those who are less likely to repay the debt. Therefore, it’s important to establish a positive credit history because in addition to allowing you to obtain loans, credit history can also be used in other instances, such as when you are setting up a new insurance policy or utility service. Many companies will evaluate your credit history to help assess your overall risk and ability to pay for their services.
Your credit score is a three-digit number that is a prediction of your credit behavior, such as how likely you are to pay a loan back on time, based on information from your credit reports. A higher score reflects less risk, which may make you more attractive to lenders. A lower score reflects more risk, which may result in being denied a loan or charged a higher interest rate1. The most common scoring model is the FICO® score, which typically ranges from 300 to 850.
While each factor impacts your score a little differently, the primary factors that generally affect your score include1:
Payment history
The amount of debt you owe
How long you’ve been using credit
New or recent credit
Types of credit used Your score may change as you open loan or credit card accounts, utilize those accounts and make payments on those accounts.
The third fact to know about credit is that you also have a credit report in addition to your score. Your credit report is a statement that has information about your credit activity and current credit situation, such as loan paying history and the status of your credit accounts. It often contains personal information, like your name, address, date of birth and Social Security number, as well as information about your credit accounts, including current and historical credit accounts, the credit limit or amount, the account balance, account payment history, and the name of the creditor. Your credit report may also include public records like tax liens, collections, bankruptcies and foreclosures for as many as seven to 10 years.
Independent credit bureaus such as Experian, TransUnion and Equifax create and keep credit reports on file.
It’s a good idea to check your credit report occasionally and correct any errors as soon as possible. You are entitled to receive a free copy of your credit report from each of the three major credit bureaus once every 12 months. Request your free credit report online from annualcreditreport.comor call 877.322.8228. You will need to verify your identity with your name, birth date, address and Social Security number.
If your report contains any mistakes or inaccurate information, contact the company or lender reporting the information first. If you are unable to resolve the issue with the company or lender, you can also dispute the information with the credit bureau(s) furnishing the report. Be sure to include as much documentation as possible to support your claim.
But, if you do have a negative item on your credit report that was reported correctly, there are no instant solutions! Be wary of companies who claim they can “fix” or “remove” a correctly reported negative item from your report for a fee, as creditors and furnishers are required to report accurate information. If the information is incorrect, the creditor or furnisher is required by law to remove or correct the information based on your dispute of the information reported. So you shouldn’t have to pay a third party to fix or remove items that are incorrect on your credit report.
BEST PRACTICES FOR ESTABLISHING & MAINTAINING GOOD CREDIT2
The Federal Home Loan Mortgage Corporation, known as Freddie Mac, suggests the following specific behaviors to build and maintain a good credit history:
On-time payments
Keeping debt load manageable
Using as little of your credit limit as possible
Paying the entire amount due, or at least more than the minimum amount due
Reviewing credit reports annually
Not shopping for too much credit
If you want to improve your score, in addition to leveraging the suggestions above, Freddie Mac provides the following tips:
Pay your credit card bill in full if you can.
Don’t charge more than you can afford to pay back.
Use a small percentage of your credit limit.
Keep only a few credit cards or credit accounts open.
Pay down debts.
Open and keep credit accounts in your name to establish good credit history.
Dispute inaccuracies in your credit report.
If you need to build or rebuild credit, be patient. The best practice is to review your credit regularly and manage your credit wisely over time.
SECU offers various services to our members to help them meet their financial goals. If you have any questions or want to learn more about how we can fulfill your specific needs, Member Services Support is available at 888.732.8562, or please visit us in person at your local branch Monday through Friday, 8:30am to 5:30pm.
If you need to build or rebuild credit, be patient. The best practice is to review your credit regularly and manage your credit wisely over time.
1 Visa. Practical money guide: credit history. (2018). Retrieved from practicalmoneyskills.com 2 Get smart about credit: Credit basics Q&A. My Home by Freddie Mac. (2021, July 21). Retrieved from myhome.freddiemac.com
SPONSORED CONTENT: Why You Should Buy Local This Holiday Season
It’s that time of year again! The scent of pumpkin spice is in the air, and the holidays will be here before you know it. As the leaves change and the air grows crisp, what better way to embrace the season than enjoying the bountiful harvest of locally sourced seasonal produce!
Taking a farm-to-fork approach to preparing holiday meals can have several benefits. Locally grown produce is fresher, riper—and has more nutritional value than foods transported across the country, or even the world, before making their way to a grocery store shelf near you. Not only are locally sourced food items better for you, but they also look and taste better by maintaining more of their natural color, vibrancy and aroma, helping to bring your holiday recipes to life with even more flavor.
Eating local food items is also good for the planet. Locally sourced food reduces the time, resources and distance required for food to travel from the farm to your fork. The more miles required to transport food products by land, sea or air, the more harmful greenhouse gas emissions are released into the atmosphere.
When you buy in-season local food items, you’re also nurturing a healthier agricultural economy and helping maintain farmland in your community. Buying local keeps community dollars circulating within the community, allowing those dollars to be reinvested with other local businesses. You’re also supporting the hard work, long hours and noble passions of farmers all across North Carolina. These great men and women provide us with fresh ingredients that are the centerpiece of holiday meals where memories are made. What could be better than that? As we begin the season of giving, there is no better way to give back to our farmers and communities than choosing local produce grown with pride and served with love.
Sysco, the global leader in selling, marketing and distributing food products to restaurants and other customers, shares this passion for supporting local agricultural communities by proudly partnering with more local ranchers, growers and producers than any distributor in the industry! They support farm-to-table initiatives to deliver the best products from anywhere to everywhere.
In anticipation of the holiday season, Sysco is ensuring that more of our neighbors enjoy locally sourced fresh foods by making donations to our local food banks. Earlier this year, Sysco donated to 42 food banks across the U.S. as part of its signature Nourishing Neighbors® program, where a portion of the proceeds from each Sysco-branded case sold in local communities is donated back to charitable organizations in those communities.
Supporting the local agriculture community and giving back are just some of the ways Sysco is connecting the world to share food and care for one another this holiday season.
The Ultimate Local Food, Fashion & Shopping Experience at Fenton
SPONSORED CONTENT: Raleigh Fashion Festis the ultimate local fashion, food and shopping experience presented by Raleigh is Growing, benefiting our local charity partner The Women’s Center! This fall, we are popping up in Cary’s newest district, Fenton, on Thursday, Oct. 20 from 5 to 9pm.
Raleigh Fashion Fest at Fenton will feature a large-format collaborative fashion show directed by Models for Charity, interactive experiences including an exclusive VIP Lounge at Paragon Theaters, live music, a DJ, local restaurants, bars, shopping from locally owned boutiques and businesses, and a silent auction to benefit The Women’s Center.
With the focus on supporting local, empowering women and activating the community, Raleigh Fashion Fest is a can’t-miss event for local influencers, fashionistas, shop local supporters and more!
A portion of proceeds + 100% of silent auction dollars raised will be donated to The Women’s Center.
Register for Free or Upgrade to a VIP Experience: RSVP Today.
SPONSORED CONTENT: The typical conversation these days among potential home sellers often includes the question “yes, we’d love to move, but where are we going to go?”
It’s a valid concern as record-low mortgage rates for nearly two years have now jumped beyond pre-pandemic levels. However, that doesn’t mean finding your next home is impossible.
“It’s very possible; there are two main factors that can really help potential buyers,” says Jamie Dawson, Founder and CEO of EasyDigz, a Raleigh-based real estate tech agency. “If you have a lot of equity built up, you can put more down—and find ways to reduce realtor fees.”
Dawson’s EasyDigz can help combat those high interest rates.
A successful 20-year real estate veteran, he is shaping the next evolution of the real estate industry. Last year, Dawson launched EasyDigz, a platform where sellers can list their home for only $3,500. Dawson’s vision is to help sellers pocket more profit, which makes huge difference in what they can and can’t buy.
“In a traditional sale, a 6% commission on a $700,000 house is $42,000,” says Dawson. “If that is only $3,500, it makes a huge difference in what sellers can put down and increases their purchase position. You now have more leverage, and then when rates drop, refinance.”
That’s how Dawson’s EasyDigz platform can help sellers answer the question of where to go. For just $3,500, they get a certified home pre-inspection, a 3D tour of their home and are assigned to a licensed real estate agent to guide them through the entire process. This includes listings on the MLS and online sites, and a dashboard that allows them to review offers and work with the ones that want.
“We want to give the sellers more control; it’s their house and they should keep more of their profits to put toward their next home,” says Dawson. “Also, contrary to what many sellers think, the market is in their favor right now.”
Dawson is pointing at the fact that more houses are staying on the market longer, so sellers are dropping prices, which allows more opportunity for negotiation. Especially this fall, when sales are expected to slow even more, which will give home buyers more options to fit their budgets.
“Savvy home sellers can do nearly everything themselves, but they’re blocked by getting it listed on the MLS and online,” adds Dawson. “Why wait to move to where you really want to be because you know you have to pay 6% in realtor fees? Pay $3,500 and move into your next chapter.”
Dawson says clients that have used EasyDigz have been impressed by the ease of use and having an agent in their corner if they need it. So, he’s putting his money where his mouth is.
“For a limited time, if you are thinking of selling, head over to EasyDigz, sign up and be entered to win a chance to sell your home with us for free,” adds Dawson. “We really believe in what we’ve created and are looking forward to helping more sellers.”
If you are interested in selling or buying, visit the EasyDigz website or call (919) 275-5868 to consult with an agent.
It’s no secret that many people looking to take advantage of a hot housing market would love to find a way to sell their home themselves and avoid the traditional Realtor fees. However, not being a Realtor limits where for-sale-by-owner listings can be seen.
That’s why one local entrepreneur launched EasyDigz, a real estate technology platform designed to help people sell their home, and gain access to all the major online listing sites and the local MLS for just $3,500.
Jamie Dawson has built a successful 20-year real estate career spanning residential, commercial and investment services, and even owns a boutique building and renovation company. Now, he is focused on giving some home sellers what they want: a platform that allows them to be in control with help from a Realtor if they need it.
The idea came about in 2020. Over the last decade or more, many of us have become comfortable shopping and selling online. However, the pandemic accelerated that trend into many more aspects of our lives. With people not comfortable going out in public, they began ordering their groceries, food, clothing and other everyday products from their computers and devices.
The real estate market was no exception. There were spaced-out showing times taking the place of open houses and 3D tours appeared on listings. Additionally, with the remote working phenomenon, people began relocating from crowded, expensive urban areas, such as the Northeast and West Coast, and using this sophisticated technology to put offers on homes sight unseen.
Dawson saw an opening and decided to act. “If people were purchasing nearly everything online, why not buy or sell your house that way as well?” says Dawson. “I know it’s not for everyone, but there is a set of tech-savvy people who are comfortable taking control of the process and that’s what we give them.”
Here’s how it works. Sellers head to the EasyDigz website and answer a handful of questions about their property. Afterward, they are assigned a licensed real estate agent to consult with and answer any questions throughout the process.
If they move forward, included in the service is a certified property preinspection and evaluation that will let the seller know of any big-ticket repair items and give potential buyers full visibility into the condition of the home. EasyDigz also provides a sophisticated and immersive Matterport 3D tour of the home, so potential buyers can get a very accurate sense of the layout and feel like they are actually inside. Typically, these two services are scheduled the same day to limit disruption for the seller.
Once those two items are complete, the seller goes over any last details with their assigned agent consultant and then the listing goes live. That’s where the fun starts.
“I think one thing that people really enjoy about the process is our dashboard,” says Dawson. “This is where we are really unique. Sellers can view activity and review offers and select the one they want to work with.”
Sellers then work with their assigned agent consultant to review the offer and then negotiate on their behalf while advising them throughout the entire process. All for just $3,500.
“This part is very important. Sellers want to have control, but they also want the assurance that they have an assigned agent to help guide them if they need it,” says Dawson. “For just $3,500, sellers get a lot of value, which is what they deserve. It’s their house, in some cases for decades, so they should keep as much of that profit as possible for their next chapter.”
Dawson knows there are other iBuying options out there, but he believes his “hybrid listings” provide better results.
“Sure, you can sell your house directly to a national iBuyer with no open houses, or need to clean up, but they aren’t going to give you what the open market might,” says Dawson. “Though easy to use, it’s worth testing the market, and for $3,500 we help sellers get the most for their home.”
It doesn’t stop with just selling. “Yes, we have a Buy Now button,” Dawson laughs. Those looking to purchase can head to the EasyDigz site and search homes as well. “It’s a hot market, so those who want to get under contract fast can use our Buy Now functionality.”
Properties are fed into the site so potential buyers can search as they would on a typical online real estate site. If they see their potential future home, they can click the button to submit an offer. EasyDigz agents will review the offer and ensure all the details are correct and submit on behalf of the potential buyer.
“What we wanted to create is really a one-stop shop for both buyers and sellers,” says Dawson. “In theory, someone could sell their home and buy another in one day while sitting on their couch.”
If you are interested in selling or buying, visit the EasyDigz website or call (919) 275-5868 to consult with an agent.
