Home Equity TV Commercial

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The latest First New York FCU television commerical is on the air. Check out our new Home Equity Loan commercial and let us know what you think!

Be Smart About Credit Cards

The TV program guests told appalling stories. “I owe more than $26,000 on my credit cards,” one said defiantly. Another, confessing that he liked to treat friends to expensive dinners out, admitted, “I’ve trashed my credit rating.” And another, insisting she could manage her bills, said she had charged a staggering $50,000 on 11 different credit cards.

And the biggest jolt of all? These guests on TV’s Oprah show all were college students in their late teens and early 20s. Two of them already had declared bankruptcy.

Many of the student guests said they’d first gotten a credit card at the sign-up tables at college registration areas. One young man, a student who’d worked registration as a recruiter for a national card company, said, “[students] are the bait, and we’re the sharks.” He explained that he earned points for each student he signed up.

All the participants said they’d learned some hard facts about using credit cards:

• Be realistic about your expenditures. If you’re covering routine expenses with credit, you’re living beyond your means.
• Understand the trap of minimum monthly payments. If you make a minimum payment–say the lesser of 2% of the balance or $25–on a $2,000 credit card balance, paying 18% interest, you won’t pay off the balance for nearly 16 years, and you’ll pay $3,328 in interest charges.
• If you can’t keep up with one credit card, it’s foolhardy to add more. More cards do not mean more money coming in–they mean more going out, and for a much longer time.
• If you’re in credit trouble now, call 800-388-2227 to find a nonprofit affiliate of the National Foundation for Consumer Credit. This organization helps debtors get a handle on their bills and repair their credit while also meeting their obligations.

When you and your parents agree that you’re ready to handle a credit card, talk to First New York FCU. Our credit card carries a low interest rate and a credit limit that gives you the convenience you need without putting you in a lifetime of credit jeopardy.

Vishing Podcast

 You’ve probably heard of phishing, but have you heard of vishing?  It’s one of the newest forms of fraud, utilizing phone and internet technology.

Listen to our latest podcast to find out what vishing is and what you can do to prevent being a victim.

Vishing Podcast

For other podcasts, check out the podcast section of this blog. 

To save the podcast to your computer, right click the above link and choose “save as”.  To listen right now, mouse over the above link and click on the play button in the blog podcast player.

Don’t Get Hooked by a Phishing Attack

If you have Internet access, you may be under attack–a phishing attack, that is. This high-tech scam involves three components:

Spoofing is creating a replica of an existing Web site.

Spamming is unsolicited, or “junk” e-mail.

Phishing is the act of using spoofing and spamming to lure unsuspecting victims, hoping to deceive you into disclosing your Social Security number, credit card and checking account numbers, passwords, or other sensitive information.

The Federal Trade Commission recommends the following tips to help you avoid getting hooked:

1. If you get a pop-up or e-mail message requesting personal or financial information, don’t reply or click on the link in the message. Legitimate companies won’t ask for this information.

2. Be cautious about opening attachments or downloading files from e-mail messages.

3. Never send personal information via e-mail. Look for a closed padlock at the bottom of your browser window, or a URL that begins with “https”–the “s” stands for secure. However, some phishers forge these security icons.

4. Review statements for accuracy as you receive them. If they’re late, call the company to confirm billing address and balance.

5. Use antivirus software and keep it up-to-date. Run a firewall, particularly if you have a broadband connection. Take advantage of free software “patches.”

6. Report suspicious activity to the FTC at www.ftc.gov, and forward suspicious messages to spam@uce.gov.

If you have any questions about phishing, or online fraud, give us a call at 393-1326 and press ‘2′.

 

Six Ways You Burn Money on Your Car

No one likes to waste money on a car. With the cost of buying a new car averaging more than $28,000, it’s easy to overlook the costs of driving one.

There are no limits on how much money you can spend on a car. Likewise, there are no limits on how much money you can waste on a car. But for starters, here’s a list of six.

1. Not knowing yourself
Think hard about why you need a vehicle. How you use it and how long you intend to keep it will make a difference on which car to own and whether to buy an extended service agreement.

2. Not knowing your car
Read through your vehicle’s owner manual and warranty information to learn about your rights as a customer and the manufacturer’s maintenance recommendations.

3. Not paying attention
Your car’s gas gauge lets you know when you’re low on fuel. But there are other less obvious signs when your vehicle needs attention, such as drips in your driveway, subtle smells, and squeals and rattles.

4. Not keeping tabs
Have a notebook and pen in your glove compartment. When you sense trouble, jot down the symptoms, including date and mileage. Keep a log of service visits and repairs.

5. Not being careful
Speeding, jackrabbit acceleration, and hard stops can lower your vehicle’s gas mileage by 33% on the highway and 5% in the city, according to the U.S. Environmental Protection Agency. Aggressive driving also strains your tires. Learn more about how to save gas (and money) at fueleconomy.gov.

6. Not shopping around
For everything from the car you buy to the gas you put in it, it pays to look around for the best deal–which isn’t always just the cheapest.

Of course, the key way to save money on a car is to get your financing at First New York FCU. Let us know when you’re ready to shop and we’ll help. With our great rates, we can save you thousands of dollars over the course of your loan!

The Purchasing Power of a Strong Credit History

Everyone, from college students to recent immigrants, is likely to need the purchasing power a solid credit record conveys. And if you’re married, but all credit is in your spouse’s name, you definitely should establish your own credit history.

Three national credit bureaus–Experian, TransUnion, and Equifax–track your financial behavior, so it’s important to pay your bills on time. Any delinquencies appear on your individual credit report, as does positive payment information. You’re entitled to a free copy of your credit report from each of the three bureaus annually, and can request copies at annualcreditreport.com.

When deciding whether to grant credit, lenders use credit scores calculated from the information in your credit report. Some employers and landlords also check credit scores when evaluating applicants. Your credit score is a number assessing the likelihood that you’ll pay back debt. The higher the number, the better; a high score indicates little risk of nonpayment while a lower score indicates more risk.

If you don’t yet have a credit history, start by opening a savings and checking account at First New York FCU. Show that you can handle it responsibly, then apply for a small loan. Department store and gasoline credit cards sometimes are easier to get than other cards.

You also might put your rent and utilities in your name–and be sure to pay on time. Make loan payments on time as well, and pay department store or gas card bills in full monthly. Each of these strategies will raise your credit score, and soon you’ll probably qualify for a credit card, and future lending needs.

Student Loans: More Affordable Than Ever

In the market for a student loan? You’re in luck. Student loans have low rates and don’t require credit checks or collateral.

Congress revived student loans by passing the College Cost Reduction and Access Act, which aims to make college more affordable for many families and students. The act lowers the interest rate for subsidized Stafford loans, and it also sets a schedule to gradually cut the interest rate in half by 2011.

But just how much will you need to borrow? First, calculate your approximate expenses for the year, including all fixed costs–tuition, room and board–and other indirect costs–personal expenses and transportation costs. A college can provide you with actual fixed costs and even may be able to give you typical indirect expenses at its campus. Or, use the College Board’s estimated in-state costs of tuition and fees for 2007-2008 as a guideline: $6,185 at a public college and $23,712 at a private college or university.

If college is a few years away, take today’s guideline and factor in annual increases. The 2007 College Board report on college pricing trends says college tuition costs increase, on average, more than 5% each year. Once you have an idea how much you’ll need for the year, you’re ready to do the math.

Take your estimated expenses and subtract scholarship/financial aid money you’ve received, savings, and any other money you plan to put toward expenses. The remaining amount is what you may consider borrowing.

For more information about student loans and other ways to help finance your college education, visit the credit union and talk to one of our loan officers. With rising college costs, it’s nice to know you’ll get a good deal on a student loan from First New York FCU.