sign in

sign in

Women using laptop and writing notes in a notebook

Financial Education

Strategy for Better Credit

Understanding your Credit

If you’ve recently learned that your credit score isn’t that great, try not to fret. There are plenty of reasons for this and some you can’t control, like unemployment or illness. No matter what your situation, you can begin to turn your credit around right now.

Make sure your credit history’s error-free.

Go to annualcreditreport.com and download your Transunion®, Equifax® and Experian™ credit histories. Go through each one and look for errors, such as late payments that were made on time, or data that doesn’t belong to you. Be sure to provide proof of an error, such as a canceled check or bank statement, when you ask for corrections.
If an unpaid account has been passed to a collections agency, you may be able to contact the agency and ask to have this removed from your report. If you negotiate a repayment plan, make sure the agency will revise your credit history. Generally, any debts over seven years old will “fall off” your credit history, with or without a payment plan.

Consider a secured credit card.

If you’re digging your way out of a challenging situation, consider applying for a secured credit card. These require a cash deposit that’s usually equal to the card’s credit limit. Using this card responsibly and paying balances in full each month will help you build a better credit score.

Click the link below to access a printable PDF:

Mortgage FAQs – Strategy for Better Credit

Related resources:

alt="lbudgeting tips for the holidays”

Financial Education

Avoid One of the Most Common Holiday Spending Mistakes

Without a plan, holiday spending can quickly add up and lead to unwanted debt that lingers long after the decorations come down.

Financial Education

Lower rates and fewer fees: Picatinny FCU helps members borrow smarter

In today’s challenging economic environment every dollar counts. That’s why many smart consumers are making every effort to maximize their buying power. One way consumers can make the most of their money is to work with a not-for-profit credit union for mortgages, HELOC’s (Home Equity Lines of Credit), auto loans and credit cards. Credit unions are financial cooperatives owned by the people who use them, called members, rather that outside investors or corporate shareholders.
Charming lady looking out of window and smiling, sitting on drivers seat in her new automobile, enjoying road trip alone

Financial Education

Make Your Money Work Harder: Understanding APY

Understanding APY can help you make smarter decisions about where to save your money. By considering compound interest and your potential annual earnings, APY gives you a clearer picture of how your savings can grow over time.

Financial Education

Difference Between Checking and Savings Accounts

When it comes to managing your money, choosing the right account is one of the most important financial decisions you can make. Two of the most common options are checking accounts and savings accounts. While they may seem similar, each serves a distinct purpose and can help you reach different financial goals.

Financial Education

Proven Ways to Save Money: Practical Strategies for Every Stage of Life

We understand that saving money can feel challenging, especially when everyday expenses continue to rise. The good news is that learning how to save money doesn't require extreme sacrifices. Small, consistent changes can help you build financial security, reduce stress, and reach your goals faster.

Financial Education

Examples of Good and Bad Spending Habits

Many of our members ask, what are spending habits, and why do they matter so much? Simply put, spending habits are the routine choices you make about how money is used. Over time, these habits, good or bad, shape your financial health. At Picatinny Federal Credit Union, we believe understanding the types of spending habits and learning how to improve them is the first step toward long‑term financial success.