ACR Grads

Archive for May, 2011

The largest credit unions in America, based on the latest credit union ratings available for the first six months of 2009 show that the Navy federal credit union is the largest and with the biggest assets credit union in the US, while the credit union of Arizona State is the one ending the list of the top 100 credit unions in the country. The share growth of these credit unions is very strong and the members consider the credit unions a safe place to keep their money and a beneficial institution to borrow money from. The credit union ratings as published show that since 2004 almost one million new members have been drawn to these institutions – referring only to the top 100. The ratings and statistics also show that the loans and credit cards issued by the largest credit unions have significantly increased during the last 4 years.

According to these ratings, the top 20 credit unions in the US based on their memberships are: Navy Federal Federal Credit Union

Merrifield, VA. 3,194,292 members.

2. State Employees Credit Union

Raleigh, NC. 1,498,062 members.

3. Pentagon Federal Credit Union

Alexandria, VA. 864,803 members.

4. The Golden 1 Credit Union

Sacramento, CA. 694,836 members.

5. Security Service Federal Credit Union

San Antonio, TX. 681,353 members.

6. Boeing Employees Credit Union

Tukwila, WA. 588,755 members.

7. America First Federal Credit Union

Ogden, UT. 484,291 members.

8. Suncoast Schools Federal Credit Union

Tampa, FL. 471,441 members.

9. Schoolsfirst Federal Credit Union

Santa Ana, CA. 400,721 members.

10. Digital Federal Credit Union

Marlborough, MA. 370,309 members.

11. Desert Schools Federal Credit Union

Phoenix, AZ. 364,261 members.

12. Pennsylvania State Employees Credit Union

Harrisburg, PA. 350,812 members.

13. Alaska USA Federal Credit Union

Anchorage, AK. 348,933 members.

14. Vystar Credit Union

Jacksonville, FL. 347,123 members.

15. Wescom Central Credit Union

Pasadena, CA. 340,620 members.

16. Mountain America Federal Credit Union

West Jordan, UT. 319,361 members.

17. Redstone Federal Credit Union

Huntsville, AL. 304,825 members.

18. Municipal Credit Union

New York, NY. 301,068 members.

19. ESL Federal Credit Union

Rochester, NY. 298,288 members.

20. Patelco Credit Union

San Francisco, CA. 297,626 members.  

As a student who has taken admission in college for the first time or as parents who are planning to send their child to college, you can’t help but cringe, when you have to purchase textbooks worth thousand dollars or when you receive a bill for tuition fees. The rise in expenses associated with college education in United States has led to increase in demand for student loans. This has, in turn, increased the requirement for student loan consolidation services. Students, whether pursuing their studies in a graduate school or studying abroad have accrued huge debts, much beyond, what was considered reasonable, a few years back. Student loans have lower than normal interest rates and very flexible payment terms. This is because these loans are specifically meant for the people who are not employed.

But even with such low interest rates and convenient pay-back terms, many students may find it difficult to pay these loans as per the payment schedule. Student Debt Consolidation programs are customized to assist the students in managing their loans and thereby helping them to avoid defaulting on their debts.

There are debt consolidation agencies which are specially meant to manage debt problems of the students.

Basic Types of Loans

Student loans can be classified into federal and private. If you are one of those students who have taken both types of loans it is strongly recommended that you do not consolidate these two loans into one. Out of these two loans, only loans classified as federal can be refinanced as they are backed by the government. You should package all the federal loans into one and solve them before heading for the private loans. Private loans are mostly unsecured in nature therefore they charge interest rate which is higher than federal loans.

Criteria for Consolidation

If you would like to go for consolidation of your student loan, you will need to meet certain criteria. Firstly, it is required that either you should be out of the school or college and be in what is defined as the “grace period” of your loan or you must have already started repaying the loan in order to take advantage of student debt consolidation service. When you get in touch with a consolidation agency providing service to students, you must begin by asking them to get in touch with your creditors.

The agency will negotiate with these creditors and convince them to reduce rate of interest as well as your monthly payment. The repayment of your student loan has a direct impact on your prospects of taking loans in future, as is the case in any other type of loan. In case your student loan becomes more than 85% of total monthly income earned by you, it will be assessed as a negative score for any future loans. This emphasizes the importance of timely repayment of your student loan and its effect on your future decisions of borrowing money. Based on their evaluation of your financial position and repayment schedules, some debt consolidation agencies can qualify you for further debt reduction programs. These addition reduction programs assist you in many ways, most important of which is reduction in your interest rates. They also include savings made during grace period, automated direct debit payment and on time payments.

Beware

It is very important to state here that not all consolidation companies are genuine in nature. Therefore, you must apply to the consolidation company which is a famous company with credentials to support. Ignoring this advice may lead to substantial increase in your problems as such illegal companies will lead to higher debts.

When you are using credit cards for bad credit, you definitely don’t want to misuse your credit card and end up right back where you began. Odds are you already know some of the more common potential issues that can arise when using credit cards; yet, there are other issues that might not be so apparent. Our hectic lifestyles can lead even the most attentive amongst us to make credit card mistakes that can lead to some pretty serious consequences. In this article, we will examine a few of the steps that you can take to reduce the risk of credit card mistakes.

Be Cautious in Your Use of Your Credit Cards for Bad Credit Using credit cards for bad credit is a way to rebuild your credit. Of course, part of this process involves avoiding incurring new credit card problems. A necessary step is to stop and carefully think through all of your credit card decisions before spending. If you believe that this could prove to be difficult for you, then you might want to meet with a personal finance advisor to help you outline your spending habits in the best way possible.

Think About Your Spending and Lifestyle Many people who have had credit issues have a tough time transitioning towards more conservative habits. Part of avoiding future credit card problems may mean that you have no real choice other than to modify your lifestyle. If you don’t have enough money at the end of the month and you are forced to resort to your credit cards, then you clearly need to modify your lifestyle and in a hurry! While this may not be easy, it is nonetheless a necessary step.

Ultimately, you have to not only take control of your spending, but also keep it under control. Remember that your bills can pile up much faster than you might believe. That means that you need a solid credit card strategy to help you rebuild your credit. Don’t be afraid to make changes and compromises to your spending habits, whether it be setting monthly limits for yourself, or nixing that daily latte in favor of home brew. In the end, this is what will assist you to rebuild your credit history and end potential problems.