23 Apr

Navigator celebrates National Credit Union Youth Month!

The Future is Yours: Picture it! Save for it! Share it!Dreaming of our ideal future delights and inspires us. Children, with their fertile imaginations, are particularly good at dreaming. But to make dreams come true, you need to have clear goals and, very likely, save some money to make them happen. Navigator Credit Union is committed to helping our Members – young and old – achieve financial success.

April is National Credit Union Youth Month. This year’s theme is ‘The Future is Yours: Picture it! Save for it! Share it!” We’re encouraging all Members, particularly the youngest, to wright down their dreams, create vision boards, and encourage each other. These activities will help lay the groundwork for future success.

Putting your dreams and goals down on paper where you can see them every day actually helps you achieve them! Results of a study by Dominican University reveals that writing down your goals on a regular basis makes you 42% more likely to achieve them than if you don’t record them. They determined that using your imagination (right/creative brain) and writing those plans down (left/logical brain) engages your whole brain, including your subconscious. This makes it easier for you to find and seize opportunities that will help you achieve your goals, as well as keep you motivated.

Young members who being a habit of envisioning and recording their goals are more likely to achieve future goals as adults. This year’s Youth Month them will give Members the encouragement they need to start this habit.

Here are some ideas to celebrate Youth Month.

  • Write down your goals and create a vision board. Take a photo and share it on social media sites using the hashtag #CUYouthMonth. Sharing your goal will help inspire others to set goals too.
  • Some goals, like graduation from college or starting a business, will require money. Help your child set up a savings account. Navigator offers savings accounts for youth 17 and under including the Navvi-Gator Super Savers’ Club. This special kids’ savings account for children 12 years old and under gives Members an entry to win a Prize-of-the-Quarter with each deposit of $5 or more.

As your Credit Union, we want to help you teach your children to learn good financial habits. Together we can help them fulfill their dreams both big and small.

13 Feb

Free Community Shred Day

Navigator Credit Union is committed to protecting your privacy. In keeping with our promise, we’re partnering with the Mississippi Attorney General’s Office for a free community shred day. But how do you know what to shred and what to keep? Navigator has your guide to how long you should keep certain documents.

Save forever
Keep documents related to major life events – birth, marriage, divorce and death. Lock securely:

  • Birth certificates or adoption papers
  • Social Security Cards
  • Citizenship papers or passports
  • Marriage or divorce decrees
  • Death certificates of family members

Also, keep auto titles and home deeds stored safety for as long as you own the property.

Tax records
Keep tax-related records for seven years. While IRS has three years to audit you, it has up to seven years under certain circumstances. A seven-year window should cover you in either event. The Federal Trade Commission suggests keeping tax returns forever.

Home improvement receipts
Keep these receipts until you sell our home, since certain expenses may reduce your capital gains tax.

Other records
According to the FTC, you can shred many other documents sooner than seven years. After paying credit card or utility bills, shred them immediately. Also shred sales receipts, unless related to warranties, taxes or insurance. After one year, shred bank statements, pay stubs and medical bills (unless you have an unresolved insurance dispute or these documents should be kept as tax records).

Free community shred day
The free shred event is set for Saturday, March 9, 2019 at Walmart located at 3615 Sangani Blvd., D’Iberville, Miss. It will be from 8 a.m. until noon or when the truck is full. Community members may bring up to three bags or boxes of documents to be shredded. It is on a first-come, first serve basis. The free shred day is not open to businesses.

Free shred day set for March 9, 2019 at Walmart in D'Iberville, Miss

22 Jan

Credit Score Quiz

How much do you know about your credit score? 

Your credit score is a rating lenders use when making decisions about approving loans and determining the terms and rates offered to you. Test your knowledge to see if you know what it takes to build good credit.

1. True or False: Credit scores range from 300 to 850.

2. True or False: A few late payments won’t affect your credit score.

3. True or False: Having multiple forms of debt generally helps your credit score.

4. True or False: Closing old credit card accounts will boost your score.

5. True or False: Paying off bad debt will erase it from your credit history.

6. True or False: Checking your credit report will hurt your score.

Answers

1. True. Credit scores are calculated between 300-850, and 700 or above is generally considered a good score.

2. False. Payment history is the most important factor in determining your credit score. Making on-time payments and keeping your level of debt at a reasonable level will help you improve your score. Late payments, on the other hand, will negatively affect your score.

3. True. Managing multiple forms of debt responsibly (e.g., a credit card, student loan and auto loan) helps build your credit history, and may boost your credit score if you make payments on time.

4. False. Part of your credit score is determined by the length of your credit history. If you close a credit account that you’ve been using for years, this average length of credit history may be shortened.

5. False. If you’ve missed payments or have a delinquent account in collections, paying off a debt does not remove it from your credit records. Most negative entries will, however, fall off your report in seven years.

6. False. Hard inquiries, such as applying for a credit card or a mortgage, could affect your score. Soft inquiries, like when you check your own score or order your free credit report, will not affect your score. You can check your credit reports at annualcreditreport.com. There are three main credit-reporting companies: TransUnion, Equifax and Experian, and you are allowed a free credit report from each every 12 months.

Your score

0-1 correct answers = Credit newbie — Taking the time to learn more about your credit score can help you get on track.

2-4 correct answers = Credit scholar — You’re on the right path, but can learn more to help boost your score.

5-6 correct answers = Credit star — You’ve got all the right information, now put it to work to improve your credit score!

Navigator Credit Union offers Members an innovative solution for establishing credit while saving for something special. With our Credit Builder Loan, you make regular monthly payments, Navigator reports your positive payment history to all three major credit bureaus – and you even earn interest on the money you’re saving while you build credit! Call or visit a full-service Branch today to learn about the Credit Builder Loan.