credit union Archives - Red Crown Credit Union

How to Improve Your Credit Score

Posted on September 21, 2022September 21, 2022

The most common financial advice people get is, “Save money for an emergency fund!” “Pay down your debt!”, or “Don’t spend more than you can afford!”. That’s all good advice, but there is one more thing – credit score.

Your credit score determines a lot of things like loan and credit card accessibility and low interest rates. Your score can also help determine your cell phone plan, utilities, premiums for auto loans, home owner’s insurance, securing a job, and securing an apartment.

Here are some common FAQ’s about credit score:

How does it work?

To calculate your credit score, a scoring formula is used. The scoring formula is obtained by the three credit bureaus (TransUnion, Equifax, and Experian) suppling information that creates a score. The Consumer Financial Protection Bureau (CFPB) says a credit score predicts how likely you are to pay back a loan on time. Some of the factors that can make up your credit score are:

Your bill-paying history
Your current unpaid debt
The number and type of loan accounts you have
How long your loan accounts have been open
How much of your available credit you are using
New applications for credit
Whether you have had a debt sent to collection, a foreclosure, or bankruptcy, and how long ago

What is good credit?

FICO (The Fair Isaac Corporation) uses a formula that rates your credit score. Bankrate says that the FICO formula collects information about several areas of your financial life. They have created a model that divides the credit score into five categories.

Poor Credit: 300-579
Fair Credit: 580-669
Good Credit: 670-739
Very Good Credit: 740-799
Excellent Credit: 800-850

A good credit score is 670 and higher. At a 740 score, you will experience some benefits of having a higher credit score. To learn more about credit score categories, go to https://www.bankrate.com/finance/credit/what-is-a-fico-score.aspx.

How to build your credit?

Adapt good habits!

Paying Bills on Time: This is crucial to growing your score. Over a third of your credit score is determined by your payment history. You need to pay your bills on time to avoid a negative mark on your credit score.
Credit Utilization: Credit utilization is how much of your available credit you are using. To have good credit, you need to keep your credit utilization below 30%. If you go above the 30%, you will need to pay it off quickly.
Credit History: Lenders want to know that you can manage your credit accounts responsibly over a long period of time. Bankrate says that your credit report only tracks active credit accounts. Closing your oldest account will shorten your credit history. To help build good credit, do not close old accounts.
Pay Balances: Paying your balances in full will help grow your score. If you do carry a balance, try to pay it down quickly.

What can a good credit score get you?

Significant Savings on Interest Rates on Big Loans
Better Terms on Loan Products
Better Credit Cards
Insurance Discounts
More Housing Options
Security Deposit Waivers on Utilities

Conclusion

The bottom line is that your credit score is very important because today’s economy runs on credit. If you follow these tips about your credit score, you can achieve good credit.

*Red Crown Credit Union is not a financial planner or advisor, and this blog gives general ideas on credit scores. Individual results may vary.

Account Takeover

Posted on January 14, 2022January 19, 2022

Have you ever experienced fraud or identity theft? If you haven’t, consider yourself lucky! Security.org says that banking accounts are the second most common type of personal accounts to be taken over, comprising 32 percent. Criminals have become more and more clever in how they get your information.

Below is a story of how a Red Crown member was almost a victim of an account takeover:

A member was contacted by a scammer claiming to be an online shopping representative saying there was an issue with her account. She gave the representative access to her computer to fix the problem. The scammer logged into her online banking and made her account look like it had more money in it, then asked her to send money back to them.

The member became suspicious and called Red Crown about her account. After listening to the member and reviewing her account, we believed that this was a scam. We suggested that she turn off her computer and disconnect from the internet. Luckily, she called us before sending money and did not fall victim to this scam. When something seems off about your account, contact your financial institution immediately.

Throughout this blog, we will be informing you on different types of account takeovers, criminal techniques, and prevention methods.

Type of Account Takeovers

Criminals can take over many types of accounts. Below are a few examples of different types of account takeovers.

Financials: They can take over your credit card, checking, or savings account.
Travel: They can use your frequent flyer miles.
Government Benefits: They can use your information to get money back or steal your incoming checks.
Insurance: They can use your information to get money from you and the insurance company.
Cell Phone Contracts: They can take control of wireless phone contracts, calling people and receiving calls and texts on your dime.

Criminal Techniques

Card cracking happens when someone responds to a solicitation for money through the internet. The scammer will get their account information to make purchases or withdrawals on their account. People who fall victim to card cracking will give scammers their debit card information, PIN, and online banking credentials.

Tip: Criminals are targeting people through social media platforms. They typically target college students, newly enlisted military, and single parents. Do not give your personal information through social media.

Hackers can figure out your password by using a computer program. The program will try different password combinations till it finds the correct one.

Tip: Make sure your password is strong by using more than eight characters, add a special character, use a different password for different accounts, and do not use a common password. On some accounts, you can use multifactor authentication or a face identifier. Doing this will provide extra security on your account.

Email phishing scams are when criminals send you an email that looks official in an attempt to get your data. The email will entice you to open a link or click an attachment that can cause harm to your computer. They may also ask for your data, such as credit card information, SSN, and online banking information.

Tip: When you first receive an email, check the domain for that company. You can hover over the email address and if it looks off, research it. Remember, do not open attachments from unknown sources.

Common Prevention Steps

Credit Report: Look at your report regularly.
Financial Statement: Always check your statement to see if you recognize the transaction.
Alerts: Set up alerts on your account.
Identity Theft Protection Program: Sign up for a program to help monitor your personal information and help detect any potential fraud.

Conclusion

Follow these tips to help decrease your chances of an account takeover. If you have fallen victim to identity theft, report it immediately to the Federal Trade Commission at https://www.identitytheft.gov/#/ or by phone at 1-877-438-4338. You should follow their recommended steps to make a recovery plan.

*Red Crown Credit Union is not a financial planner or advisor, and this blog gives general ideas on how to prevent identity theft. Individual results may vary.

Mastercard Benefits

Posted on October 19, 2020October 19, 2020

Red Crown is excited to announce that we have moved our debit cards to Mastercard. This change gives our members some great benefits; some of which are:

Mastercard ID Theft Protection
Financial Account Takeover
URL and Domain Monitoring
Monthly Risk Alert/Newsletter
Identity Monitoring
Resolution Services
Lost Wallet Assistance
Single Bureau Credit Monitoring
Mastercard Global Service
Extended Warranty
Mastercard Airport Concierge
Priceless Cities

We will highlight a few of these benefits below:

Identity Theft

Mastercard ID Theft Protection puts your mind at ease when it comes to identity theft. There are at least three ID Theft Protection programs that will help monitor and detect if there is any potential threat occurring.

Financial Account Takeover – This program monitors your account for high-risk transactions.

Identity Monitoring – This program searches the internet to see if your personal information is being compromised. They look at emails, debit cards, credit cards, bank accounts, web logins, medical insurance cards, driver’s licenses, passport number, social security number, and more.

You do have to sign up for Identity Monitoring. Simply go to https://mastercardus.idprotectiononline.com/enrollment/embedded.html. Click the “Activate Now” button and you will be guided.

Resolution Services – An identity theft team is available to you 24/7. You can authorized them to act on your behalf to contact police, credit agencies, and other authorities regarding identity theft issues.

If you want to learn more about identity theft programs, click Master Card Benefits.

Airport Concierge

Mastercard gives you a chance to have a less stressful and seamless trip. On their website, https://mastercard.globalairportconcierge.com/, they will help you search for the best prices for your flight.

Their Airport Concierge arranges a Meet & Greet agent to escort you to your departure, arrival, and connecting flights. This benefit does cost you, but Mastecard gives you a 15% discount on their service.

You can at last say goodbye to long security lines! Using your Mastercard Airport Concierge, you are expedited through security at certain airports.

Mastercard Connecting Flight Services is a transit service. From the moment you land, they will assist you with all your transit services. The Connecting Flight Services are available to you at any time, on any day, at over 700 destinations worldwide.

You have to sign up for airport concierge. Simply go to https://mastercard.globalairportconcierge.com/.

Priceless Cities

Mastercard Priceless Cities gives you a one-of-a-kind experience when you are at home or away. With this program, you receive discounted prices on events or items because you are a Mastercard holder.

There are six different categories for you to choose from; dining, sports, arts, shopping, entertainment and travel around town. These exclusive deals are available in the USA, Europe, Canada, Mexico, South America, and Asia. Some examples of discounts include:

Tower above the Windy City with a VIP 360 Chicago Experience
Miami Starlight Cruise
Cooking Classes
Talk to a New York Yankee

All you have to do is sign up for the program at pricless.com. The deal you choose is not free, but you receive an exclusive discount on the experience because you have a Mastercard.

*Red Crown Credit Union is not a financial planner or financial advisor. This is general information and is not a guarantee of saving money.

MidAmerica Industrial Park Location

Posted on August 12, 2020August 19, 2020

This image is of a modern-looking Red Crown Credit Union building. The building will be white with an accent of red, black, and gray. This building will be located in the MidAmerica Industrial Park.

Red Crown Credit Union is proud to be opening a new location in the MidAmerica Industrial Park in Pryor, Oklahoma. Our new branch will be in “The District”, a new development with over 32,000 square feet of retail space.

After ten years of providing financial services as the only credit union in Mayes County, this commitment to the MidAmerica Industrial Park was an easy decision for Red Crown. “We are happy to be presented this opportunity to serve the current and future members of Mayes County,” said Mike Moyer, President/CEO of Red Crown.

“We decided to build a location in the industrial park because there is an opportunity to serve almost 5,000 people that work within the park; as well as serve people in the Locust Grove and Chouteau communities,” said Deanne Waguespack, COO of Red Crown.

This branch will be a full-service location with a lobby and drive thru which will give the community access to savings, checking, and lending products.

Locust Grove Donation 2018

Posted on October 18, 2018

Red Crown Credit Union (Red Crown) is happy to announce our partnership with Locust Grove Public Schools (LGPS) for their participation with the Locust Grove Pirates Debit Card. Red Crown made a $500 donation to LGPS for this partnership. “We are excited to partner with Locust Grove Public Schools and excited to work with them for years to come,” said Jeremy Daggs, Vice President, Marketing – Red Crown. Members of the Locust Grove community can stop by any Red Crown location to order their Locust Grove debit card. With every debit card swipe, Red Crown makes a donation to LGPS.

Picture includes, left to right: Jennifer Back: Red Crown Assistant Vice President – Mayes County Branch Manager, Dan Stokes: LGPS Assistant Superintendent and Dusty Torrey: LGPS Superintendent

Red Crown Breaks Ground at MidAmerica Industrial Park

Posted on September 24, 2018September 25, 2018

Red Crown Credit Union (Red Crown) is happy to announce our partnership with MidAmerica Industrial Park. Red Crown was chosen as the first retail location to break ground in MidAmerica’s new multi-use development called “The District,” combining retailers, housing and public recreation areas.

Set to open in 2020 The District will include 32,000 square feet of retail space, a 100-unit, multi-story living complex, 100 residential homes and 10 acres of parks and outdoor spaces connected by walking and biking trails, officials said. “Red Crown will occupy a space in The District and will be able to provide financial products and services to individuals who live and work in the industrial park,” said Mike Moyer, President/CEO – Red Crown. “Mayes County has been a great community for Red Crown. We are happy to be presented this opportunity and happy to serve the community members of Mayes County,” said Moyer.

Picture includes, Mike Moyer: Red Crown President/CEO speaking at the MidAmerica Industrial Park ground breaking.

New Claremore Location

Posted on September 24, 2018September 25, 2018

Red Crown Credit Union (Red Crown) is happy to announce our new location for Claremore, Oklahoma, set to open in Winter 2018. Red Crown purchased the building that was originally Health Center Pharmacy, located at 113 W. Blue Starr Dr. “Our management team was in town for a planning session and we saw that the building was for sale,” said Mike Moyer, President/CEO – Red Crown. “We discussed it and felt that would be a great spot for a Claremore location,” said Moyer.

“This will be a full service location with a lobby, loan offices and a drive thru,” said Deanne Waguespack, Chief Operations Officer – Red Crown. “We wanted a vintage, but modern look, so we hired W Design out of Tulsa and we are very impressed with the work they have done,” said Waguespack.

The picture above is a rendering of the location by W Design.

Salina Wildcats Donation 2018

Posted on September 24, 2018September 25, 2018

Red Crown Credit Union (Red Crown) is happy to announce our first full fiscal year donation to Salina Public Schools (SPS) for their participation with the Salina Wildcats Debit Card. Red Crown made a $500 donation to SPS, due to the debit card activity with the Salina card. “Each debit card swipe counts and the Salina card has 65 active debit cards,” said Jeremy Daggs, Vice President, Marketing – Red Crown. “The Salina community has been so welcoming to this program and we are happy to be a part of this community,” said Daggs. Members of the Salina community can stop by any Red Crown location to order their Salina Wildcats debit card. With every debit card swipe, Red Crown makes a donation to SPS.

Picture includes, left to right: Blake Crawford: SPS High School Principal, Debbie Cox: SPS Middle School Principal, Jennifer Back: Red Crown Assistant Vice President – Mayes County Branch Manager and Honesti Williams: SPS Elementary School Principal

Adair Warriors Donation 2018

Posted on September 24, 2018September 25, 2018

Red Crown Credit Union (Red Crown) is happy to announce our first full fiscal year donation to Adair Public Schools (APS) for their participation with the Adair Warriors Debit Card. Red Crown made a $800 donation to APS, due to the debit card activity with the Adair card. “Each debit card swipe counts and the Adair card has 112 active debit cards,” said Jeremy Daggs, Vice President, Marketing – Red Crown. “Adair Public Schools has been great to work with and we are happy with this partnership,” said Daggs. Members of the Adair community can stop by any Red Crown location to order their Adair Warriors debit card. With every debit card swipe, Red Crown makes a donation to APS.

Picture includes, left to right: Mark Lippe: APS Superintendent, three APS students and Jennifer Back: Red Crown Assistant Vice President – Mayes County Branch Manager

Pryor Tigers Donation 2018

Posted on September 24, 2018September 25, 2018

Red Crown Credit Union (Red Crown) is happy to announce our first full fiscal year donation to Pryor Public Schools (PPS) for their participation with the Pryor Tigers Debit Card. Red Crown made a $1500 donation to PPS, due to the debit card activity with the Pryor card. “Each debit card swipe counts and the Pryor card has 212 active debit cards,” said Jeremy Daggs, Vice President, Marketing – Red Crown. “Just think how large the donation could be with 500 cards,” said Daggs. Members of the Pryor community can stop by any Red Crown location to order their Pryor Tigers debit card. With every debit card swipe, Red Crown makes a donation to PPS.

Picture includes, left to right: Jennifer Back: Red Crown Assistant Vice President – Mayes County Branch Manager, Don Raleigh: PPS Superintendent