MoneyWisdom Blog

Can No-Limit Credit Cards Limit Your Credit Score?

Posted by Hanscom Federal Credit Union on Aug 26, 2015 2:40:27 PM

If you are familiar with the way credit scoring works, you probably know that avoiding being “maxed out” on your credit cards and other revolving accounts generally impacts your score in a positive way. You might also be aware that the FICO score — the most popular model —dedicates 30% of its score calculation to how much of your available credit you are using. The lower percentage of available credit you are using, the better your FICO score will be. It would seem then that logic dictates that a no-limit credit would be the best possible solution for this part of your FICO score calculation, since you theoretically have an infinite amount of available credit. But this is one place where logic fails.

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Topics: Credit Matters

Life on a Budget: 10 Free End-of-Summer Boston Events This Week

Posted by MaryJo Kurtz on Aug 25, 2015 7:03:35 AM

While scrambling the stores for last minute school supplies, it’s good to know there are some free area events that are keeping summer alive. Sneak in your last outdoor family movie before the leaves fall or stroll the Harbor with your honey to catch one more summer sunset — just a couple of ideas in this week’s Life on a Budget column.

Do you know of other free area events this week? Please share in the comments below!

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Topics: Money Management

Pre-Qualified or Pre-Approved. What’s the Difference?

Posted by Joshua Rakiey on Aug 24, 2015 3:08:36 PM

In the past, realtors and people selling homes were looking out for buyers who were pre-approved. Pre-approved was a broad term that could mean anything from a potential buyer who applied for a loan to a buyer whose underwriting was done and they had been approved for a specific amount of money. Pre-Qualified and Pre-Approved were essentially interchangeable.

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Topics: Mortgages and Refinance

Kick Off Your Financial Plan with the First Day of School

Posted by MaryJo Kurtz on Aug 21, 2015 10:47:58 AM

One of the greatest lessons of a new school year may be in the first day. It’s an annual reminder that we can always make a new beginning. You don’t have to be the best, but you have to try your best, I tell my kids each year. And as the bus rolls off to school on that first day, I kind of feel that I get a new beginning, too. 

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Topics: Money Management

Life on a Budget: 10 Free Boston Events for Your Summer Selfies

Posted by MaryJo Kurtz on Aug 20, 2015 8:52:02 AM

All summer, our Life on a Budget series has been exploring very cool things to do in the Boston area without spending any money. Yep, free admission! This week, visit one of the country’s most popular zoos, stop by the annual GreenFest, play some Pokemon, take in a classic movie, and more!

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Topics: Savings,

Lessons Learned from a 40-year Credit Union Career

Posted by Patti Conty on Aug 19, 2015 2:03:30 PM

Last Friday I helped celebrate Tony Costa’s 40th work anniversary. Tony is a financial control specialist in the accounting department. You would think that is a solitary job — balancing the books, reconciling accounts, ferreting out errors, and so on.

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Topics: Hanscom FCU Community

Can I Use a Cash Gift for My Mortgage Down Payment?

Posted by Hanscom Federal Credit Union on Aug 14, 2015 7:56:18 AM

If you’re looking to purchase a home, you probably already know that there is generally a down payment required before you can move forward with the buying process. You probably also know that there is a specific percentage of the overall amount of the loan the lender needs to receive for the down payment. What you may not know, though, is that there can be rules about where that money comes from. Different lenders and guarantors have their own criteria, but there are a few restrictions you should be on the lookout for.

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Topics: Mortgages and Refinance

Back-to-School Shopping: Smart Money-Saving Tips

Posted by Hanscom Federal Credit Union on Aug 12, 2015 10:02:56 AM

Your kids may still be in the pool, but by now you’re likely thinking about back-to-school. According to the latest Back-to-School Spending Survey conducted by the National Retail Federation, parents will spend an average of $630.36 on their child’s 2015 back-to-school needs in 2015, including school supplies, electronics, and clothing. While this number is down from last year, families on average have been steadily spending more on back-to-school items over the past ten years – a whopping 42 percent more. 

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Topics: Money Management

Life on a Budget: 10 Free Things to Do in Boston This Week

Posted by MaryJo Kurtz on Aug 11, 2015 1:11:28 PM

Each week this summer, our Life on a Budget series shares interesting and free activities available in the Boston area. Our goal is to save a few dollars without feeling like we’re missing out on summer fun. 

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Topics: Money Management

World War II Vet Honored as Hero Among Us

Posted by Patti Conty on Aug 7, 2015 9:45:57 AM

Arnold Bain, a resident of Ashland for over 60 years, was honored by Hanscom Federal Credit Union at Wednesday’s Lowell Spinners game. Mr. Bain, who passed away in 2013, was nominated for Hanscom FCU’s Hero Among Us program by his daughter. He served in the US Army during World War II.

Photo: Arnold Bain’s family members honor him at a Lowell Spinners game.

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Topics: Hanscom FCU Community

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