Home Equity Line of Credit (HELOC)

<p>Have you ever had your holiday plans disrupted by a bad online shopping experience, like a gift that never arrived? If so, you're not alone. As the holiday season approaches, the chances of running into issues with online orders increase. But don&rsquo;t worry&mdash;there are ways to protect yourself. With online holiday shopping the preferred option for many consumers today, here are a few best practices to keep in mind, from placing your orders to receiving and verifying your deliveries.</p><h3>Be a Savvy Shopper</h3><p>You&rsquo;re excited about a great deal, only to receive a damaged or completely different item&mdash;or sometimes, nothing at all. To help you stay ahead of these potential problems, it&rsquo;s important to take a few precautions before and after your purchase:</p><ul><li>Ensure the product you&rsquo;re purchasing is exactly what you want. </li><li>Verify the brand name, check the size or dimensions of the product.</li><li>Inspect your purchase immediately. </li><li>Look for any signs of damage, discrepancies, or counterfeit goods. </li><li>Take some photos of the item and its packaging&mdash;this can serve as proof of its condition when you receive it.</li></ul><p>While many well-known retailers have consumer-friendly policies, it&rsquo;s always worth reviewing their terms before committing to a purchase. If you&rsquo;re considering an order from a small business or a company you&rsquo;ve never shopped with before, take the time to read their terms and conditions and look for customer reviews to evaluate their reliability.</p><p>Extra caution is especially important when buying from third-party sellers through online marketplaces, as scams tend to spike during the holiday season. Always be wary of scam websites&mdash;check for "https://" in the web address to ensure a secure connection. For example, <strong>nike2024airjordandeals.com</strong> is not an official Nike website. And remember, if a deal sounds too good to be true, it probably is.&nbsp;</p><h3>Payment Options<o:p></o:p></h3><p>Many online retailers now accept payments through digital wallets, which can provide extra security by protecting your card information. Be cautious if a seller asks for payment through peer-to-peer (P2P) services like CashApp, or Venmo&mdash;these transactions are treated as cash transfers, not product purchases, making disputes impossible to file against the seller.</p><h3>Shipping &amp; Delivery<o:p></o:p><br /></h3><p>Use services that provide tracking numbers and enable delivery notifications so you can keep tabs on your shipment. For expensive items, consider shipping to your workplace or requiring a signature upon delivery, it ensures that your package is delivered safely and directly to you. Most online retailers aren&rsquo;t responsible if a package is stolen from your porch, and they may not replace or refund the item.</p><h3>Retain Documentation<o:p></o:p></h3><p>When shopping online always keep your digital receipts. It is standard for online retailers to send order confirmations and invoices, and many will follow-up with shipping and delivery updates as well. It&rsquo;s important to retain this documentation in case something goes wrong with your order.</p><h3>What if Something Goes Wrong?<o:p></o:p></h3><p>In the event you do not receive your order in the expected timeframe, or you receive a damaged or different product, you should always reach out to the merchant first for resolution. If there was an error, they can often resolve the issue faster than through a dispute claim. However, if the merchant is unable or unwilling to correct the problem with your online purchase, you could reach out to Metro Credit Union to initiate a dispute claim if you made the purchase using a Metro debit or credit card.&nbsp;</p><h3>How to Dispute a Purchase</h3><p>If you need to dispute a purchase, it's essential to document everything, including your attempts to resolve the issue directly with the seller. If you are unable to resolve the issue, you have at least 60 days after the charge originally posted to file a dispute with Metro Credit Union. </p><p>To file a dispute, gather all relevant documents, such as photos, receipts, and communication records, and then call us at 800-301-8549, message us via <a href="https://my.metrofcu.org/Authentication?ReturnUrl=MessageCenter" target="_blank" data-sf-ec-immutable="" data-sf-marked="">Online Banking</a>, or stop by your nearest <a href="/about-us/locations-hours" target="_blank">branch location</a>. </p><p>Once you submit your claim to Metro Credit Union, we will begin the review process to assess the details of your submission. If we require additional information, we may reach out to you via email for clarification. Typically, the entire process takes about 30 to 45 days to evaluate your claim, and you can expect to receive an email with the outcome within 60 to 90 days of your submission.</p><h3>How to Report Fraud</h3><p>If you believe you&rsquo;ve been a victim of fraud or have unrecognized transactions on your Metro Credit Union account, freeze or block the affected card on our mobile app and contact us immediately:</p><ul type="disc"><li data-list="0" data-level="1"><strong>By Phone:</strong>&nbsp;<a href="tel:402.551.3052" data-sf-ec-immutable="">402.551.3052</a></li><li data-list="0" data-level="1"><strong>In Person:</strong>&nbsp;Visit one of our branches</li><li data-list="0" data-level="1"><strong>Online:&nbsp;</strong>Use the secure Message Center in the Metro Credit Union app or website</li></ul><h2><hr />Related Blog:<br /></h2><p><a href="/resources/blog/metro-blog/2023/12/18/safeguarding-your-packages--essential-safety-tips-from-metro-credit-union" target="_blank">Safeguarding Your Packages</a></p>

<p>When applying for personal credit, the first thing that matters is your credit score. Just like a report card describes what kind of student you were, your credit score tells credit unions and other lenders what type of borrower you are. It indicates how well you&rsquo;ve repaid loans in the past and how likely you are to repay a loan in the future. </p><p>Your credit score can determine not only whether you get a loan but also how much you pay in interest. A better credit score can save you hundreds or even thousands of dollars in interest.</p><p>Is your credit score good, average or bad? Here's how to tell &ndash; and what you can do to increase your credit score.</p><h3>Check Yourself: Monitoring Your Credit Score</h3><p>Monitoring your credit score is crucial. Accessing your FICO Score, a commonly used credit scoring model, is easy and available at any time. At Metro Credit Union, we share updated FICO scores with members quarterly via online banking under the tools section. Regularly checking your FICO Score helps you stay aware of changes in your credit profile, make informed decisions, and take steps to improve your credit if necessary.</p><h4>FICO Credit Scores range from 300 to 850:</h4><ul><li>Scores of at least 740 (45% of consumers) typically receive the best rates and terms.</li><li>Anything between 670 and 740 (20%) is considered a good credit score, with borrowers generally able to get credit, though not always at the best rates.</li><li>Scores below 670 are divided into:<ul><li>"Fair" (580-669)</li><li>"Poor" (below 580)</li></ul></li></ul><p>Consumers with credit scores below 670 often face difficulties in obtaining credit and, when they do, frequently pay higher interest rates.</p><p>Keep in mind, too, by law everyone is entitled to one free copy of their credit report every year from each of the three main credit reporting agencies. You can get yours at <a href="https://www.annualcreditreport.com/" target="_blank" title="https://www.annualcreditreport.com" data-sf-ec-immutable="">www.annualcreditreport.com</a>. While valuable for ensuring there are no errors impacting your credit score, your free credit report does not include your score.</p><h3>The FICO Score is composed of five key components:</h3><h4>Payment History (35%) </h4><p>The most significant factor, making up 35% of your score, is your payment history. Consistent, on-time payments will improve your score, while late or missed payments will negatively impact it. The more frequent, recent, or severe missed payments are, the greater the damage to your score.</p><h4>Amounts Owed (30%)</h4><p>Thirty percent of your score is based on the amount you owe, particularly in relation to your available credit. Maxing out your accounts can harm your score, while keeping your balances at half your limits or below can help maintain a strong score.</p><h4>Length of Credit History (15%)</h4><p>The age of your accounts contributes 15% to your score. Generally, a longer credit history is better, as it provides more data for lenders to base their decisions on.</p><h4>Credit Mix (10%)</h4><p>Having a variety of credit types, such as credit cards, personal loans, mortgages, car loans, and installment loans, is beneficial and makes up 10% of your score. It demonstrates your ability to manage different types of credit.</p><h4>New Credit (10%)</h4><p>Opening many new accounts or having numerous credit inquiries can signal greater risk, as it may indicate that you need a lot of credit quickly. This component accounts for 10% of your score.</p><p><strong><em>Important Note:</em></strong> Your income is not included in your credit score. While income and debt-to-income ratio are important factors for lenders, they are not part of the FICO Score calculation. Lenders consider these factors in addition to your credit score when making lending decisions.</p><h3>How to Improve Your Credit Score</h3><p>Improving your credit score takes time, but by following these simple rules, you can see gradual and significant improvements:</p><h4>Make Payments on Time</h4><p>The most crucial factor for your credit score is making timely payments. Even if you've missed payments in the past, all is not lost. Late payments stay on your credit report for several years but have less impact over time.</p><h4>Pay Down Your Debt</h4><p>Paying off debt will improve your score, but prioritizing credit card debt can boost your score more quickly. Keeping low or no balances on credit cards increases your "capacity," which adds points to your score.</p><h4>Keep Credit Cards Open</h4><p>When you pay off credit cards, resist the urge to close them. Keeping these cards open with no balance increases your capacity and adds points to your score. This requires discipline to avoid building the balance back up.</p><h4>Avoid Applying for Excessive New Credit</h4><p>Applying for many new loans or credit cards in a short period can hurt your score. While it's beneficial to show some experience repaying loans, too many new applications can indicate financial instability.</p><h4>Dispute Inaccuracies on Your Credit Report</h4><p>Errors on your credit report, such as incorrect late payments or unpaid balances, can negatively affect your score. Dispute inaccuracies directly with the credit bureau or the lender to correct these mistakes.</p><p>&nbsp;</p><hr />Credit problems don't have to last forever. By following these guidelines, anyone can improve their score over time. A higher score makes it easier to secure the best rates from lenders, making the effort worthwhile.<p>&nbsp;</p><h3>Take Charge of Your Financial Future</h3><p>Understanding and managing your credit score is crucial for reaching your financial goals. Keep an eye on your credit, make improvements, and be proactive. By doing so, you can borrow more easily and save on interest. Improving your credit score takes time and effort, but it's worth it. Start today and take charge of your financial future.<br /></p>

<p>As technology advances, so do the tactics of fraudsters looking to exploit unsuspecting individuals. Elder scams are fraudulent schemes specifically designed to deceive and steal from senior citizens. These scams can take many forms, including phone calls, emails, postal mail, or even in-person encounters. The goal of these scammers is often to gain access to financial information, such as credit cards or bank accounts, personal data, or directly steal money from their victims.</p><p>The following information is provided as a guide to help family members and friends take an active role in protecting their loved ones from unscrupulous fraudsters who prey on them. Highlights include why seniors are targeted, common types of scams targeting them, and how they can protect themselves and others.</p><h3>Why Are Seniors Often Targeted for Scams?</h3><h4>Trusting Nature</h4><p><strong></strong>Seniors often grew up in an era when trust was a valued trait, making them more likely to trust strangers.</p><h4>Isolation</h4><p><strong></strong>Loneliness can make seniors more vulnerable as they may seek social interactions, even with unknown sources.</p><h4>Memory Challenges</h4><p><strong></strong>Aging can affect memory and recognition, making it harder to spot scams and remember details like bank balances.</p><h4>Lack of Technical Savvy</h4><p><strong></strong>Seniors may be less familiar with modern technology and online scam signs, making them easier targets.</p><h4>Financial Security</h4><p><strong></strong>Many seniors have substantial savings, own their homes, and have good credit, making them attractive to fraudsters.</p><h4>Insecurities</h4><p><strong></strong>Scammers exploit seniors' insecurities by using threats related to health care or Social Security to coerce them into giving up financial information.</p><h3>Common Scams Against Seniors<br /></h3><h4>Grandparent Scams</h4><p><strong></strong>A scammer poses as a grandchild in trouble, asking for money urgently for legal troubles or medical emergencies. AI technology can mimic voices, making it even more convincing.</p><p>For example, a trusted financial institution shared a case where<strong>&nbsp;</strong>an elderly customer recently fell victim to a grandparent scam and withdrew $12,500 in cash. The scammer claimed to be his granddaughter, saying she was in legal trouble and under a gag order, with threats to her life if the money wasn&rsquo;t paid. The customer said it sounded just like his granddaughter. A "courier" came to his home in Omaha to collect the cash. Thankfully, the bank staff explained how AI can mimic voices and advised the customer to file a police report.</p><h4>Lottery Scams</h4><p>Claims of winning a lottery but requiring payment of taxes or fees before releasing funds.</p><h4>Romance Scams</h4><p><strong></strong>Someone they&rsquo;ve never met in person expressing a deep emotional connection such as &ldquo;love&rdquo; or &ldquo;soul mate&rdquo;.</p><h4>Telemarketing Scams</h4><p><span style="background-color:transparent;color:inherit;font-family:inherit;font-size:inherit;text-align:inherit;text-transform:inherit;word-spacing:normal;caret-color:auto;white-space:inherit;">Unsolicited calls offering fake prizes, low-cost health care products, or financial schemes.</span></p><h4>Charity Scams</h4><p><strong></strong>Fake charities solicit donations, often after natural disasters or during holidays.</p><h4>Tech Support Scams</h4><p><strong></strong>Calls or pop-up messages claiming to be from tech support, requesting access to computers or personal information.<br /></p><h4>Account Takeover Scams</h4><p><strong></strong>Scammers use stolen credentials to gain access to seniors&rsquo; bank accounts and make unauthorized transactions.</p><h4>Check Fraud</h4><p><strong></strong>Scammers forge or alter checks to withdraw money from seniors&rsquo; accounts.</p><h4>Overpayment Scams</h4><p><strong></strong>Sending fake checks for larger amounts, asking victims to deposit and return the excess funds before the check bounces.</p><h4>Investment Scams</h4><p><strong></strong>Promises of high returns, leading seniors to transfer money from their bank accounts into fake investments.</p><h4>Wire Transfer Scams</h4><p><strong></strong>Convincing seniors to wire money under the guise of helping a relative in distress or securing a prize.</p><h4>Impersonation Scams</h4><p><strong></strong>Scammers posing as bank representatives, calling seniors to "verify" account information or report suspicious activity. Metro will never call and ask a member to very account information.</p><h4>Automatic Withdrawal Scams</h4><p><strong></strong>Unauthorized automatic withdrawals from seniors&rsquo; bank accounts through fake subscriptions or services.<strong></strong><strong></strong><strong></strong></p><h3>How to Protect Your Loved Ones from Financial Exploitation<br /></h3><h4>Stay Informed</h4><p>Help them keep up to date with common scams.</p><h4>Verify Sources</h4><p>Tell them to always verify the identity of anyone contacting them unexpectedly, whether by phone, email, or in person.</p><h4>Be Skeptical</h4><p>Encourage them to be suspicious of unsolicited offers, especially those that seem too good to be true. </p><h4>Use Strong Passwords</h4><p>Ensure that all their online accounts are protected with strong, unique passwords.</p><h4>Monitor Finances</h4><p>Help them regularly review bank statements and credit reports for any suspicious activity.</p><h4>Set Up Alerts</h4><p>Help them use Metro Credit Union&rsquo;s app to set up alerts for suspicious activities on their accounts.</p><hr /><p>Most of all, it&rsquo;s important to regularly discuss the dangers of scams and encourage the seniors in your life to ask their family and friends for help if they&rsquo;re unsure about a situation. Remind them you&rsquo;re just a phone call away.</p><p>If you suspect that you or a loved one has been scammed, it&rsquo;s crucial to act quickly:<br /></p><h4>Contact Metro</h4><p>Report any unauthorized transactions and request to freeze your accounts.</p><h4>Report the Scam</h4><p>If you believe you or someone you know has fallen victim to a scam, please reach out to the National Elder Fraud Hotline at 833-372-8311 or file a report with local law enforcement and the Federal Trade Commission (FTC).</p><h4>Notify Credit Bureaus</h4><p>Place a fraud alert on your credit reports to prevent further damage.</p>