Blog

Your credit score is a number that indicates the level of risk of default you represent to a creditor at a given moment in time. There are several scoring models, but most are based on the FICO Score, a credit score created by the Fair Isaac Corporation, which is used in most lending decisions. It ranges from a low score of 300, which represents an extremely high risk, to 850, representing an extremely low risk.

Auto leasing has been growing in popularity and has its own set of considerations. In basic terms, a lease means that you have the vehicle for a fixed number of months. Consequently, you only pay for the use of the car during that period, the full depreciation of the car is not forced upon you. One of the benefits of leasing a car is the low out-of-pocket cost.

Buying a home helps people feel a little more secure about their financial future. As the years pass and the mortgage decreases, a homeowner will own more and more of their home. The more home that is owned, the more equity is available. Home equity is how much of your property you actually own. Thus, your home equity is how much of your property's value you've paid off. It can be calculated by looking at the house's current market value and subtracting the remaining balances of your home loan(s). This is an asset that can be borrowed against or cashed in when the home is sold.

By law, everyone is entitled to one free copy of their credit report every year from each of the three main credit reporting agencies. The three national credit reporting agencies are now giving people weekly access to monitor their credit report — for free – through April 2021.

We hope you and your family are healthy and safe. As we look forward to welcoming you back to our branches on June 1st, we want you to know about the changes we’ve made in response to the COVID-19 pandemic. Your safety and the safety of our staff is our top priority.

Metro Credit Union is doing everything possible to help you get through these challenging times. One way to cover projects, bills, and unexpected expenses is through your home’s equity. With our Home Equity Line of Credit you can borrow up to 90% of your home’s value with fixed rates as low as 1.99% for 60 months.

These are definitely challenging times we are facing, not only professionally, but also personally. Many of you have children at home during this time and all of us struggle with keeping them busy. It’s tough for children to lose the structure of school and the social connectedness it provides. Here are some resources and ideas for families to stay resilient and to have fun.

While you’re washing your hands and working to stay safe, here are a few important things to know to protect yourself – and those you love – from scammers:

To create more social distancing, beginning on Tuesday, March 17, we’re asking members to perform all branch transactions via the Drive-Thru lanes. Learn more about branch operations. Thank you for patience as we work through this unprecedented situation. Don’t hesitate to call us if you have any questions.

Developments are moving very quickly with the coronavirus, including talk of business closures. We want to give members an update on where things are with Metro in terms of banking and the coronavirus, and things you can do to ensure easy access to your money and banking services.

Much has been written about preparing at home for a coronavirus outbreak, like stocking up on food, medicine, and water. It’s good to make sure you’re prepared to bank electronically if there is an outbreak so ensure you have access to your accounts before a possible disruption in normal banking services and follow these tips.

Choosing a Home Equity Loan should be easy.  You’ve got equity in your home.  Your credit is good.  You can afford the payment.  What’s the big deal?  The truth is, all Home Equity Loans are not the same, and some lenders advertise rates or terms that very few borrowers qualify for, only to switch you into higher rates or less favorable terms somewhere during the process.

Like many people, when you bought your house and got your mortgage loan, money might have been a little tight.  Not only did you have the new house payment (including the new property taxes), but you also had to buy new furniture, right?  But then, after a few years or maybe a new job, you started to have a little extra money and you’ve wondered whether it makes sense to pay extra toward your mortgage, or if you should invest the money.  It’s a good problem to have, but there isn’t one right answer for everyone.  It depends on you, your discipline, your risk tolerance, and your goals.

When applying for a business or personal credit, the first thing that matters is your credit score. In the same way, a report card described what kind of student you were, your credit score tells banks or other lenders what type of borrower you are.  Your credit score tells a lender how well you’ve repaid loans in the past, and how likely you are to repay a loan in the future.  Not only can your credit score determine whether you get a loan, but it can also determine how much you pay in interest on the loan.  A better credit score can save you hundreds or even thousands of dollars in interest.

In advertising, provoking an emotion can be a very effective way to increase sales. Fear, for example, is a very powerful emotion. Read more about protecting yourself and not allowing criminals to play on your emotions.

Parody of The Night Before Christmas. Happy Holidays to all. Remember that we are closed on December 24th and December 25th but will be open regular business hours on the 26th. Online banking and Metro's mobile app is always available.

One thing that bad credit usually doesn’t prevent you from getting is a car loan. Today, nearly anyone can get a car loan, even if you have bad credit.

Metro will be doing the Holiday Fee Exchange program again! The dates are December 9th-14th and any Metro member can bring in diapers or a new toy.

There are multiple Cash-Transfer Apps, such as CashApp, Venmo, Zelle, FBPay, that allow you to transfer funds from your bank account, to another person’s account that is using the same app/service. Learn more about how to prevent fraud when using cash-transfer services.

Leasing a car and getting a car loan are very similar; both are just forms of car financing.  As everyone knows, with a car loan, you borrow money from a lender and make payments until the loan is paid off, at which time you own the car.