At EECU, we’re committed to your financial success. That’s why we offer affordable products and services along with financial tools to help you reach your goals. To make things even easier, we’ve included several useful tools in Online Banking to help you keep track of your money.

Track your spending with FinanceWorks™

EECU’s Online Banking comes with money management software built in. With the FinanceWorks™ dashboard, you can monitor all your checking, savings, credit card and loan accounts, whether they’re with EECU or another institution. You can also track your spending and set up a budget to make sure you know where your money is going each month.

Find It: Manage Money > Account Overview Continue reading

We know how exciting it is to receive a tax return from the IRS. Having some of your hard-earned money returned to you can be a huge relief. But if you don’t need the money to pay bills right away, the temptation to spend it on things you might not need can be strong. Who wouldn’t like a new TV? If you feel like putting your funds toward something more financially rewarding, however, here are a few options to help you make the most of this year’s tax return. Continue reading

As your credit union, EECU is committed to helping you reach your financial goals. And, with the new year about to begin, we want to help you achieve your financial resolutions. During the coming weeks, we will be looking at ways to help you become financially fit. But don’t let us do all the talking! Stop by our Facebook page or tweet us with your own money tips using the #FinanciallyFit hashtag.

One of the hardest, but most important, components of financial fitness is saving money. It’s important that you keep some funds set aside to cover unexpected expenses. If you’re not already putting money into a savings account regularly, start out with just a little and add more as you move along.

Make 2014 the year to establish your savings with this 52-week savings challenge. Put a little bit of money aside each week, and come 2015, you’ll have a nice amount earning interest to help cover expenses when you need it. Continue reading

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In today’s unsettled economy, many people are looking for ways to stretch their money and sometimes this includes altering insurance coverage to dangerously low levels or eliminating coverage entirely. If you’re thinking about changing your coverage to save money, consider these key issues below and give us a call. We can help make sure you have the right protection at a price you can afford. Continue reading

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Shopping on the big three sales days, Thanksgiving, Black Friday and Cyber Monday, can get mind-numbing. How do you know what to buy, when? The worst feeling is buying an item on one of these big shopping days only to find the deal got better later on.

Here is a run-down on some best bets based on the past two Black Friday seasons. Use these rules of thumb while crafting your perfect, personalized Black Friday shopping game plan. Continue reading

Considering a new car? Buying a car, especially if you’ve never done it before, can be extremely stressful, just because there’s so much to think about. That being said, it’s well worth putting in the extra time to plan ahead. In doing so, you’ll save time and money. Plus, you won’t end up with a lemon! These five tips will help you get started.

1. Leave room in your budget

Buying a new car? You’ll probably need at least a few thousand dollars in your savings account for the down payment, plus some room in your budget for regular auto loan payments of several hundred dollars. Even used cars are expensive, but in many ways, they’re a lot more economical than a new car. According to Kelley Blue Book, most cars lose 20 percent of their value in the first year, and 60 percent of their value within five years. When you consider the fact that most five-year-old cars don’t have many problems, a used car is a great deal.

2. Do your homework

Make sure you learn as much as you can about your car before you buy it. Websites like ConsumerReports.org and kbb.com (Kelley Blue Book’s official website) can give you unbiased information about the value of your vehicle, its reliability and even the driving experience. If you’re buying a used car, make sure to get the repair records and, ideally, a CARFAX report. It’s also important to test drive a vehicle before you consider purchasing it. This is the only way to know if the vehicle is comfortable for you and handles the way you like it. Continue reading

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April is Financial Literacy Month, and we want to hear from you. What questions do you have about managing your money and finances? We’ll be accepting questions all month and giving you the answers to what matters most to you.

Submitting is easy! Just leave a comment below, tweet us at the @EECUdfw handle or post on our Facebook page at facebook.com/eecudfw. We’ll keep you updated with answers to the questions we receive here on our blog, on our Facebook page and through our Twitter account, so be sure to Like us, follow us and keep checking back for insight into the issues that matter most to our members. Continue reading

For our members who love to check in wherever they go, popular location-based app Foursquare has released some exciting news that may put more money in your pocket. Now, by connecting your EECU Visa® debit card and your EECU Platinum MasterCard®, you can unlock savings when you check in and use one of your cards at retailers who offer specials.

Connecting your cards is easy. Just visit your profile in the Foursquare mobile app and select “Settings.” Then, select “Connected Cards and Savings.” The app will lead you through the process.

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Article written by Barry Paperno for Credit.com

Some things never change when it comes to what annoys people about credit scores. While consumers’ understanding of credit scores has evolved over the years, within that always-increasing level of understanding there remain some parts of credit scoring, such as inquiries, that people just don’t seem to get. They get the idea of late payments and maxed out credit cards predicting risk. But inquiries?

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A credit inquiry is a notation that goes on your credit report every time your credit report is accessed by anyone with a “permissible purpose,” as defined by the Fair Credit Reporting Act. Inquiries remain on a credit report for two years, and generally fall into two categories: hard and soft inquiries. Only hard inquiries from within the past year can impact credit scores. Older hard inquiries and soft inquiries are ignored by the scores entirely. Continue reading

Good credit: it’s difficult to get, and even more difficult to understand. You’ll have an easier time building credit if you know the building blocks of a good credit score. Turns out it’s a bit more complicated than saving money and staying debt free.

Your credit score (also called a FICO score) is a 3-digit number based on a formula issued by the Fair Isaac Corporation (FICO). This formula uses 5 different factors to determine your overall credit worthiness. You don’t need to have each factor memorized, but you do need to make your payments on time, maintain accounts that build credit, and avoid a few common pitfalls. Here’s the breakdown:

1. Payment history – 35%

Making regular payments on your credit cards, student loans and other debts will boost your credit score. Any missed payment will lower it. Recent history counts more, so if you’re making a good effort to repay your debts now, fear not: credit bureaus will take notice.

2. Amounts you owe – 30%

Long story short, don’t max out your credit cards. Credit bureaus look at the difference between your spending limits and the total amount of debt you have, so if you carry a balance regularly, this will lower your score. However, this doesn’t necessarily apply to installment loans (like student loans), which can actually improve your score if you keep up with the payments. Continue reading