GCS Credit Union
618.797.7993
GCS is a full service financial institution serving the following counties in Illinois: Madison, St. Clair, Jersey, Macoupin, Montgomery, Bond, Clinton, Washington, Randolph, and Monroe.

Securing the Best Mortgage Loan

The prospect of acquiring a home mortgage loan in O’Fallon may feel overwhelming, especially if it is your first time. However, there are steps that you can take to secure a favorable loan with smaller interest rates. Keep reading to learn about the process of securing the best mortgage loan.

Down Payment
The more money you can put into your down payment, the better off you will be in finding a home mortgage loan. When you choose to pay as much as possible in your down payment, you open yourself up to the possibility of larger loans as well as smaller interest rates and closing fees. A down payment will typically fall between five and twenty percent, so shoot for the twenty percent range if you would like to secure an optimal mortgage loan.

Credit Report
If you are looking for a good mortgage loan you will need a high credit score. For this reason it is important to keep an eye on your credit report and make sure that there are no errors bringing your score down. Make sure you get a copy of your report and have enough time to review it before applying for your mortgage loan.

Interest Rate
When you finish your application you can either float or lock in your interest rate. If you float your rate, the rate is not solidified until closing; instead, it moves with the market. By the time your closing date arrives you may be paying more or less than anticipated, depending on how the market flows during that time period. If you lock in your interest rate, on the other hand, you can commit to the interest rate that you had discussed and avoid the risk of paying a greater percentage.

If you are interested in securing the best mortgage loan, follow these tips and contact GCS Credit Union. Our credit union provides both home mortgage loans and auto loans in O’Fallon. Please feel free to visit our website or give us a call at (618) 797-7993 to learn more about our online bill paying and checking accounts today.

Creating a College Fund for Your Child

It typically takes great deal of planning in order to create a children’s college fund. However, it helps to keep an eye on your accounts via online banking in O’Fallon. Watch this video for a couple of tips for creating a college fund for your child.

In starting a college fund you must consider your retirement income, the anticipated price of schooling when your kids are of age, and other life expenses like auto loans. Figure out how much money you will need to save in total, and then break that total down into monthly savings; start putting this money aside each month to build your children’s college fund.

It is never too early to start thinking about how you will put your children through college. Call GCS Credit Union at (618) 797-7993 or visit our website to learn about our online banking and auto loans in O’Fallon today.

GCS DONATES TO PARTNERS FOR PETS

Partners for Pets

Photo Left to Right: Layna Seibert, GCS Marketing Intern - Lauren Smith, GCS Marketing Manager - Lisa McCormick, Partners for Pets Director

In an ongoing effort to support the local community, GCS employees were able to wear jeans on Fridays and Saturdays during the month of February in return for a $15 donation. The employees came together to raise $1,025 for Partners for Pets in Troy, Illinois.

Partners for Pets regularly visits animal control facilities to rescue animals that have used up their time, need medical care or are too fragile for shelter life. Partners for Pets provides care to each animal prior to adoption. This includes booster shots, worming, heartworm check, monthly preventative shots and other necessary care.

To find out more information about Partners for Pets visit partnersforpetsil.org. To find out more about GCS Credit Union, visit myGCScu.com.

Founded in 1941, GCS Credit Union currently has assets of more than $314 million. GCS serves more than 41,000 members Bond, Clinton, Jersey, Macoupin, Madison, Monroe, Montgomery, Randolph, St. Clair and Washington Counties in Illinois via 7 conveniently located branches, numerous ATM locations, and 24-hour account access through a telephone audio response system and PCU online banking.

Tips for Improving Your Credit Score

A favorable credit score can help you to secure better auto and home mortgage loans in O’Fallon, which can help you save money in the long term. Building and maintaining your credit is a gradual process, however, and it helps to know what you should and should not do. Here are a few tips for improving your credit score.

Understand Good Debt
When you finally pay off your car or house, you should feel proud of yourself. Instead of having this expenditure erased from your credit report, you should keep this type of transaction as a trophy for your success. The longer the list of paid debts, the better your credit score may be; establishing positive credit history is important when it comes to proving your trustworthiness. The “good debt” that is represented on your credit report indicates reliability.

Be Punctual
People are generally rewarded when they do things on time, and a boosted credit score may be your reward for punctuality when it comes to paying bills. Paying your bills late can damage your credit score and thus reduce your chances of finding appealing interest rates on home mortgage and auto loans. Keep in mind that online bill paying may take a few days to process; if you tend to be somewhat forgetful, it is a good idea to sign up for automatic payments if possible.

Know What Not to Do
You can improve your credit score by not implying that you are a risky borrower. In addition to paying your bills regularly and on time, refrain from charging more of your purchases to your credit card. This way there is no reason to believe that you will have any trouble paying back the money that you borrow.

Would you like more tips for improving your credit score? Call GCS Credit Union at (618) 797-7993 or visit our website. We are happy to serve the O’Fallon area with a variety of services including online checking accounts and home mortgage loans. If you live in the area, stop in and meet with us to learn more about our credit union today.

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Hours

  • Monday 8:30am — 5:00pm
  • Tuesday 8:30am — 5:00pm
  • Wednesday 10:00am — 5:00pm
  • Thursday 8:30am — 5:00pm
  • Friday 8:30am — 6:00pm
  • Saturday 8:30am — 12:00pm