GCS Credit Union

Learn About the Services at GCS Credit Union

Join the GCS Credit Union family today. Since 1941, we’ve been helping our members grow their money with our friendly and professional services. To learn more about our credit union, visit us on the web or call (618) 219-8600 today!

• Check out this information on how direct deposit works and how easy it is to set up this service with your credit union.

• Why should you choose a credit union over a bank? Discover the advantages of credit unions by reading this financial article.

• In addition to direct deposit, your credit union can save you time and effort with online banking. Learn more about the benefits of banking online on CBSNews.com.

• Find out more about credit scores and how they factor into the best loan rates on CNN.com.

Three Common Credit Mistakes and How to Avoid Them

Good credit is important for everyone—a healthy credit score ensures that you get the best rate on home and auto loans from your credit union. Keep reading to learn more about some common credit mistakes and how you can avoid making them in order to keep your credit score high.

1.      Missing Payments or Paying Bills Late

Every time you make a late payment, it’s reflected in your credit report. You can begin to mitigate bad payments by paying your bills as soon as possible instead of letting them go for months. The best way to avoid this credit mistake is to either establish direct payment through your credit union or set up an automatic reminder on your computer or phone to remind you when payments are due.

2.      Closing Credit Card Accounts

Closing a credit card account lowers your credit score—having less available credit or lower maximum credit can reflect poorly on your score. Instead of closing the account, keep the card and use it for small purchases every so often so you can continue to build credit and on-time payments to keep your credit score high.

3.      Having No Credit

Lack of credit can severely hurt your chances of obtaining a loan or future line of credit when you have nothing to demonstrate your reliability as a borrower. When you apply for a loan or credit card, your credit union will want a record of your past history of bill payments. Instead of avoiding credit cards altogether, simply use them for small purchases and be sure to pay your bills on time. You can also establish credit through rent payments, phone bill payments, and car payments.

Start building good credit today with a credit card from GCS Credit Union in O’Fallon, IL. We offer great rates on our Visa credit cards and can also help you obtain your credit score for your own records and benefit. For more information, visit us online or call (618) 219-8600.

Easy Ways to Save Money during Back-to-School Season

The cost of sending your children back to school may rise each year, but there are easy ways to save without shortchanging your kids. Check out this video for tips on financing back-to-school necessities this season.

This news video features advice on back-to-school savings, including checking your home for pens, pencils, scissors, and paper to avoid buying more when you already have plenty. Also be sure to check the local ads to scope out where you can get the most for your money. For more financing tips, including sticking to your supply list and stocking up all year long, watch this video. 

Make your money work for you by joining GCS Credit Union. We offer high interest rates, credit cards, and other benefits to our members. To learn more about opening an account with us, or a savings account in O'Fallon, IL, visit our website or call (618) 219-8600.

How to Start Saving for Your Child's College Education

It’s never too early to start saving for your child’s education. There are many ways to save, so visit the financial advisors at your credit union and explore these great tips to get started today:

• Look at Tuition Rates

Although tuition rates can fluctuate greatly before your child is ready to attend school, peruse a few college websites to get an idea of current tuition rates and financial aid packages. Speak to a financial advisor at your credit union to find out how much you can be expected to pay when your child goes to college. This can help you decide how much to invest—and for how long—to get the most benefit for your money.

• Consider a CD

There are a number of savings plans you can invest your money into in order to let it grow by earning interest. Credit unions offer options such as CDs to invest your money safely and reliably for withdrawal later—the rewards can be greater if you’re willing to let them mature for many years. Getting an early start on your child’s education fund will ensure that you can commit your money in a way that offers the greatest return on investment.

• Check Out a 529 Plan

Every state operates at least one type of 529 plan, which allows you to invest money for your child’s college education tax-free. You can choose how the money in the account is invested and how it will be taxed in order to maximize the benefits of your financial contribution. Some states also have a variation of the 529 plan called a prepaid tuition program, which allows you to utilize current tuition rates by locking them in for equivalent credit in the future.

Prepare for your child’s college education today by investing with GCS Credit Union of O’Fallon, IL. We offer services such as savings accounts and CDs to maximize the growth of your investment for your child’s future. To learn more, visit our website or call (618) 219-8600 today.

Give Your Finances a Checkup With These Handy Resources

Staying on top of your finances is easy with the right tools and information. Learn more about smart investing and keeping your credit score high by checking out these links from around the web. When you're ready to speak with a banker about financial services, come to GCS Credit Union. We have a credit unions in O'Fallon, Edwardsville, Granite City, Pontoon Beach, Madison, and Collinsville, IL. Give us a call today at (618) 219-8600 to find out which one is closest to you!

• Learn more about how 529 plans help you save for your child’s college education by visiting the U.S. Securities and Exchange Commission’s website.

• Do you want to keep your credit score high? Avoid these seven ways of hurting your credit score by reading this article from U.S. News.

• Understanding your credit report is the first step to ensuring you have good credit. Learn how to read your credit report on Bankrate.com.

• Find out more about when to cancel your credit card—and when it could hurt your credit—on CreditCard.net.

• Learn how CDs work to earn money for you and your family by visiting HowStuffWorks.com.