• Are You Ready for Your First Credit Card?

    Just like your first car or your first night out without a curfew, a Visa rewards credit card can offer you a new sense of freedom. However, this freedom must be used responsibly. Read on if you are wondering if you are ready for your first credit card.

    When used properly, your first credit card can help you build credit and prove your trustworthiness and reliability. When used improperly, on the other hand, it may get your credit started on the wrong foot. Having a credit card means regularly paying off your debts, and you must have a steady source of income in order to make these payments. You may be ready for your first credit card if you already have experience in making regular payments; the process is similar to paying towards your cell phone bills, monthly rent, or student loans.

    Does it feel like it is time for your first credit card? Call GCS Credit Union at (618) 797-7993 so we can set you up with a Visa rewards credit card. We also offer checking accounts and auto loans in O’Fallon. Feel free to visit our website or stop in and meet with us for more information.

  • Is Now the Time to Teach Your Kids About Money?

    At some point your children will probably make use of checking accounts of their own, but for now it is a good idea to start by introducing them to certain financial concepts. Watch this video clip to find out if now is the time to teach your kids about money.

    The sooner your children learn about money and financial responsibility, the more time they will have to integrate these positive habits into their adult lives. Teach your children about the concept of money, currency, and value when they are as young as three years old. As your children age, offer them allowances and teach them about saving money.

    GCS Credit Union specializes in home mortgage loans and online checking accounts in O’Fallon. If you would like to learn more about our credit union, please feel free to visit our website or call us at (618) 797-7993 for more information today.

  • Signs a Home Equity Loan Is Right for You

    Financing a home addition may be difficult if you have nothing but your checking account to work with. If you own your home and work together with your credit union , however, this type of financing may be right for you. Here are a few signs that a home equity loan is right for you.

    You Own Your Home

    If you want to celebrate the fact that you own your home by adding a new pool, deck, or other home addition, you might be able to use your house itself in order to finance the project. As a homeowner you can talk to your credit union about securing a home equity loan, which is like a mortgage except it is not intended to pay for your house. Instead, you receive a check from your credit union with a fixed interest rate and term that you can use for anything you want. This means that your new pool or deck may suddenly become affordable.

    You Have a Single Expense

    New pools and decks are examples of singular expenses, and these one-time purchases may warrant the use of a home equity loan. If you had something else in mind that might require a series of payments, you might be better off with a home equity line of credit rather than a home equity loan. With the single payment that your home equity loan offers, you can spend it and start paying it off immediately.

    Your Credit Is Subpar

    A home equity loan considers your home collateral, so factors like credit score and history are not as important as they are when it comes to getting a mortgage. As long as you have your home appraised and prove your income, you can overcome a shaky credit history and obtain the funds you need.

    For more signs a home equity loan is right for you, call GCS Credit Union at (618) 797-7993. Our credit union in O’Fallon is committed to providing online checking accounts, home mortgage loans, and a range of other services. Feel free to visit our website for more information about our credit union today.

  • What Is Loan Pre-Approval?

    It helps to know about loan pre-approval when shopping for home mortgage loans because it can provide you with substantial leverage. Watch this video to find out what loan pre-approval is.

    When you are pre-approved for a loan, the lender has already looked at your financial information and decided that you are eligible to borrow a certain amount of money. This can be advantageous because sellers do not consider you a risk. Pre-approval can also help you reduce your closing time and move into your new home sooner. This is a nice bargaining chip to have and can be helpful in a range of situations.

    GCS Credit Union is proud to offer online checking accounts and auto loans in O’Fallon. You can find out more about our services by calling us at (618) 797-7993 or stopping in to meet with us. Feel free to visit our website for more information.

  • Are You Ready for Your First Credit Card?

    Just like your first car or your first night out without a curfew, a Visa rewards credit card can offer you a new sense of freedom. However, this freedom must be used responsibly. Read on if you are wondering if you are ready for your first credit card.

    When used properly, your first credit card can help you build credit and prove your trustworthiness and reliability. When used improperly, on the other hand, it may get your credit started on the wrong foot. Having a credit card means regularly paying off your debts, and you must have a steady source of income in order to make these payments. You may be ready for your first credit card if you already have experience in making regular payments; the process is similar to paying towards your cell phone bills, monthly rent, or student loans.

    Does it feel like it is time for your first credit card? Call GCS Credit Union at (618) 797-7993 so we can set you up with a Visa rewards credit card. We also offer checking accounts and auto loans in O’Fallon. Feel free to visit our website or stop in and meet with us for more information.

  • How to Choose a Credit Card

    A credit card can be a valuable financial tool, but not all cards are created equal. Choosing the right card for you will help you manage your balance, maximize your rewards, and perhaps most importantly, save money. Your credit union representative can help you select the best credit card for you. Here are some other things you should consider.

    One of the first things you should look for in a credit card is a low-interest rate. The lower the rate, the less you will pay for your purchases. A card with no annual fee will also help you save money. You should also consider a card with a rewards program, so you earn bonuses on the money you spend.

    At GSC Credit Union, we’re pleased to offer a Visa Rewards Credit Card with a low-interest rate and no annual fee to our credit union members. If you’re interested in applying for a card or want to join a credit union in O’Fallon, call us now at (618) 797-7993 for more information.

  • The Steps of Shopping for a Home Mortgage Loan

    Home mortgage loans are often confusing for new homebuyers, but they don’t have to be. Work closely with your credit union to navigate the mortgage process, and you will find the right loan for your needs. When you decide to apply for a home mortgage, follow these steps.

    Decide What You Can Afford
    Before you go house hunting, know your price range. Being unrealistic about what you can afford can cause problems in the future, including the loss of your home if you default on payments. Take a close look at your income and expenses, remembering to include costs like maintenance and insurance that you will have in addition to your mortgage payment. If you’re not sure what is a realistic mortgage amount for you, talk to your credit union rep for advice.

    Consider Mortgage Types
    Home mortgages can vary in both term and interest rates. 15- and 30-year mortgages are the most common types. 15-year mortgages usually have lower interest rates, but you will reap tax benefits for longer with a 30-year mortgage. Interest rates can be fixed or adjustable. Adjustable loans can start out with lower rates, but you have to be prepared to face significant payment increases if rates go up in the future. There is no right type of mortgage for everyone. Your credit union representative can help you select a loan based on your needs, income, and financial history.

    Gather Your Documents
    Your credit union will require a great deal of information from you as you apply for a mortgage, and any delay in providing supporting documentation can interfere with the processing of your loan. Before you apply, gather pay stubs, tax statements, and other documents your credit union needs so you can get the fastest possible decision.

    Let GCS Credit Union help you with the process of getting a home mortgage in O’Fallon. Get started using our online banking services or stop by a branch today. You can also call (618) 797-7993.

  • Understanding Your Mortgage

    Home mortgage loans are debt-secured against a piece of property. When your credit union issues you a mortgage to pay for a home, they are providing you with a loan with the understanding that, if you default on payments, they can recover the property to cover their losses. Watch this video to learn more.

    Mortgage loans vary in terms of interest rate and duration of the loan. When you buy a house, it is important to get a loan that meets your budgetary needs. A loan with a shorter term will involve higher monthly payments; a longer mortgage may have lower payments, but you may pay more interest over time.

    At GCS Credit Union, our member representatives will help you select the best loan for your needs and show you how to use online banking to manage your account. If you are interested in home mortgage loans in O’Fallon , call us at (618) 797-7993.