Belco Community Credit Union

Credit cards are everywhere! In fact, the average American has four credit cards and that number is only going up. Credit cards are versatile financial tools that come with many benefits. But there are also some disadvantages of which you should be aware. Keep reading to learn more. 7 Advantages of Credit Cards Whether it’s one of the major credit cards or a retail card specific to one store or brand, credit cards make it easy to purchase items you need, and those you want. The following seven advantages of credit cards make it hard to ignore their usefulness. 1. They’re Convenient Cash is anything but convenient. For starters, you’ve… read more »

Buying a home is an exciting experience! And, it doesn’t have to be overwhelming when you understand the steps. Whether or not you’ve been through the process, if you’re considering buying a home, now is the time to brush up on what to know about mortgages before applying. Here, we’ll walk you through how mortgage payments work, the application process, and what mortgage options you have once you’ve made the purchase. How Mortgage Interest Works When it comes time to purchase a home, you’ll hear a lot about rates. Think of an interest rate as the price you pay for using someone else’s money. More specifically, your mortgage rate is… read more »

As you work to build up your credit score, you may be wondering if you have enough credit cards or perhaps too many. While the number of credit cards is important, what’s essential is understanding credit utilization. In other words, how much of your available credit is in use. You have to use credit to have a strong credit score, but overusing it could hurt you, too. Confused? Here’s a closer look at how to determine how many credit cards you should have. What Is Credit Utilization? Often expressed as a ratio, credit utilization is the amount of revolving credit you’re using right now compared to the amount of credit… read more »