Learn

It's easy! Just email education@umcu.org and let them know what topics you're interested in! Our financial educators have so many books, pamphlets, and more on a variety of topics from retirement, saving for college, and financial literacy for children!

One-on-one financial counseling is one of the most requested things from our financial education team! However, it's best to work with one of UMCU's licensed financial counselors for your one-on-one session, since everyone's situation is unique and different.

We offer dozens of sessions every month! Be sure to check the upcoming schedule page to browse which topics and dates are available each month!

It's actually important that you create room in your budget for the "wants" category so you can do the things you enjoy. If you're only spending money on needs, debt, and savings, it's not sustainable.

Everyone's financial situation is unique. The best course of action is to speak to a certified financial counselor at UMCU. They will go over your situation in detail and help you create a plan to get out of debt as soon as possible. Give us a call at 800-968-8628, visit a branch, or request an appointment online today!

There are two different credit scoring models: FICO Score and VantageScore. The FICO Score is the one most commonly used in consumer lending. Below are the different factors that go into calculating the FICO Score and how much of the total score they account for.

35% - Payment history

30% - Utilization (amounts owed)

15% - Length of credit history

10% - Hard inquiries (new credit)

10% - Variety of accounts

Missing credit cards should be reported immediately.

Keeping your information secure is UMCU’s top priority. If your credit card has been lost or stolen, please contact us immediately at 734-662-8200. If it is after business hours, please call the after-hours number for lost or stolen Visa cards at 1-800-847-2911. If you feel your personal information has been compromised, please contact us so we can do everything possible to protect your UMCU accounts. You will also want to review your credit report to see if any loans have been opened fraudulently in your name.

• There are a number of excellent online resources where you can learn more about how to fight fraud and identity theft.
• The Federal Trade Commission offers an overview of what you should do and who you should contact if you feel you've been a victim.
• The Consumer Financial Protection Bureau offers contact information for the major credit reporting agencies, along with other helpful information.
• The Consumer.gov website lists ways you might find out your identity has been stolen and offers advice on identity theft recovery.

In summary:

1. Contact UMCU immediately. Report the fraudulent activity to the University of Michigan Credit Union as soon as possible.
2. Change Passwords: Update passwords on all accounts.
3. Review credit report: See if any accounts or loans have been opened fraudulently in your name.

In many ways, yes! There are a few differences. When you decide to treat yourself to a new boat, RV, ATV, or motorhome, it’s important to understand all the moving parts. Loan terms can vary based on certain factors, such as the loan amount, your credit score, and the type and age of the vehicle. UMCU offers a range of term options for RV, boat, and auto loans. Here’s some things to keep in mind when deciding on a loan term for your vehicle:

• Loan Duration - The loan term for RVs, cars, and boats can range significantly. Boats are usually financed up to 20 years, cars range from 2-7 years, and RVs range from 10-20 years. Shorter loan terms typically result in higher monthly payments, but lower overall interest costs. Longer terms may have lower monthly payments, but higher overall interest expenses.
• New Vs. Used Vehicles - New RVs, boats, and cars generally have more extended loan terms available compared to used ones. Lenders may offer shorter loan terms for used vehicles, often based on the age and condition of the vehicle.
• Loan Amount - The loan term may also be influenced by the loan amount. Higher loan amounts may allow for longer repayment periods, while smaller loans may have shorter terms.
• Interest Rates - The interest rates can vary depending on factors like your credit score, loan term, and the type of vehicle being financed. Typically, borrowers with good credit scores can secure lower interest rates, while those with lower credit scores may have higher rates.
• Down Payment - Making a larger down payment can have an impact on loan terms. A substantial down payment may result in a lower loan amount, shorter loan term, or more favorable interest rates.

College is an investment in yourself and your future, but it doesn’t come cheap. Make a list of your interests and what career paths that could lead to. It may be helpful to research the earning and hiring potential of the majors you are interested in studying. Once you’ve done this, look at the colleges that offer programs in your areas of interest. Are those colleges in or out of state? What are their tuition, room and board, and meal plan costs?

Comparing your potential future salary versus the amount of student loans you may need to take out could help with your decision. Consider how long you would have to pay on your student loans for and the monthly payments.

You could also look for scholarships that might be available to help with the cost and reducing the amount of student loans you may have to take out.

It's never too late to put the power of compounding interest to work!

See for yourself with our compounding interest calculator