tag:blogger.com,1999:blog-72025860511243887362024-03-14T05:35:36.015-06:00Coors Credit UnionCeleste Murphyhttp://www.blogger.com/profile/05042442317831281535noreply@blogger.comBlogger501125tag:blogger.com,1999:blog-7202586051124388736.post-47078818098867852042010-06-23T06:35:00.004-06:002010-06-23T06:43:23.474-06:00We've Moved!<div align="center">Your Coors Credit Union blog has a new home.<br /><br /><a href="http://coorscu.wordpress.com/">Click on over for a visit.</a><br /></div><div align="center">And don't forget to update your bookmarks and readers. </div><img style="TEXT-ALIGN: center; MARGIN: 0px auto 10px; WIDTH: 400px; DISPLAY: block; HEIGHT: 400px; CURSOR: hand" id="BLOGGER_PHOTO_ID_5485948589788273602" border="0" alt="" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEi62vjEYUz8btl0rBdZZRflCpUxREFv9rW6MVBj172OmY77TuuOPpP3CcZlNwNc6H1-szCvOnHuL7XesXLEbI3Di1cqWFG_E_42t8TbH9gD_-U_1A31Zx4muXPTqWFAYjN5GycNYAMK_zU4/s400/00431002.jpg" />Celeste Murphyhttp://www.blogger.com/profile/05042442317831281535noreply@blogger.com0tag:blogger.com,1999:blog-7202586051124388736.post-69135304077713956762010-03-23T01:28:00.001-06:002010-03-23T01:28:00.567-06:00Credit Union College Scholarships: Apply Now<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgMKEWpBDcDs5bLAzEmCf9EpzfD_4qSQwVdmmkY68QpTOXaWn5uw1c4HoR4Msj6b_0nYZIDsvpIazsTO_lYdtPHxW5ggXDtVprybx34c16EIgwgJYXCNIMEXOd9wXfuEtl5oIBhXSi7YY6V/s1600-h/Scholarships_small.jpg"><img style="MARGIN: 0px 0px 10px 10px; WIDTH: 226px; FLOAT: right; HEIGHT: 216px; CURSOR: hand" id="BLOGGER_PHOTO_ID_5448950691286942018" border="0" alt="" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgMKEWpBDcDs5bLAzEmCf9EpzfD_4qSQwVdmmkY68QpTOXaWn5uw1c4HoR4Msj6b_0nYZIDsvpIazsTO_lYdtPHxW5ggXDtVprybx34c16EIgwgJYXCNIMEXOd9wXfuEtl5oIBhXSi7YY6V/s400/Scholarships_small.jpg" /></a><br /><div>Spring is the season for applying for scholarships and deadlines are rapidly approaching. Here is some info on two credit union scholarships that any credit union member who is a student should consider.<br /><br />But first a word about taxes. The FAFSA (Free Application For Student Aid) requires tax/income information. So, parents, you should not slack off and wait until the eve of April 15th to do your taxes. Many scholarship applications require a copy of the FAFSA. College financial aid office deadlines for FAFSA applications may be much later, but many scholarships deadlines are in March.<br /><br />And students, Yes, applying for scholarships is not fun, but it may be the most anyone will ever pay you to write an essay. It won't hurt.<br /><br />So here are two credit union scholarships for you:<br /><br /><br /><p style="MARGIN: 0in 0in 10pt" class="MsoNormal"><b><span style="LINE-HEIGHT: 115%;font-family:'Tahoma', 'sans-serif';color:#005f89;" >Coors Credit Union Scholarship</span></b><span style="LINE-HEIGHT: 115%; FONT-FAMILY: 'Tahoma', 'sans-serif'font-family:'Times New Roman';color:#2b261d;" ><?xml:namespace prefix = o ns = "urn:schemas-microsoft-com:office:office" /><o:p></o:p></span></p>Our scholarship program (available to high school seniors and undergraduate students) awards two (2) $1,000 scholarships to student members of the credit union who demonstrate a caring spirit and appreciation for others<br /><br /><a href="https://www.coorscu.org/coors/upload/DownloadDocument.asp?fileid=5746" target="_blank"><span style="color:#005f89;">Download</span></a> and Complete the Coors® Credit Union Application<o:p></o:p><br /><br /><p></p><br /><p style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt; mso-layout-grid-align: none" class="MsoNormal"><b>Eligibility Requirements<o:p></o:p></b></p>Scholarship applicant must be:<br />• A member in good standing with Coors Credit Union.<br />• A graduating senior or current college student<br />• Accepted as an incoming freshman or already attending a college, university, trade or craft school.<br /><br /><br /><p style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt; mso-layout-grid-align: none" class="MsoNormal"><b><span style="font-family:CenturyGothic-Bold;"><span style="font-family:Verdana;"><span style="font-size:85%;">Deadline To Apply<o:p></o:p></span></span></span></b></p><br /><p style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt; mso-layout-grid-align: none" class="MsoNormal"><span style="font-family:CenturyGothic;"><span style="font-family:Verdana;"><span style="font-size:85%;">Application and supporting documents must be received together by March 31, 2010.<o:p></o:p></span></span></span></p><br /><p style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt; mso-layout-grid-align: none" class="MsoNormal"><b><span style="font-family:CenturyGothic-Bold;"><span style="font-family:Verdana;"><span style="font-size:85%;"></span></span></span></b></p><br /><p style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt; mso-layout-grid-align: none" class="MsoNormal"><b><span style="font-family:CenturyGothic-Bold;"><span style="font-family:Verdana;"><span style="font-size:85%;">Notice of Awards<o:p></o:p></span></span></span></b></p><br /><p style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt; mso-layout-grid-align: none" class="MsoNormal"><span style="font-family:CenturyGothic;"><span style="font-family:Verdana;"><span style="font-size:85%;">Winners will be notified by May 14, 2010</span>.<o:p></o:p></span></span></p><br /><p style="MARGIN: 0in 0in 10pt" class="MsoNormal"><span style="font-family:Verdana;"><b><span style="LINE-HEIGHT: 115%; FONT-FAMILY: CenturyGothic-Boldfont-family:CenturyGothic-Bold;font-size:13;" ></span></b><span style="LINE-HEIGHT: 115%; FONT-FAMILY: 'Tahoma', 'sans-serif'font-family:'Times New Roman';font-size:9;color:#2b261d;" ><o:p></o:p></span></span></p><br /><p style="MARGIN: 0in 0in 10pt" class="MsoNormal"><b><span style="LINE-HEIGHT: 115%; FONT-FAMILY: 'Tahoma', 'sans-serif'font-family:'Times New Roman';color:#005f89;" >Braymen-Beach Scholarship </span></b></p><br /><p style="MARGIN: 0in 0in 10pt" class="MsoNormal"><span style="font-family:Tahoma;"><span style="LINE-HEIGHT: 115%;font-family:'Tahoma', 'sans-serif'color:#2b261d;" ><span style="font-size:85%;">Offered by Board of Directors of the Credit Union Foundation of Colorado and Wyoming. One $5,000 scholarship award will be given to a student seeking a business degree from a four-year accredited institution, who is a member of a credit union affiliated with the Credit Union Association of Colorado. The deadline for applications is Tuesday, March 31, 2010.<o:p></o:p></span></span></span></p><br /><p style="MARGIN: 0in 0in 10pt" class="MsoNormal"><span style="LINE-HEIGHT: 115%; FONT-FAMILY: 'Tahoma', 'sans-serif'font-family:'Times New Roman';color:#2b261d;" ><span style="font-size:85%;">To download the brochure and application go to: </span><a href="http://colocu.com/foundation_brayman_beach.php" target="_blank"><span style="font-size:85%;color:#005f89;">www.colocu.com/brayman-beach</span></a><o:p></o:p></span></p><br /><p style="LINE-HEIGHT: 12.75pt; MARGIN: 0in 0in 0pt" class="MsoNormal"><b><span style="font-family:verdana;color:#000000;">Qualifications</span></b></p><br /><p style="LINE-HEIGHT: 12.75pt; MARGIN: 0in 0in 0pt" class="MsoNormal"><span style="font-family:verdana;"><span style="font-size:85%;">* </span></span><span style="font-family:verdana;"><span style="font-size:85%;">Must be a U.S. citizen, at least 16 years of age </span></span><span style="FONT-FAMILY: Symbol;font-family:Symbol;" ><span style="mso-list: Ignore"><span style="font-family:verdana;"><span style="font-size:85%;"></span></span></span></span></p><br /><p style="LINE-HEIGHT: 12.75pt; MARGIN: 0in 0in 0pt" class="MsoNormal"><span style="font-family:verdana;"><span style="font-size:85%;">* Member of a Colorado credit union affiliated with the Credit Union Association of Colorado</span></span></p><br /><p style="LINE-HEIGHT: 12.75pt; MARGIN: 0in 0in 0pt" class="MsoNormal"><span style="font-family:verdana;"><span style="font-size:85%;">* Interest in pursuing a business degree </span></span></p><br /><p style="LINE-HEIGHT: 12.75pt; MARGIN: 0in 0in 0pt" class="MsoNormal"><span style="font-family:verdana;"><span style="font-size:85%;">* Beginning freshman, sophomore, junior or senior at a four-year accredited institution conferring bachelor degrees located in the US </span></span></p><br /><p style="LINE-HEIGHT: 12.75pt; MARGIN: 0in 0in 0pt" class="MsoNormal"><span style="font-family:verdana;"><span style="font-size:85%;">* Scholarship funds must be used by January 31 of the year following award, or the funds will be forfeited </span></span></p><br /><p style="LINE-HEIGHT: 12.75pt; MARGIN: 0in 0in 0pt" class="MsoNormal"><span style="font-family:verdana;"><span style="font-size:85%;">* Submit a complete application with required documents <o:p></o:p></span></span></p><br /><p style="LINE-HEIGHT: 12.75pt; MARGIN: 0in 0in 12pt" class="MsoNormal"><span style="color:#333333;"><span style="font-family:verdana;"><span style="font-size:85%;"></span></span></span></p><br /><p style="LINE-HEIGHT: 12.75pt; MARGIN: 0in 0in 12pt" class="MsoNormal"><span style="color:#333333;"><span style="font-family:verdana;"><span style="font-size:85%;">Application must be post-marked, emailed or faxed by <b>MARCH 31, 2010</b><o:p></o:p></span></span></span></p><br /><p style="LINE-HEIGHT: 12.75pt; MARGIN: 0in 0in 0pt" class="MsoNormal"><b><i><span style="font-family:verdana;font-size:85%;color:#333333;">Selection Criteria</span></i></b><span style="color:#333333;"><o:p></o:p></span></p><br /><p style="LINE-HEIGHT: 12.75pt; TEXT-INDENT: -0.25in; MARGIN: 0in 7.5pt 10pt; mso-margin-top-alt: auto; mso-margin-bottom-alt: auto; mso-list: l2 level1 lfo2; tab-stops: list .5in" class="MsoNormal"><span style="font-family:verdana;"><span style="font-size:85%;"><span style="FONT-FAMILY: Symbol;font-family:Symbol;" ><span style="mso-list: Ignore">·<span style="FONT: 7pt 'Times New Roman'"> </span></span></span>* Grades <o:p></o:p></span></span></p><br /><p style="LINE-HEIGHT: 12.75pt; TEXT-INDENT: -0.25in; MARGIN: 0in 7.5pt 10pt; mso-margin-top-alt: auto; mso-margin-bottom-alt: auto; mso-list: l2 level1 lfo2; tab-stops: list .5in" class="MsoNormal"><span style="font-family:verdana;"><span style="font-size:85%;"><span style="FONT-FAMILY: Symbol;font-family:Symbol;" ><span style="mso-list: Ignore">·<span style="FONT: 7pt 'Times New Roman'"> </span></span></span>* Academic Goals <o:p></o:p></span></span></p><br /><p style="LINE-HEIGHT: 12.75pt; TEXT-INDENT: -0.25in; MARGIN: 0in 7.5pt 10pt; mso-margin-top-alt: auto; mso-margin-bottom-alt: auto; mso-list: l2 level1 lfo2; tab-stops: list .5in" class="MsoNormal"><span style="font-family:verdana;"><span style="font-size:85%;"><span style="FONT-FAMILY: Symbol;font-family:Symbol;" ><span style="mso-list: Ignore">·<span style="FONT: 7pt 'Times New Roman'"> </span></span></span>* Professional Goals <o:p></o:p></span></span></p><br /><p style="LINE-HEIGHT: 12.75pt; TEXT-INDENT: -0.25in; MARGIN: 0in 7.5pt 10pt; mso-margin-top-alt: auto; mso-margin-bottom-alt: auto; mso-list: l2 level1 lfo2; tab-stops: list .5in" class="MsoNormal"><span style="font-family:verdana;"><span style="font-size:85%;"><span style="FONT-FAMILY: Symbol;font-family:Symbol;" ><span style="mso-list: Ignore">·<span style="FONT: 7pt 'Times New Roman'"> </span></span></span>* Financial Need <o:p></o:p></span></span></p><br /><p style="LINE-HEIGHT: 12.75pt; TEXT-INDENT: -0.25in; MARGIN: 0in 7.5pt 10pt; mso-margin-top-alt: auto; mso-margin-bottom-alt: auto; mso-list: l2 level1 lfo2; tab-stops: list .5in" class="MsoNormal"><span style="font-family:verdana;"><span style="font-size:85%;"><span style="FONT-FAMILY: Symbol;font-family:Symbol;" ><span style="mso-list: Ignore">·<span style="FONT: 7pt 'Times New Roman'"> </span></span></span>* Community Service <o:p></o:p></span></span></p><br /><p style="LINE-HEIGHT: 12.75pt; TEXT-INDENT: -0.25in; MARGIN: 0in 7.5pt 10pt; mso-margin-top-alt: auto; mso-margin-bottom-alt: auto; mso-list: l2 level1 lfo2; tab-stops: list .5in" class="MsoNormal"><span style="font-family:verdana;"><span style="font-size:85%;"><span style="FONT-FAMILY: Symbol;font-family:Symbol;" ><span style="mso-list: Ignore">·<span style="FONT: 7pt 'Times New Roman'"> </span></span></span>* Extracurricular activities <o:p></o:p></span></span></p><br /><p style="LINE-HEIGHT: 12.75pt; MARGIN: 0in 0in 0pt" class="MsoNormal"><span style="color:#333333;"><span style="font-family:verdana;"><span style="font-size:85%;">Selection of the recipient is the sole discretion of the Board of Directors of the Credit Union Foundation of Colorado and Wyoming<br /><br /><b><i>Winner</i></b><o:p></o:p></span></span></span></p><br /><p style="LINE-HEIGHT: 12.75pt; TEXT-INDENT: -0.25in; MARGIN: 0in 7.5pt 10pt; mso-margin-top-alt: auto; mso-margin-bottom-alt: auto; mso-list: l0 level1 lfo3; tab-stops: list .5in" class="MsoNormal"><span style="font-family:verdana;"><span style="font-size:85%;"><span style="FONT-FAMILY: Symbol;font-family:Symbol;" ><span style="mso-list: Ignore">·<span style="FONT: 7pt 'Times New Roman'"> </span></span></span>* Will be notified in writing within 60 days of application deadline <o:p></o:p></span></span></p><br /><p style="LINE-HEIGHT: 12.75pt; TEXT-INDENT: -0.25in; MARGIN: 0in 7.5pt 10pt; mso-margin-top-alt: auto; mso-margin-bottom-alt: auto; mso-list: l0 level1 lfo3; tab-stops: list .5in" class="MsoNormal"><span style="FONT-FAMILY: Symbol;font-family:Symbol;" ><span style="mso-list: Ignore"><span style="font-family:verdana;"><span style="font-size:85%;">·<span style="FONT: 7pt 'Times New Roman'"> </span></span></span></span></span><span style="font-family:verdana;"><span style="font-size:85%;">* Funds will be transmitted directly to the institution for credit to the<br />student's tuition, room, board and fee account. <o:p></o:p></span></span></p><br /><p style="LINE-HEIGHT: 12.75pt; MARGIN: 0in 0in 12pt" class="MsoNormal"><b><span style="font-family:verdana;font-size:85%;color:#333333;"></span></b><span style="color:#333333;"><o:p></o:p></span></p><br /><p style="MARGIN: 0in 0in 10pt" class="MsoNormal"><o:p><span style="font-family:verdana;font-size:85%;"></span></o:p></p><br /><br /></div>Celeste Murphyhttp://www.blogger.com/profile/05042442317831281535noreply@blogger.com0tag:blogger.com,1999:blog-7202586051124388736.post-32469068970495231652010-03-16T05:42:00.000-06:002010-03-16T05:42:00.597-06:00Don't Play Four Square with Car SalesI ran across this post by <a href="http://consumerist.com/2010/03/beat-the-four-square-dealership-ripoff.html">Ben Popken on The Consumerist </a>and just has to pass it along to you.<br /><br />Popken got the low down on the auto car sales game of Four Square straight from a used car salesman. I know I've played in this game without realizing it and by passing this to you I'm exposing it for more to see. Following is most (not the entire) of the Consumerist post, I give them total credit for the whole thing, and didn't want to risk that you miss it. Before we get on to the game, I have to tell you <strong>The Consumerist's NO. 1 defense</strong> against getting the bad end of a car sale and that is "GET YOUR FINANCING THROUGH THE CREDIT UNION BEFORE YOU EVEN STEP ON TO THE LOT." And now onto the game...<br /><br /><p><strong><span style="FONT-FAMILY: 'Arial', 'sans-serif'; COLOR: #222222; FONT-SIZE: 9pt; mso-ansi-language: EN" lang="EN">HERE'S HOW THE FOUR-SQUARE WORKS:</span></strong><span style="FONT-FAMILY: 'Arial', 'sans-serif'; COLOR: #222222; FONT-SIZE: 9pt; mso-ansi-language: EN" lang="EN"><?xml:namespace prefix = o ns = "urn:schemas-microsoft-com:office:office" /><o:p></o:p></span></p><p><span style="FONT-FAMILY: 'Arial', 'sans-serif'; COLOR: #222222; FONT-SIZE: 9pt; mso-ansi-language: EN" lang="EN">The "worksheet" (or four-square, as it's called) is the first thing a person will see when they sit down to negotiate a car's price. This sheet is used both in used and new car sales. When the interested party sits down, they've already driven the car, and have talked to the salesman about what they're looking for. The salesman has had the trade evaluated, if there is one, and has gotten the customers something to drink to take the edge off.<o:p></o:p></span></p><p><span style="FONT-FAMILY: 'Arial', 'sans-serif'; COLOR: #222222; FONT-SIZE: 9pt; mso-ansi-language: EN" lang="EN">After sitting everyone down, the salesperson starts filing out the four-square. A blank one looks something like this:<o:p></o:p></span></p><p style="MARGIN: 0in 0in 10pt" class="MsoNormal"><img style="TEXT-ALIGN: center; MARGIN: 0px auto 10px; WIDTH: 329px; DISPLAY: block; HEIGHT: 400px; CURSOR: hand" id="BLOGGER_PHOTO_ID_5448935424382740994" border="0" alt="" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgm50heRdE11Si6W6Rg65JnlQw7Igw8U6MXJRIQHV6CgjOflkA017eNSJYeU8qx3cNZ1GlvPPmAjpQtv1SrukoIzKkUky599TUedmjTYT0HvaFp9PIOnH5wqYezZ9OBVsUKp3Ggh9exZtGL/s400/4square1.jpg" /> </p><p style="MARGIN: 0in 0in 10pt" class="MsoNormal"><span style="LINE-HEIGHT: 115%; FONT-FAMILY: 'Arial', 'sans-serif'; FONT-SIZE: 9pt; mso-ansi-language: EN; mso-fareast-font-family: 'Times New Roman'; mso-bidi-font-style: italic" lang="EN">The salesman will only put down the make, model, VIN and customers information (not pictured). Then, the salesman will have the customer initial the part that says "I will buy today if numbers are agreeable to both parties." If there's any resistance (which normally there isn't), the salesman simply says that its to make sure that the customer really is ready to drive the car off the lot today - IF they can get the numbers right. I never had anyone not sign the form who was actually willing to buy the car today. By doing this, you have shown your commitment to the manager in the tower (tower: back room, usually behind glass, where the salesman goes to confer with his manager.) <o:p></o:p></span></p><p style="MARGIN: 0in 0in 10pt" class="MsoNormal"><span style="LINE-HEIGHT: 115%; FONT-FAMILY: 'Arial', 'sans-serif'; FONT-SIZE: 9pt; mso-ansi-language: EN; mso-fareast-font-family: 'Times New Roman'; mso-bidi-font-style: italic" lang="EN">(A note about the tower: This is where the deal actually takes place. The salesman you are dealing with is NOT who you are negotiating with - the sales manager, who sits behind a desk (and is usually one of the scummiest people you'll ever meet) is who's actually going to be haggling with you. This will not happen in front of you, nor will you see what is actually happening. It's a bit of theatre, this part.)<o:p></o:p></span></p><p style="MARGIN: 0in 0in 10pt" class="MsoNormal"><span style="LINE-HEIGHT: 115%; FONT-FAMILY: 'Arial', 'sans-serif'; FONT-SIZE: 9pt; mso-ansi-language: EN; mso-fareast-font-family: 'Times New Roman'; mso-bidi-font-style: italic" lang="EN">The salesman will then take the paper up to the tower, and when he returns, you'll see something like this:</span><br /><br /></p><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhZuOFEsXHCAQk6wyolbGAcXLdynrum6oFTMN7sKGNg03fNZOuiIWIBcoPqTaZuoclCxUoxoksRGFPPTfM6ju9-XiiLccK8vBk4Pt58HefGjytwKBHmFHER5GQ4XUezQU22J5_XTEwyCF0X/s1600-h/4square2.jpg"><img style="TEXT-ALIGN: center; MARGIN: 0px auto 10px; WIDTH: 326px; DISPLAY: block; HEIGHT: 400px; CURSOR: hand" id="BLOGGER_PHOTO_ID_5448935421155328194" border="0" alt="" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhZuOFEsXHCAQk6wyolbGAcXLdynrum6oFTMN7sKGNg03fNZOuiIWIBcoPqTaZuoclCxUoxoksRGFPPTfM6ju9-XiiLccK8vBk4Pt58HefGjytwKBHmFHER5GQ4XUezQU22J5_XTEwyCF0X/s400/4square2.jpg" /></a> <p style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" class="MsoNormal"><span style="FONT-FAMILY: 'Arial', 'sans-serif'; FONT-SIZE: 9pt; mso-ansi-language: EN; mso-fareast-font-family: 'Times New Roman'; mso-bidi-font-style: italic" lang="EN">The salesman will start, very matter-of-fact, going over the numbers with you. First, he'll start with the value of your trade. <o:p></o:p></span></p><p style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0.25in" class="MsoNormal"><span style="FONT-FAMILY: 'Arial', 'sans-serif'; FONT-SIZE: 9pt; mso-ansi-language: EN; mso-fareast-font-family: 'Times New Roman'; mso-bidi-font-style: italic" lang="EN">The value of your trade, as listed, is $3000. You, expecting at least 5k for your beater, are unhappy with the number. That's fine, the salesman says. We'll get to that in a moment. He then goes on, very quickly, to just state the price of the car. Salespeople are instructed to move over these parts of the sheet VERY QUICKLY, as you'll see in a moment.<o:p></o:p></span></p><p style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0.25in" class="MsoNormal"><span style="FONT-FAMILY: 'Arial', 'sans-serif'; FONT-SIZE: 9pt; mso-ansi-language: EN; mso-fareast-font-family: 'Times New Roman'; mso-bidi-font-style: italic" lang="EN">Next, he arrives at the down payment square, which is easily double what you'd hoped to put down today on the nice new Prius you now want very badly. Lastly, he arrives at the monthly payment. "That payment is outrageous! I can't afford that!" is what you're probably thinking. All in all, these are pretty crap numbers from what you see.<o:p></o:p></span></p><p style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0.25in" class="MsoNormal"><span style="FONT-FAMILY: 'Arial', 'sans-serif'; FONT-SIZE: 9pt; mso-ansi-language: EN; mso-fareast-font-family: 'Times New Roman'; mso-bidi-font-style: italic" lang="EN">THESE NUMBERS ARE MEANT TO INSULT YOU AND PUT YOU ON THE DEFENSIVE, ESPECIALLY THE LAST TWO. The idea here is that, unless you're really observant, to get you less concerned about the overall price of the car and what your trade is worth (we'll go into trade manipulation in a moment), and get you to the payment plans offered at the bottom. The salesman, who knows you are steamed, will keep on acting like nothing is wrong, and hand you a pen to sign by the X. This is done for two reasons - 1)You might be the biggest, dumbest sucker we've had today and actually agree to these terms (happened twice the three months I did this), or 2) You look like the aggressor when you say you won't sign.<o:p></o:p></span></p><p style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0.25in" class="MsoNormal"><span style="FONT-FAMILY: 'Arial', 'sans-serif'; FONT-SIZE: 9pt; mso-ansi-language: EN; mso-fareast-font-family: 'Times New Roman'; mso-bidi-font-style: italic" lang="EN">When you decide state that those numbers don't work for you, the salesman will ask which numbers you have a problem with. Most people will go straight to the down payment, as that's usually the part that most people gag on, followed closely by the trade in value. The salesman will then either talk about your trade (and proceed to downplay the car as much as they can - that's usually pretty easy), or will go directly to the down payment. Very discreetly, the salesman will fold the four square so that the only figures you see when you're talking are the down payment and monthly payment. <o:p></o:p></span></p><p style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0.25in" class="MsoNormal"><span style="FONT-FAMILY: 'Arial', 'sans-serif'; FONT-SIZE: 9pt; mso-ansi-language: EN; mso-fareast-font-family: 'Times New Roman'; mso-bidi-font-style: italic" lang="EN">The salesman will then say "Well, what were you thinking about putting down today on the car?" You'll respond something like 1500, 1000 or even less if you're in a bind and NEED the car but are broke. The salesman will nod, and act as if he's empathetic with your plight - those bastards up in the tower *are* asking too much from you! He'll then cross out the down payment number and write in the number you're looking for.<o:p></o:p></span></p><p style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0.25in" class="MsoNormal"><span style="FONT-FAMILY: 'Arial', 'sans-serif'; FONT-SIZE: 9pt; mso-ansi-language: EN; mso-fareast-font-family: 'Times New Roman'; mso-bidi-font-style: italic" lang="EN">At this point, the salesman will say something to the effect of, "Well, we may be able to get that down payment done for you. But, as I'm sure you know, the less you put down today, the more you'll have to pay off on the car - so this payment is likely to go up. What were you looking to pay on the car for payments?" You respond, "I didn't plan on paying that much, must less more!" The salesman will pause, hoping that his last line will sink in a bit and you'll either acquiesce to the current number or offer something higher. <o:p></o:p></span></p><p style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0.25in" class="MsoNormal"><span style="FONT-FAMILY: 'Arial', 'sans-serif'; FONT-SIZE: 9pt; mso-ansi-language: EN; mso-fareast-font-family: 'Times New Roman'; mso-bidi-font-style: italic" lang="EN">If you don't, and insist that you were only planning on paying $300 a month for the car, the salesman will say, "I don't think I can do this, I really don't. But, I tell you what; my manager is crazy today and hasn't sold that many cars - he's really under the gun from upper management to get some cars out today, and he might just do this. Tell you what - if I can get these numbers, would you buy the car right now?" You say, "Well, sure, I guess." The salesman will say, "Okay, can you write me a check for the down payment so I can take it up there? They're not usually willing to turn down someone if I show up with cash in hand!" (Real reason? People are really unwilling, for some reason, to ask for a check back later if negotiations start to break down.)<o:p></o:p></span></p><p style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0.25in" class="MsoNormal"><span style="FONT-FAMILY: 'Arial', 'sans-serif'; FONT-SIZE: 9pt; mso-ansi-language: EN; mso-fareast-font-family: 'Times New Roman'; mso-bidi-font-style: italic" lang="EN">Most people, at this point, will write the check - if the salesman is good enough with the snow job, people will honestly think that they're getting a good deal and that they need to do everything they can to get the manager to cave and sell them the car for next to nothing. The salesman will also get you to sign the form, by the X, saying that you're agreeing to the new numbers, not the old. He'll then put on his "wish me luck" face, and trudge up to the tower to haggle with his boss, the mean ol' manager.<o:p></o:p></span></p><p style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0.25in" class="MsoNormal"><span style="FONT-FAMILY: 'Arial', 'sans-serif'; FONT-SIZE: 9pt; mso-ansi-language: EN; mso-fareast-font-family: 'Times New Roman'; mso-bidi-font-style: italic" lang="EN">(A note about the X: There's nothing legally binding here, BTW. You could sign your SSN, your blood type, and your name all on that line - but there's nothing binding on either party to make that happen. It's a precursor to the real deal with all the lovely paperwork in finance...but not the actual deal. However, the dealerships make you do this so you'll think its official and leverage yourself into thinking you may have just bought a car.)<o:p></o:p></span></p><p style="LINE-HEIGHT: normal; MARGIN: 0in 0in 10pt" class="MsoNormal"><span style="FONT-FAMILY: 'Arial', 'sans-serif'; FONT-SIZE: 9pt; mso-ansi-language: EN; mso-fareast-font-family: 'Times New Roman'; mso-bidi-font-style: italic" lang="EN">The salesman will return, with a huge grin on his face, and something like this:</span></p><br /><div><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhHfJa4DrTh5CJ0W5Vq_dReiWh-3Gn2LJL7X3fpH7xQnM0paLWyuAy0fW60jK6WPH-y_4pxtPRBmGUgvlk9AntEm9x5GOa-bRhZby-R0GAKYRDSFYso-nXaFfWa2UkjBeLbEJxpqGOa1FQW/s1600-h/4square3.jpg"><img style="TEXT-ALIGN: center; MARGIN: 0px auto 10px; WIDTH: 324px; DISPLAY: block; HEIGHT: 400px; CURSOR: hand" id="BLOGGER_PHOTO_ID_5448935417806637186" border="0" alt="" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhHfJa4DrTh5CJ0W5Vq_dReiWh-3Gn2LJL7X3fpH7xQnM0paLWyuAy0fW60jK6WPH-y_4pxtPRBmGUgvlk9AntEm9x5GOa-bRhZby-R0GAKYRDSFYso-nXaFfWa2UkjBeLbEJxpqGOa1FQW/s400/4square3.jpg" /></a><br /><p style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" class="MsoNormal"><span style="FONT-FAMILY: 'Arial', 'sans-serif'; FONT-SIZE: 9pt; mso-ansi-language: EN; mso-fareast-font-family: 'Times New Roman'; mso-bidi-font-style: italic" lang="EN">He'll say, "Wow! He really is in a tough spot! He was willing to let this go for the down payment you wanted! But, like I was saying, he couldn't really hit the payment you were looking for because he went down so far on the down payment, and he can let it go for this. (Motions towards new payment offer.) Would this work for you?" You will sit and look at the number, and wish you weren't buying a car today but instead on vacation. You will either agree, and we'll enter the final turn, or you'll go another couple of rounds with them until they either meet you somewhere in the middle, or you start to walk out. <o:p></o:p></span></p><p style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0.25in" class="MsoNormal"><span style="FONT-FAMILY: 'Arial', 'sans-serif'; FONT-SIZE: 9pt; mso-ansi-language: EN; mso-fareast-font-family: 'Times New Roman'; mso-bidi-font-style: italic" lang="EN">(Note about "walking out." This doesn't work if your offer is, truly, unrealistic. You need to do your homework before going in - this includes finding out how long the car has been on the lot [just driving by and seeing it for a couple of weeks is good ammo], what the going rate is for those cars, and above all else, securing your financing before you get there, so you're more worried about the ACTUAL PRICE OF THE CAR instead of these bullshit terms.)<o:p></o:p></span></p><p style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0.25in" class="MsoNormal"><span style="FONT-FAMILY: 'Arial', 'sans-serif'; FONT-SIZE: 9pt; mso-ansi-language: EN; mso-fareast-font-family: 'Times New Roman'; mso-bidi-font-style: italic" lang="EN">Now, lets say you've got a problem with the trade price, as well as the other figures (other than price.) The salesman (and manager) will probably agree to whatever price you want for your trade, within reason. So, assume the sticking point is that you want $5,000 for your trade - that's fine, we'll just say it's going to be bought for $5000. We simply move around the price of the car to $2,000 more, and you're in the clear. You don't notice, we don't say anything, and you feel happy. This is the way that dealerships do the whole "push pull or drag" sales where they'll give you $5,000 for an engine block.<o:p></o:p></span></p><p style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0.25in" class="MsoNormal"><span style="FONT-FAMILY: 'Arial', 'sans-serif'; FONT-SIZE: 9pt; mso-ansi-language: EN; mso-fareast-font-family: 'Times New Roman'; mso-bidi-font-style: italic" lang="EN">So, at this point, we'll assume that you've gotten everything square and you're ready to close the deal. Sometimes, if the manager feels especially nasty (or has gone a few rounds with you via the worksheet), they'll come out of the tower and say "Folks, I'm (Douchey McDouchebag), the sales manager here. Congratulations! You've just bought a car! We were able to get the payments to $310 - I know you wanted $300, but that was the best we could do. That's close enough, right?" They'll nod their head (another psychological trick to get you to agree), and almost every time the person says "Yea, that's fine!" The problem is, they didn't realize that a $10 payment bump over a 5-year loan nets an extra $1k in profit for the dealership. It's called "the $10 (or $15, or $20) close", and I only saw it fail when a person was really, really exasperated with us. The deal ends, and you wake up in a year realizing that, somehow, you're $6,000 upside down on your car, while the dealership is laughing all the way to the bank.<o:p></o:p></span></p><p style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0.25in" class="MsoNormal"><span style="FONT-FAMILY: 'Arial', 'sans-serif'; FONT-SIZE: 9pt; mso-ansi-language: EN; mso-fareast-font-family: 'Times New Roman'; mso-bidi-font-style: italic" lang="EN">So, those are the major pitfalls associated with the four-square; it looks really unassuming on its face, but its designed to make you pay more, and not realize what's going on. The manager, during negotiations, will write in BIG BIG letters, will turn over the sheet if he needs room, and will write over other things in order to make it as confusing and hard to deal with as possible in attempts to wear you down and make you sign. <o:p></o:p></span></p><p style="LINE-HEIGHT: normal; MARGIN: 0in 0in 10pt" class="MsoNormal"><span style="FONT-FAMILY: 'Arial', 'sans-serif'; FONT-SIZE: 9pt; mso-ansi-language: EN; mso-fareast-font-family: 'Times New Roman'; mso-bidi-font-style: italic" lang="EN">The saying we used to have around the lot was "It's like the Dallas Cowboys playing a Pee-wee Football team." The average car salesman does this dance 4 times a day - you do it once every 3-5 years. They are better, and they will get you on some level. However, by doing stuff like this, you can control how much it happens.</span></p><span style="FONT-FAMILY: 'Arial', 'sans-serif'; FONT-SIZE: 9pt; mso-ansi-language: EN; mso-fareast-font-family: 'Times New Roman'; mso-bidi-font-style: italic" lang="EN"><o:p><p style="LINE-HEIGHT: normal; MARGIN: 0in 0in 10pt" class="MsoNormal"><span style="FONT-FAMILY: 'Arial', 'sans-serif'; COLOR: #222222; FONT-SIZE: 9pt; mso-ansi-language: EN; mso-fareast-font-family: 'Times New Roman'" lang="EN">Here's what a finished four-square might look like:<o:p></o:p></span></p></o:p></span><p style="MARGIN: 0in 0in 10pt" class="MsoNormal"><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiaImEsNcmw1prFUgsf2GOmzxI_YbpVWKuCRnNPkh9igL5fkX112QL6NGkuWYNuTI45qOYvdrFs-zdRUxYf4Dil4HhWprGbR3XqXhQc7Bej-6YfVo7S2oJgxOJiWamHfwLfNXKp6OrCXiaf/s1600-h/4squarefilled.jpg"><img style="TEXT-ALIGN: center; MARGIN: 0px auto 10px; WIDTH: 286px; DISPLAY: block; HEIGHT: 400px; CURSOR: hand" id="BLOGGER_PHOTO_ID_5448935409692220322" border="0" alt="" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiaImEsNcmw1prFUgsf2GOmzxI_YbpVWKuCRnNPkh9igL5fkX112QL6NGkuWYNuTI45qOYvdrFs-zdRUxYf4Dil4HhWprGbR3XqXhQc7Bej-6YfVo7S2oJgxOJiWamHfwLfNXKp6OrCXiaf/s400/4squarefilled.jpg" /></a> Remember, The Consumerist's advice: GET YOUR FINANCING THROUGH THE CREDIT UNION BEFORE YOU EVEN STEP FOOT INTO THE LOT.</p><p style="MARGIN: 0in 0in 10pt" class="MsoNormal">Coors Credit Union has a great reputation for affordable and honest car loans. You get the same great rate for new or used cars and you don't even need to know how any playground games.<br /><br /><br /><br /><br /></p><div><span style="font-family:Arial;color:#222222;"></span><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEivzNxi7pNL-xSBDdXecYVxBgJ9WBojm5Epje5cGV3A8zUJ3wCcxUS6hdsl3Z-61hfstZh9ubPL6de0yqkx9nSVeexPt8W3IodHz7OOHcofVYi-CDG4dYAVlr3aPwrqOfhuT5WsmXz7sU8H/s1600-h/4squarefilled.jpg"></a><br /><br /><br /><br /><br /><br /><div><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiFab27gr8EIKW-qxXcK_t8S6T6Er_VX8Ihc6AyyaJvtD47immIHO15AMFWH3qwnkukBOuLjIoVt2hjfn0S15wQYO95JSkWg-cgkJoOWfak9122ZTixmmv5dV9pouIkPxlQP_Ybh3TwFCeX/s1600-h/4square3.jpg"></a><br /><br /><br /><br /><br /><br /><br /><div><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgoVwLhZKEYDFxFJzGAKhdVIWX-ZqD-s-7MMSGkjX2BeZwSacZD4Yr7JJfUEfqckfp3oLijKZQy-tpmmSKRlfqJmALgMkDgJlo0TEM6lbFgv2oGEYjBsljEt2aQrdcFyR_mqrDLT0w5bKRh/s1600-h/4square2.jpg"></a><br /><br /><br /><br /><br /><br /><br /><br /><div><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgQwWZ74iFDtceWkDS13VacXnzUYakRdRanFuxUDgbbGFD4ElIuXb4cJpqVAaNFXdNRhPEnEMdP5WkfhBLr3M08-_2w77qjUuS7Uz1a45tx8INwkGjMnljP8EQm-0Mz0u4elZZL-xXpQ-ho/s1600-h/4square1.jpg"></a><br /><br /><br /><br /><br /><br /><br /><br /><div><br /><br /><br /></div></div></div></div></div></div>Celeste Murphyhttp://www.blogger.com/profile/05042442317831281535noreply@blogger.com0tag:blogger.com,1999:blog-7202586051124388736.post-2173658338018934982010-03-09T05:42:00.005-07:002010-03-09T06:10:40.851-07:00Debt Strategy Myth: Pay extra on your mortgage<div><a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj2M5h3DAp2uIoX9JFRQX0oLeQHJC3TIw3UWsu4DtbgmFaTVc92aHjJJk_XsxCyqxEX16KF1YP7jXoXQ7lEO5IsMeKR7AT1OVltLpNLKBjg8bTXQaqKjLHqcJwwWEZT5ZQq7l9pBSR3wGeC/s1600-h/house-1.jpg"><img style="MARGIN: 0px 10px 10px 0px; WIDTH: 200px; FLOAT: left; HEIGHT: 150px; CURSOR: hand" id="BLOGGER_PHOTO_ID_5446615870976007810" border="0" alt="" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEj2M5h3DAp2uIoX9JFRQX0oLeQHJC3TIw3UWsu4DtbgmFaTVc92aHjJJk_XsxCyqxEX16KF1YP7jXoXQ7lEO5IsMeKR7AT1OVltLpNLKBjg8bTXQaqKjLHqcJwwWEZT5ZQq7l9pBSR3wGeC/s200/house-1.jpg" /></a>There's once piece of financial advices that always causes me to wonder, "huh?" So many personal finance advice experts always say that you should pay extra or even double on your monthly mortgage payment with the intent of paying it down faster.<br /><br /><div></div><div>I never understand this advice for two reasons. First, if you are struggling with debt, your mortgage is likely to be the lowest interest loan that you have. Your efforts would be better allocated toward eliminating high-interest debt. And second, the interest that you pay on your mortgage loan is tax-deductible. The interest on credit cards and car loans are not tax-deductible. </div><div></div><br /><div>Ron LoSasso, mortgage consultant at Coors Credit Union, put it like this: <em>"I am not a fan of prepaying the home loan as once that is made the only way to get that money back is to refinance the loan, obtain a home equity line of credit or sell the house."</em></div><br /><div><em></em></div><div>This is an excellent point. On average most people sell their house 7-10 years. The time spent in a house increases as we get older, but generally speaking we like to move around. <a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhCr7hduTa0cP4eVgRTR1DTrI7rwwD9Ar3dUeb-d8C0mUaZ3yycg1d9E05cyKV2AKbYTRk97Zl6GgQuJuSEq_rUREvWbnPfDx9tbm8T80NDCYWS5xVXIJ3uD1s_EtSVmqN72Z8iiWBygVGN/s1600-h/house-busted.jpg"><img style="MARGIN: 0px 0px 10px 10px; WIDTH: 200px; FLOAT: right; HEIGHT: 152px; CURSOR: hand" id="BLOGGER_PHOTO_ID_5446620506033066818" border="0" alt="" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhCr7hduTa0cP4eVgRTR1DTrI7rwwD9Ar3dUeb-d8C0mUaZ3yycg1d9E05cyKV2AKbYTRk97Zl6GgQuJuSEq_rUREvWbnPfDx9tbm8T80NDCYWS5xVXIJ3uD1s_EtSVmqN72Z8iiWBygVGN/s200/house-busted.jpg" /></a>There are probably dozens of better ways to use that cash. </div><br /><div></div><div>Maybe this debt strategy myth of that paying more on your mortgage is a might make sense for somebody, but in my opinion this MYTH is BUSTED.</div></div>Celeste Murphyhttp://www.blogger.com/profile/05042442317831281535noreply@blogger.com0tag:blogger.com,1999:blog-7202586051124388736.post-23166138111679071642010-03-02T06:43:00.001-07:002010-03-02T06:43:00.850-07:00What RedSide Solutions Can Do For You<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhqLx9L5tb2UG7M_YF1vA-6coPmfoEnB9MnmMWRRFEsiweYoTgRvsrHa6m3g9iuodq-BGj6iFQcDYAnCjGnI510Mqp88pPHVpRUKpES8qbCVF8Ptetw80e08C0fTDz5PFZjM_ixNbc0VS2g/s1600-h/Coors_RedSideSolutions_Small1.jpg"><img style="MARGIN: 0px 0px 10px 10px; WIDTH: 238px; FLOAT: right; HEIGHT: 210px; CURSOR: hand" id="BLOGGER_PHOTO_ID_5443743180936928738" border="0" alt="" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhqLx9L5tb2UG7M_YF1vA-6coPmfoEnB9MnmMWRRFEsiweYoTgRvsrHa6m3g9iuodq-BGj6iFQcDYAnCjGnI510Mqp88pPHVpRUKpES8qbCVF8Ptetw80e08C0fTDz5PFZjM_ixNbc0VS2g/s400/Coors_RedSideSolutions_Small1.jpg" /></a><br /><div>Two things that seem to power the world (depending on your perspective) are the two things that we have such a hard time talking about: love and money. Actually we talk about both of these a lot, but often not in a way that gives any meaningful information. This blog isn't about your love life, so I'm going to avoid that topic (perhaps just to prove my point). But, on the topic of money, we're really just beginning to open up. </div><br /><div></div><br /><div>So many of us have hangups, wherever their basis come from, around money. Mostly this can be blamed on our parents who never talked about money. Which probably comes from their parents not talking about money. Which probably stems from the depression era when parents did want to upset their kids, so they didn't talk about money. I'm not sure how far this tradition of not talking about money goes, but it's gone on long enough. </div><br /><div></div><br /><div>The typical reason we hold our realities about our personal finances so tightly is because we don't want others to know how little we actually understand money. But the thing is the more we wear the mask of "I'm OK" the worse our problems get. </div><br /><div></div><br /><div>Since their inception, credit unions have made it their mission to help people conquer their money fears. Without judgement, lecturing or incredulousness credit unions make themselves available to dig people out of financial messes, straighten out unruly record keeping, and just general show people how to effectively manage their money. Over the years, however, this invaluable service has been flying under the radar and only a few people take advantage of it. But this past year has been a veritable perfect storm of an unsympathetic economy. </div><br /><div></div><br /><div>That's where Coors Credit Union's RedSide Solutions program comes in. Don't let the officialness of the title fool you. RedSide Solutions is all about that traditional Credit Union spirit of people helping people. It's designed to get your personal finances on track no matter how close you've stayed or how far you've wandered from the path. It's about making you successful. </div><br /><div></div><br /><div>So here's a sampling of what RedSide Solutions can do for you:</div><br /><ul><br /><li>establish a budget</li><br /><li>explore ways to increase your cash flow</li><br /><li>conduct an interest rate checkup to see if your current loan rates are the best possible</li><br /><li>help you manage your banking </li></ul><br /><p>Don't think your financial questions are too big or too small to ask about. If you've got questions, then RedSide Solutions is for you. <a href="https://www.coorscu.org/coors/RedSideSolutions.asp">Find out more or schedule an appointment.</a> </p><br /><div></div>Celeste Murphyhttp://www.blogger.com/profile/05042442317831281535noreply@blogger.com0tag:blogger.com,1999:blog-7202586051124388736.post-85099216543692652112010-02-23T06:35:00.002-07:002010-02-23T06:35:00.080-07:00Time is Ticking on Extended Version of Home Buyer Tax Credit<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhdX4NXJNQc_bouZs14KpwMzj20fGxYeMPPXLomu86uw6zy6jCt2DVOeomr0TIG9Px6cUU_UxuAofliwmGF28xxLO7ZW_i7dC1N2EyihGHq7tDZYFzsaOlWeivWu4irumHOO-lgPs4_gWuQ/s1600-h/moneyhome.jpg"><img style="MARGIN: 0px 10px 10px 0px; WIDTH: 200px; FLOAT: left; HEIGHT: 199px; CURSOR: hand" id="BLOGGER_PHOTO_ID_5441069910925123730" border="0" alt="" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhdX4NXJNQc_bouZs14KpwMzj20fGxYeMPPXLomu86uw6zy6jCt2DVOeomr0TIG9Px6cUU_UxuAofliwmGF28xxLO7ZW_i7dC1N2EyihGHq7tDZYFzsaOlWeivWu4irumHOO-lgPs4_gWuQ/s200/moneyhome.jpg" /></a>To the joy of many homebuyers the First-Time Homebuyers Tax Rebate program was extended last November with a new deadline of June 30, 2010. But if you've been waiting for the spring crop of available houses, you could be waiting too long. The revisions to the program specify that homebuyers who want to get the rebate need to have a house under contract by April 30th. Closing papers must be filed by the June 30th deadline.<br /><br /><div></div><div>Okay, maybe it's still only February, but the last thing you want to do when buying a home is to rush to meet a deadline. Finding a home you'll be happy with takes time. Getting a rebate on your purchase isn't something you should let slip by. </div><br /><div></div><div>Now, let's review the requirements for the Rebate once more. Pay attention because even if you you didn't qualify for the first version of the program you may qualify for the extended version. </div><br /><div></div><div>$8,000 for First-Time Buyers</div><br /><ul><li>Place a new or used home under a binding contract between Jan. 1, 2009 and April 30, 2010.</li><li>To be considered a First-Time Buyer you must not have owned a principal residence in the last three years.</li><li>Rebate value equals 10% of the purchased home value, up to $8,000.</li><li>Income limits for sales after November 6, 2009 are $125,000 if you are single, $225,000 for couples filing jointly. If you earn more, the rebate amount is reduced. If you earn $145,000 (single) or $245,000 (joint) you won't get a rebate at all. If you earn something between these amounts your rebate will be reduced proportionately. </li></ul><div></div><div>$6,500 for Repeat or Move-Up Buyers</div><br /><ul><li>You must have owned and lived in your home five of the past eight years. </li><li>Rebate is equal to 10% of purchased home's value up to $6,500.</li><li>The new purchase value cannot exceed $800,000</li><li>Same income limits as the First-Time Buyer program</li></ul><div></div><br /><div>Remember, this is a rebate program, not a loan. However, if you should sell the house or you do not use it as your primary residence within three years after purchase, you will be required to repay the money. </div><br /><br /><div></div><br /><br /><div></div><br /><br /><div></div><br /><br /><div></div>Celeste Murphyhttp://www.blogger.com/profile/05042442317831281535noreply@blogger.com0tag:blogger.com,1999:blog-7202586051124388736.post-84720787134356734322010-02-16T06:56:00.004-07:002010-02-16T07:28:32.811-07:00Gather Your Questions for Credit Card Reform<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhwd4f1jPQdee48anTcMcT3zL-sZbiQow-O86gUjo-OtpB7vOQZbbRyjgCsX8Zd2b8yxFIAmPkdiTg9UX-6fsf5UIviDUWdg3fM2r8q_5JBx02Dj9Kv7lRZwfdQ2kVgmv8R8FoJlZpX1N0i/s1600-h/bad_credit.jpg"><img style="MARGIN: 0px 10px 10px 0px; WIDTH: 200px; FLOAT: left; HEIGHT: 200px; CURSOR: hand" id="BLOGGER_PHOTO_ID_5438847960330580658" border="0" alt="" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEhwd4f1jPQdee48anTcMcT3zL-sZbiQow-O86gUjo-OtpB7vOQZbbRyjgCsX8Zd2b8yxFIAmPkdiTg9UX-6fsf5UIviDUWdg3fM2r8q_5JBx02Dj9Kv7lRZwfdQ2kVgmv8R8FoJlZpX1N0i/s200/bad_credit.jpg" /></a> The Credit Card Reform Act that's been phasing in for practically ever is scheduled to firm on February 22. We've all heard dribbles and bits about the Act, but a survey by Consumer Federation of America and the Credit Union National Association found that most of us don't really know what it's all about.<br /><br />The White House is hosting a Town Hall Meeting with White House Economic Advisor, Austan Goolsbee on Feb. 22 at 2pm, eastern time. You can <a href="http://http//www.creditcards.com/live-media/white-house/index.php">submit your questions regarding the Credit Card Reform ahead of time</a>.<br /><br />You can also submit questions for the town hall through Twitter. Just be sure to include the hashtag #cardlaw in your Tweet.<br /><br />In the meantime, here's a brief run-down of how the Act affects consumers:<br /><div><br /><br /><div>• Consumers must be given 45 days' notice of any changes in the interest rates of future balances or in other key terms of a credit card account.<br /></div><br /><br /><div>• Hikes in the interest rates of existing balances are generally prohibited. Exceptions: If a promotional rate expires, if the cardholder makes a late payment, or if the contracted rate was variable. <em>That last one -- a variable interest rate -- is a key loophole that many credit card issuers have been exploiting by changing consumers to variable rate cards prior to Feb. 22.<br /></em></div><br /><br /><div>• Consumers have the right to "opt out" of significant changes that might be imposed on their accounts. To do so, they merely have to close their accounts and pay off the existing balances within five years.<br /></div><br /><br /><div>• Limitations are imposed on the issuance of credit cards to anyone under the age of 21.<br /></div><br /><br /><div>• Customers who maintain monthly balances must be told how long it will take to pay off that balance if they make only the minimum monthly payments.<br /></div><br /><br /><div>• Bills must be mailed at least 21 days before payment is due.<br /></div><br /><br /><div>• Credit card issuers must apply any payments to balances carrying the highest interest rates first, and issuers cannot impose over-the-limit fees unless customers specifically authorize such transactions. </div><br /><br /><div></div><br /><br /><div></div></div>Celeste Murphyhttp://www.blogger.com/profile/05042442317831281535noreply@blogger.com0tag:blogger.com,1999:blog-7202586051124388736.post-61084884010422875762010-02-09T06:40:00.003-07:002010-02-09T06:51:44.185-07:00Good Time to Buy a Second Home<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgPUsYI19iPV3gkVe5G-XPzLcsSItFQxKJYl9VN5GF2VS7MlVBzdyXqjkFAe3Xsxod2Bj3NL9Hhj8B3kicvISSgLu9-h7j7T5dUp494v5M-vjO1ycBqEasgNH5vJKIX3qCD2J9lEb2a8lPY/s1600-h/for-rent-sign.jpg"><img style="MARGIN: 0px 0px 10px 10px; WIDTH: 171px; FLOAT: right; HEIGHT: 251px; CURSOR: hand" id="BLOGGER_PHOTO_ID_5436240809076617570" border="0" alt="" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgPUsYI19iPV3gkVe5G-XPzLcsSItFQxKJYl9VN5GF2VS7MlVBzdyXqjkFAe3Xsxod2Bj3NL9Hhj8B3kicvISSgLu9-h7j7T5dUp494v5M-vjO1ycBqEasgNH5vJKIX3qCD2J9lEb2a8lPY/s320/for-rent-sign.jpg" /></a><br /><div>Part of the extension to the First-Time Homebuyers Tax Credit is what’s known as the Move-Up credit. This makes getting a tax credit for buying a home open to just about everyone. It also opens up the possibility of getting started in real estate investing. </div><br /><div><br />The requirements to qualify for the Move-Up credit aren’t that restrictive. Your income needs to be $125,000 or less if you are single or $225,000 if you’re married. The home you buy needs to be valued at $800,000 or less. So, if you’ve been thinking about up-sizing, down-sizing this is the time. Your new purchase must be your intended primary residence, so it’s not the time to think about purchasing a mountain getaway. What the Move-Up credit doesn’t require is that you sell your current home. That’s where the opportunity comes into play.<br /></div><br /><div><em></em></div><br /><div><em>Consider</em> buying a home to use as your new primary residence and turning your current home into an investment. Before jumping in do note that there are many factors to <em>consider</em>.<br /></div><br /><div>1. Depending on the rental market pricing and your monthly mortgage amount, you can potentially cover your monthly mortgage payments and create cash flow.<br /></div><br /><div></div><br /><div>2. You can allow your property to appreciate as the market returns.<br /></div><br /><div>3. Capital Gains—You’ll get a break on Capital Gains at sale if you’ve lived in our home for 2 of the past 5 years. So, if you’ve owned your home for at just a few years then renting for the remainder of 5 years could save you some taxes. Or, if you’ve owned your home longer, you could pull in some passive income for a few years before selling.<br /></div><br /><div></div><br /><div>4. If you are buying your new home in a different area and end up not being happy, you can return to your previous home.<br /></div><br /><div>5. I think you can guess that being a landlord isn’t easy. You’ll have to deal with everything you had as a homeowner, plus tenants.<br /></div><br /><div></div><br /><div>6. Added tax benefits—Once you become a landlord, it’s a whole new world of tax benefits. If you’re serious about crossing over to the lordship consult a tax advisor.<br /></div><br /><div>Of course, ultimately the decision is a financial one. You’ll need to have a healthy cash reserve to pull this off. Still, it’s not impossible especially during this time when there are still great deals on homes. </div><br /><div></div><br /><div></div>Celeste Murphyhttp://www.blogger.com/profile/05042442317831281535noreply@blogger.com0tag:blogger.com,1999:blog-7202586051124388736.post-51877853561438066692010-02-02T10:02:00.003-07:002010-02-02T10:29:29.185-07:00Don't Rush into IRA ConversionSo, maybe you are running down your financial to-do list and you've come to this one...<br /><ul><li>Convert Traditional IRA to Roth</li></ul><p>Good for you. You know that the <a href="http://coorscu.blogspot.com/2009/12/transferring-to-roth-easier-in-2010.html">recent changes in IRA </a>conversions opens up this possibility to many more people and that the change took place this year. </p><p>You also know that getting in on Roth has it's advantages. Such as: </p><ul><li>Tax-free withdrawals once you hit age 59.5</li><li>No mandatory minimum distributions when you reach age 70.5</li><li>Dipping into your Roth earnings doesn't have tax implications</li><li>No age limit on contributions</li></ul><p>In contrast the Traditional IRA</p><ul><li>Contributions may be tax-deductible</li><li>Withdraws can begin at age 59.5, but are mandatory when you reach 70.5</li><li>Taxes are paid on earnings when withdrawn</li></ul><p>The biggest difference, however, between the two is seen in how they handle taxes. The Traditional IRA is tax-<em>deferred</em> and the Roth is tax-<em>exempt. </em>Both vehicles let you earn income without paying taxes on profits along the way, but the Traditional IRA will bring you a tax bill later <em>(deferred</em>)<em>.</em> Earning on the Roth are not taxed, though you will pay taxes now on the money you contribute. </p><p>On the surface the Roth definitely looks like the more winning deal. But before you rush into conversion you've got some thinking to do. Take a look at the last sentence in the previous paragraph for a clue. What happens when you convert from a Traditional IRA to a Roth is that the chunk of money that you pull out of the Traditional is a contribute to your new Roth and you'll have to pay taxes on it. You can either take the taxes out of these funds or if you've got extra cash laying around, you can use that to pay the taxes. Either way the tax man cometh. </p><p>In some cases the conversion is painless and makes perfect sense. For others the amount of money you'll lose to upfront taxes will not justify the end gain. Before you move forward you may want to consult the <a href="http://https//www.coorscu.org/coors/Personal_InvCenter.asp">Investment and Retirement Team</a> at Coors Credit Union. They can offer a no-cost, no-obligations review of your situation. </p><p> </p>Celeste Murphyhttp://www.blogger.com/profile/05042442317831281535noreply@blogger.com0tag:blogger.com,1999:blog-7202586051124388736.post-6412645282093866552010-01-25T14:56:00.003-07:002010-01-27T06:12:35.606-07:00New Credit Standards Not Really Worth Your WorryBankrate.com recently posted <a href="http://www.bankrate.com/finance/real-estate/good-credit-score-not-good-enough-anymore-1.aspx">Good credit score of past not so good now </a>which opens with the following:<br /><em>“Those with good credit may well recall being showered with praise by a mortgage broker during the initial purchase for that solid credit score. That was then. This is now.”</em><br /><br />The article goes on to warn readers that while you might have sparkling credit it may not be enough to earn you a better lending rate. Reading this article could put fear into the hearts of would be buyers or at least make you feel like things are really spiraling out of your control. But, just how bad is it?<br /><br />I asked Coors Credit Union Senior Mortgage Consultant, Ron LoSasso for his take on new credit standards.<br /><br />So, Ron, how worried should buyers be?<br /><br />He replied, “Although there are now adjustments in the rate due to credit scores the typical<br />increase is only an 1/8 to the rate. On a $200,000 loan amount this is an increase of the monthly payment of approximately $16.00 per month. Perhaps the cost of one Grande Latte per week.”<br /><br />While you shouldn’t be scared off by new credit standards, it is helpful to understand how we got here. The new standards are neither arbitrary nor a result of tightened lending. All banks, brokers and credit unions must abide by the same standards. The change came about as Fannie Mae and Freddie Mac, the nation’s two largest lenders, redefined risk after suffering huge losses last year.<br /><br />So the new standards really don’t affect the lending landscape much. You’ll still be making fair comparisons when shopping for a mortgage. But, as Ron says, “One advantage to coming to a credit union is to compare all loan programs including these agency type loans to the Portfolio<br />Loans that credit unions may offer.”<br /><br />Another advantage is that credit union lending is strong. In contrast to many major banks, very few credit unions were burned by foreclosures; therefore they’re still able to give good rates on home loans.<br /><br />And don’t let the new score standards turn you into a procrastinator. Yes, if you score is poor or even good you should take some time to clean up errors, pay down debt, or other actions to increase your score. But, if you’ve already got an excellent score of say 720 and you’re thinking of eating ramen for a few months to get it up to 740 you could be taking a big gamble You could miss out on current low rates or while you are working to better your score, you’d only be saving a few lattes worth a month.<br /><br />The best way to prepare for purchasing a home is to get in and speak with a Home Loan Consultant. They can tell whether your score is in need of help or if you should start shopping now.Celeste Murphyhttp://www.blogger.com/profile/05042442317831281535noreply@blogger.com0tag:blogger.com,1999:blog-7202586051124388736.post-39615395427631605122010-01-19T06:17:00.003-07:002010-01-19T06:59:27.078-07:00Stop Guessing About the Best Time to Buy a CarWay back when I was young, stupid and going to the wrong college and studying the wrong courses--wrong for me anyway, I was taking a retail merchandising class. The one thing I remembered from that class was a chart in one of our books that showed the best time to buy anything like sheets, china, and other things that really don't impact your wallet all that much. <em>I can't seem to replicate that exact chart anywhere but if you interested I'm sure the Internet can help you out. </em><br /><br />What I want now is that same chart but tells me without a doubt when is the best time to buy big money items like cars and houses. Like everybody else, I've got my theories on when to buy...houses = spring, cars= end of the month. But these aren't hard and fast rules and aren't based on data. So imagine my excitement when I came across a new gadget on <a href="http://www.edmunds.com/">Edmunds</a>, which helps with the guessing about car prices.<br /><br />It's their <a href="http://www.edmunds.com/tmv/alerts.html?mktcat=best-new-car-deals&kw=best+time+to+buy+a+car&mktid=ga54864252">True Market Value: Predicted Price Trends</a>. This handy gizmo shows you the pricing forecast for most cars over the following 30-Days. Just find the model you are interested in and the chart will show you whether there is an expected big increase (2% or greater); mild increase (1% to 2% change); relatively flat (less than 1% change); mild decrease (1% to 2% change); or big decrease (2% or greater).<br /><br />Ah, knowledge...you gotta love it's power. <br /><br />As far as I know no such tool exists for home sales, but their a different beast.Celeste Murphyhttp://www.blogger.com/profile/05042442317831281535noreply@blogger.com0tag:blogger.com,1999:blog-7202586051124388736.post-90885796789847648602010-01-12T05:00:00.001-07:002010-01-12T05:00:05.413-07:00Ariana Huffington says, "Move Your Money"I like to think that everyone reading this blog has a credit union account. But I also hope that some readers do not. My bigger wish is that your reading this blog will somehow translate to a recognition that credit unions want to help all consumers make the most of their money. And knowing that you might do the right thing and get your friends and family to stop supporting big banks and open a credit union account.<br /><br />Ariana Huffington agrees, "When the big banks see real competition from the community banks and credit unions they will change their ways."<br /><br />Huffington, founder of the Huffington Post, has taken her message to social media with Move Your Money. Huffington presents a sentimental and no-nonsense good-guy vs. bad-guy illustration to convey the message of smaller banking institutions. Naturally whenever this message is presented we get warm and fuzzies. But shouldn't doing the right thing feel good? It's time to fight back, people. Our weapons are cash. Recruit your friends and family from the pain of supporting big banks.<br /><div><iframe style="BORDER-BOTTOM: 0px; BORDER-LEFT: 0px; OVERFLOW: hidden; BORDER-TOP: 0px; BORDER-RIGHT: 0px" height="395" marginheight="0" border="0" src="http://www.huffingtonpost.com/video/video_1881.html?1263017588" frameborder="0" width="465" marginwidth="0" scrolling="no" cellspacing="0"></iframe></div><br /><br />Spread the word follow Move Your Money on Twitter or join the fanclub on Facebook.<br /><br /><strong>NOTE:</strong> the zip code search feature at this time only includes FDIC insured institutions. I have contacted Move Your Money to ask them to include NCUA insured credit unions. So don't be alarmed that Coors Credit Union does not come up in a search--no credit unions are listed. <a href="http://www.creditunion.coop/cu_locator/quickfind.php">Here's a more reliable way to locate credit unions.</a>Celeste Murphyhttp://www.blogger.com/profile/05042442317831281535noreply@blogger.com0tag:blogger.com,1999:blog-7202586051124388736.post-87028268839158203852010-01-06T14:27:00.000-07:002010-01-06T14:29:26.119-07:00Credit Card Reform OUCH!The Credit Card Reform Act of 2009 was a well-intended and long overdue attempt to stop the credit card fee insanity that imprisons many consumers. But, the Feds underestimated the creativity of their opponents, and they made a big mistake in giving the card companies warning. So what happened? Faster than reform could be implemented card companies rushed to the offense and implemented aggressive sneak attacks before they became illegal.<br /><br /><strong>You became a risk</strong><br />At one time card companies could raise your credit card rate if you were late on any other bill, even if you were never late on your credit card bill. It was called “universal default”. They justified this by claiming you were a risk. But since the Reform will eliminate this type of action, the card companies rushed to get rate hikes in.<br /><br /><strong>They changed your minimum payment requirements </strong><br />Say you signed up ABC Bank’s great balance transfer deal way back in 2008. This was a great deal because you took your high-interest balance from XYZ Bank’s card and transferred it to a really low interest card, saving you a bundle in interest rates. But suddenly the economy takes a dive and ABC Bank is suffering from loan loss and the challenges of Credit Card Reform, where are they going to look for money? Why, to you, of course! They do this by raising your minimum balance from 2% to 5%. The result is that you asked to pay a lot more each month. What if you can’t? You call ABC Bank and they’ll offer to lower your minimum payment back down at or close to the 2%, but they ski rocket your interest rate much higher than your initial great deal. This has nothing to do with your payment history, which could be perfect. You just get a lousy rate.<br /><br /><strong>Your credit limit drops</strong><br />A reduced credit limit can hurt your credit score because part of the formula used to calculate your score is the amount of credit available. A big gap between how much you spend and how much you have available is viewed as responsible credit handling. This is especially important if you have a need for a loan, like a mortgage for example. If a credit card suddenly reduces your credit limit, it looks like you’ve done something wrong when in reality you may not have done anything to hurt your credit.<br /><br />These actions hurt many consumers deeply. So how do you fix credit card wounds? Go shopping, for a different card that is. Start with Coors Credit Union and you’ll find the following:<br /><br />1. Our cards don’t offer too-good-to-be-true rates. Always be skeptical of cards that offer incredibly low rates.<br /><br />2. Simple terms. The longer the terms and disclosures the more traps.<br /><br />3. No account opening fees. Subprime credit cards often implemented a fee just to open the card, putting the user into a situation similar to payday loans. The Reform Act limits the amount of this fee. Coors Credit Union has never charged account opening fees and does not offer subprime credit cards.<br /><br />See all the benefits that make the Coors Credit Union a trustworthy credit card.Celeste Murphyhttp://www.blogger.com/profile/05042442317831281535noreply@blogger.com0tag:blogger.com,1999:blog-7202586051124388736.post-74725243124381208372010-01-01T09:03:00.002-07:002010-01-01T09:05:10.873-07:00Happy New Year!<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgC0H9u7SURepHkJy0_mjoHzCA2opMW85-5lPr6QxLAgV6sHyZLZbrsNaQ3OzYcjmwPDdio1LhDHmPoAJsZnk7o8T4QOKIGat4Tlf77Ke9HaoiT1b46Ho2-4t9DSiuHmWwE3K4kMjIhN-bv/s1600-h/2010happy.jpg"><img style="TEXT-ALIGN: center; MARGIN: 0px auto 10px; WIDTH: 353px; DISPLAY: block; HEIGHT: 400px; CURSOR: hand" id="BLOGGER_PHOTO_ID_5421803053675827474" border="0" alt="" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgC0H9u7SURepHkJy0_mjoHzCA2opMW85-5lPr6QxLAgV6sHyZLZbrsNaQ3OzYcjmwPDdio1LhDHmPoAJsZnk7o8T4QOKIGat4Tlf77Ke9HaoiT1b46Ho2-4t9DSiuHmWwE3K4kMjIhN-bv/s400/2010happy.jpg" /></a><br /><div></div>Celeste Murphyhttp://www.blogger.com/profile/05042442317831281535noreply@blogger.com0tag:blogger.com,1999:blog-7202586051124388736.post-29611585433318219792009-12-31T08:15:00.002-07:002009-12-31T08:20:24.949-07:006 Tips for Keeping ResolutionsI know we all hear how New Year’s Resolutions are doomed to fail. But don’t give up on the notion of change just because of someone else’s failure. According to a <a href="http://research.tdameritrade.com/public/markets/news/story.asp?docKey=100-323b0886-1&clauses=">survey</a> by TD Ameritrade and the Opinion Research Corp of Princeton, N.J, three in four Americans will make at least one financial-related New Year's resolution in 2010. The survey also found that 60 percent of those who made financial resolutions last year reported they were still "going strong". This year if resolve to succeed at better managing your money here are a few tactics to help you reach your goal.<br /><br />1) Automate. This tip comes from <a href="http://http//www.iwillteachyoutoberich.com/">Ramit Sethi </a>author of <em>I Will Teach You to be Rich</em>. Ramit say’s that you can “Save money while sleeping.” This is simple get your money flowing by using the tools of technology. Sign-up for direct deposit and split your paycheck between some type of savings and checking accounts. Enroll in paycheck deductions that go into your 401(k). Set up automatic transfers from regular savings into higher yielding accounts. Use electronic bill pay and you won’t have to worry about mailing checks on time. There is so much you can do to make your financial life easier and reach your goals.<br /><br />2) Remove Temptation. If you like to go to the mall or browse ebay and craigslist for entertainment get a new hobby. If you regularly meet with friends for coffee, suggest a walk instead. In fact, I’d probably suggest that you replace any wallet draining habit you have with going outside. You’ll be healthier and wealthier. But the bigger point is that if you are spending money just to feel better or kill time, find another outlet.<br /><br />3) Don’t just go without, redirect. Many people will tell you that you should not spend $5 on a daily latte. They’ll say you should save that money instead. But, if you’re not taking that five bucks and redirecting it toward savings or debt payoff you might as well enjoy the latte. Physically (or automatically) redirect your that money into debt payment or investments. And better than giving up a $5 latte, look for bigger money by refinancing your mortgage or selling un-needed stuff.<br /><br />4) Learn more about money. Start soaking up everything you can about finances and soon you’ll make better financial decisions. Take advantage of the abundant <a href="https://www.coorscu.org/coors/Resources.asp">resources </a>Coors Credit Union offers like online seminars, this blog, the website, and free workshops. There are also many excellent blogs and websites that offer free and up-to-date information. Reading about finances can be boring, but there are a few writers who simplify and make it interesting. Check Amazon and the New York Times Bestseller list for the latest in personal finance books.<br /><br />5) Don’t keep secrets. If you want to succeed with your goal to better manage your money tell the people who matter. Don’t just blast your message to everyone in hopes that if you say it it will happen. Enlist the people who are closest to you to work toward a specific goal: your kids, best friend, spouse or partner.<br /><br />6) Make it visual. Some people like to stick a chart on the fridge or in the bathroom—some place where it will be seen daily. This chart visual depicts the goal. If your goal is to save money you could make one of those thermometers that fundraisers use to show progress. If it’s paying down debt you could simply write the amount of debt and each month cross off the old balance in red and write the new one. Or if you goal is to save for a vacation, buy a house or some other purchase you could post a picture that represents the purchase to remind you of its importance.<br /><br />If you adopt just one of these tactics you are more apt to achieve your goal.<br />Good Luck and Happy New Year!Celeste Murphyhttp://www.blogger.com/profile/05042442317831281535noreply@blogger.com0tag:blogger.com,1999:blog-7202586051124388736.post-52151635194235510832009-12-30T07:02:00.000-07:002009-12-30T07:02:00.136-07:00More Clearing out of 2009In my mission to wrap of the year I’m getting rid of stuff. We’ve all got a lot of stuff cluttering up our lives. Either you look at it thinking that it is treasure and you’ll use it someday or you think that it’s junk and no one would want it. Either way it’s a shame to just toss it in the trash. So enters into my life <a href="http://www.freecycle.org/">Freecylce</a>.<br /><br />Freecycle really proves that one person’s trash is another’s treasure. I know people who find great stuff given away on Freecycle. Meanwhile I look and only see junk. The other day someone was giving away a torn and worn twin size comforter. It was taken within minutes. I’ve also seen people request old toilets, scrap wood and opened paint with which they’ve remodeled their homes just by re-using free stuff.<br /><br />So in my clearing out 2009 I’m gathering broken electronics, like a TV and monitors, and other miscellaneous stuff for Freecyle. Freecylce listings are localized and require you to join the local Yahoo group. Between this and <a href="http://denver.craigslist.org/">Craigslist </a>I hope to have no problem clearing out.Celeste Murphyhttp://www.blogger.com/profile/05042442317831281535noreply@blogger.com0tag:blogger.com,1999:blog-7202586051124388736.post-24195153148424362752009-12-29T06:42:00.001-07:002009-12-29T06:42:00.527-07:00Wrapping Up 2009The last week of the year is always the time when I try to wrap up all the projects that I’ve left unfinished so I can start the New Year fresh. For the financial section of my life it looks something like this…<br /><br />Clean out financial paperwork. It’s time to go through the documents and papers that have piled up in my “file it later” basket.<br /><br /><ul><li>Attack the “I should read this someday” stack. Browse through these and mostly toss into the recycle bin. </li><li><br />Make a central location for tax documents. I always keep our tax files organized, but to make it easy for my husband I create a bin where he can just through in necessary documents. I try to make it easy and obvious so he doesn’t have to take extra time to open files or try to remember where I keep things. Just toss it in the bin.<br /></li><li>Do a year end budget review. I like to review the year to see if we strayed from our budget and why. This year is easy. We planned an inexpensive camping vacation that turned out not to be so inexpensive. We went overboard. Oh well, we recovered.<br /></li><li>Last minute money moves. Hunt around and see if there is any money left for IRA contributions and charitable donations.<br /></li><li>Take stock of my accounts. Double check my certificate terms, so that I remember when they mature and can make a plan for them.<br /></li><li>Deposit any miscellaneous checks. Sometimes my kids leave checks that they receive for babysitting and birthdays laying idol. This is inflicts pain on the people who have written the checks, but better to get them cleared out. So, I’ll scrounge around and look for the idol checks and get them deposited.<br /></li><li>You might think that I’m going to add “Create a 2010 budget” to this housecleaning list, but this year I’ve decided not to think about 2010 until it happens. It will only distract me from cleaning out 2009 to do so. </li></ul>Celeste Murphyhttp://www.blogger.com/profile/05042442317831281535noreply@blogger.com0tag:blogger.com,1999:blog-7202586051124388736.post-51991639575871315142009-12-28T05:57:00.002-07:002009-12-28T06:08:10.758-07:00Wishing You Many Happy ReturnsIn my cousins’ household the day after Christmas was more exciting than the actual day. That’s when they all rushed around returning the gifts they had just received from each other. It was a strange dynamic. Even when they were opening gifts they would smile and proclaim, “You know this one is going back!” I never understood it and looking back I understand it even less. Returning items is always a hassle and over time this tradition has become more and more frowned upon by retailers. But, if you must return you’ll need to follow some guidelines.<br /><br /><strong>You may have to pay to return.</strong> Many retailers have initiated restocking fees, especially for large or pricey items like electronics and special orders. Restocking fees can run anywhere from 10% to 15% of the original price. Restocking fees are often charged to open items. So, if you don’t want it, don’t open it.<br /><br /><strong>Return time might be limited.</strong> Don’t let that gift linger in your closet while you decide whether or not you want it. More retailers are tighten return times. Here are a few:<br />Best Buy—14 days<br />Amazon—Return by Jan. 31, 2010 for purchases between Nov. 1 and Dec. 31.<br />Target—90 days<br />Walmart—15 to 30 days for electronics, general merchandise 90 days<br /><br /><strong>Stricter receipt policies.</strong> You might only get store credit if you don’t have a receipt and usually you’ll only get the current price value, which after the holiday rush is often much lower. When giving gifts, it’s always a good idea to include a gift receipt.<br /><br /><strong>Retailers are making a list, and you might be on it.</strong> Return fraud is a real problem for retailers. That’s why some have gotten wise and are tracking returns. If you exceed the store’s return limit, your return could be rejected. Returns without a receipt are especially suspect. Some stores are beginning to swipe I.D. such as driver’s licenses for no-receipt returns to help them track.Celeste Murphyhttp://www.blogger.com/profile/05042442317831281535noreply@blogger.com0tag:blogger.com,1999:blog-7202586051124388736.post-71771149615415739442009-12-24T07:01:00.005-07:002009-12-24T07:13:49.795-07:00How not to squander that gift card<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg4UeBWzAG3MvU8ADrwZD1A5w4lxvfUvf7R_K9XnrcZmYTmOA02zr-bnjfw8_eBNcDU-cYrXa1OjiQGA84aoJ4YuNptxeaUiNPvDuRPA8ckfKtq1RbLm31jQLnDKO5CgFsYJPHsn966zk03/s1600-h/giftcard.jpg"><img style="MARGIN: 0px 10px 10px 0px; WIDTH: 200px; FLOAT: left; HEIGHT: 172px; CURSOR: hand" id="BLOGGER_PHOTO_ID_5418805199575489042" border="0" alt="" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEg4UeBWzAG3MvU8ADrwZD1A5w4lxvfUvf7R_K9XnrcZmYTmOA02zr-bnjfw8_eBNcDU-cYrXa1OjiQGA84aoJ4YuNptxeaUiNPvDuRPA8ckfKtq1RbLm31jQLnDKO5CgFsYJPHsn966zk03/s200/giftcard.jpg" /></a> It’s estimated that $5 billion worth of gift cards will be lost to fees and expiration dates or misplaced, shoved in a drawer or otherwise neglected this year. That’s a whole lot of profit that sits with retailers and card companies. Follow these tips and don't contribute to the madness.<br /><br /><strong>1. Keep them handy</strong>. Put your gift cards where you’ll use them. If possible carry them in your wallet. Don’t file them away somewhere where you’ll never see them. If you have too many to carry keep them on your desk or dresser, but don’t let them sit around loose where they could fall behind furniture or get lost among other things. Place them in a see through container that will keep them tidy, handy and on your mind.<br /><br /><strong>2. Keep track of them online.</strong> You can register card numbers and PINs online at <a href="https://www.leveragecard.com/">LeverageCard</a> or <a href="http://www.plasticjungle.com/pjweb/">PlasticJungle</a>, where you can track your balances and check expiration dates.<br /><br /><strong>3. Alert yourself.</strong> Many gift cards impose fees past a certain date if not used. These fees will whittle away the card’s value. Alert yourself by setting up notices in your personal electronic calendar or email program that reminds you to use your cards.<br /><br /><strong>4. Re-gift it.</strong> If you are not likely to use the card it’s an easy re-gift item. Next time a birthday pops up or you just want to thank someone, dig into your gift card stash.<br /><br /><strong>5. Trade it.</strong> You can swap or sell unwanted gift cards at several online sites like: <a href="http://www.plasticjungle.com/pjweb/">PlasticJungle</a> <a href="http://www.swapagift.com/">SwapaGift</a>, <a href="http://http//www.giftcardrescue.com/">GiftCardRescue</a>, <a href="http://www.monstergiftcard.com/">MonsterGiftCard</a>, and <a href="http://www.giftcardbuyback.com/">GiftCardBuyBack</a>.<br /><br /><strong>6. Donate it.</strong> If you’ve got just a few dollars left on a card and don’t want it to languish you can donate the remaining value to charity. <a href="http://www.giftcardgiver.com/">Gift Card Giver</a> collects and distributes gift cards to appropriate non-profit organizations that can use those cards to help others. This grass roots campaign can pass on your cards that don’t have much value to you to organizations that will value the card. Even just a few leftover dollars can translate into socks or coats for someone in need.Celeste Murphyhttp://www.blogger.com/profile/05042442317831281535noreply@blogger.com1tag:blogger.com,1999:blog-7202586051124388736.post-29691627718138403732009-12-23T07:35:00.003-07:002009-12-23T07:44:13.492-07:00Tell your friends the truth about credit unionsYou don’t need to wait for some special holiday to give the gift I’m about to suggest. If you are a good friend, neighbor, relative, coworker or whatever you will give the gift of credit union membership. Okay, wait don’t leave, let me tell you the real reason you should do this, and it’s not just warm and fuzzy.<br /><br />First, I can’t understand why anyone decides to open an account at a bank. I’ve done it and can only think of one time when that was a good idea. I was just out of college and switched from one bank to another. That bank helped me save, so it worked out well. No other bank ever did this for me, but I’m sure that bank is out of business now. So, why use a traditional bank? Maybe, it’s the location thing. Or maybe it’s all the advertising. I sort of understand that, these things give the impression of stability and strength—that’s exactly what they want you to think. But after this year we know it’s not true.<br /><br />Yes, it was a bad year to be a banker. But wasn’t it bad banker behavior that brought on the mess? Yes, it was. Bankers making bad loans were the instigators in the fall of our economy. So then what happened? Oh you know. The banks took taxpayer funds to save themselves. And, then what? Remember, then a bunch of banks failed, closed their doors. The good news? Some banks are actually paying back the money they used to get their act together. But now they won’t lend money at all. Well that’s not really true, but they are being rather tight with it. Hey, didn’t we give them money when they needed it?<br /><br />Okay, so that’s the summary of what happened to banks, but what was going on with credit unions during this. Did credit unions take bailouts and close? Well, some did, sort of, but not really. It’s true that some credit unions did close or merge. It was the corporate credit unions who took some bailout money. These are the institutions that handle the investments for credit unions. And of course, because the economy’s investments were struggling, so were these institutions. But, for the most part credit unions were operating with business as usual. They were still lending money, they weren’t cutting credit lines like home equity lines, and they weren’t hiking credit card fees. They were also still issuing mortgages, respectable mortgages.<br /><br />During the economic crisis to date <a href="http://www.bankinfosecurity.com/articles.php?art_id=1681">30 credit unions and 140 banks failed</a>. That leaves 11,000 credit unions and 8,099 banks open. So, you see credit unions have remained stable even during this unstable time. Well, back to my point…<br /><br />Times are still tough for many people. So don’t let your friends stay with a bank that’s going to make it tougher as they dream up new fees and tighten lending. The idea of switching financial institutions is painful. It requires that you actually do something and take time out of your busy schedule to get that something done. But, that’s the idea of switching. The reality of switching isn’t that bad and the gain of the switch is great. Once I joined a credit union, I’ve never looked back. It was the best financial move I’ve made.Celeste Murphyhttp://www.blogger.com/profile/05042442317831281535noreply@blogger.com0tag:blogger.com,1999:blog-7202586051124388736.post-66492508847640298562009-12-22T05:55:00.008-07:002009-12-22T06:40:41.116-07:00What to do about maturing certificatesYou can't sugar coat it, savings rates everywhere are dismal, especially if you compare certificate rates from a few years ago. I've got a few certificates that will be maturing early 2010 and so comes the question of what to do with them.<br /><br />When a certificate account comes to maturity you'll get a notice from the financial instution asking what you want to do with the funds. Usually, you'll have about 30 days to close the account or it will automatically renew.<br /><br />Certificate accounts are appealing because they are safe and earn a guaranteed interest rate. For people who, as your grandfather said, "have holes in their pockets," certificates are a great way to put the money away from the temptation to spend. However, when rates are low, like they are now, a certificate just doesn't give you much bag for your buck.<br /><br />So, what do you do? Consider your options.<br /><br /><strong>1.</strong> Break up the funds into smaller certificates with varying maturities, a.k.a. laddering. The laddering strategy helps you take advantage of rising interest rates. Signs are pointing to a growing economy. Interest rates will rise, but maybe not until the latter half of 2010, if that soon.<br /><br />Typically when you ladder certificates you'll spread the funds over accounts ranging from one to five years. But when rates are unusually low, you might consider shortening your terms to roll the money faster, thus capturing rates as they climb. So your strategy might look like this:<br /><br /><p><img style="TEXT-ALIGN: center; MARGIN: 0px auto 10px; WIDTH: 151px; DISPLAY: block; HEIGHT: 71px; CURSOR: hand" id="BLOGGER_PHOTO_ID_5418049718916782450" border="0" alt="" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEjOB6_xKsHCvNaYiEb1imiaE3NhU7sg34MgPUXUgmtc2jZoaNg-fS7q_9JAKqow6vhDf9ePI-hJMw7Ud5FwhghDvPToIcBYERfpJXTKtDRePw3zUPVJEtPyr2uwXTwVG5vG61nuzoETXuR-/s320/cdladder.gif" /></p><p>This isn't your typical laddering strategy, but it would move your funds quickly along and hopefully in conjunction with rising interest rates. To slow the progression, invest in longer terms earlier. </p><p><strong>2.</strong> You opened your certificate to build savings, right? And you save to help yourself in the future, right? Well, if your certificate has matured than the future has arrived. How might these funds help you out now? If you've got debt, paying it down will free you for the future. Consider other ways this money could help you now and keep you from incurring debt. </p><p><strong>3. </strong>Look for higher earning investment options. There is much to consider when you are looking for higher yield investments. If you are not sure where to start talk with <a href="mailto:thomas.valdez@lpl.com">Tom </a>or <a href="mailto:nelisha.firestone@lpl.com">Nelisha</a> at the Coors Credit Union <a href="https://www.coorscu.org/coors/Personal_InvCenter.asp">Investement and Retirement Center </a>to consider your options. </p><p><br /></p>Celeste Murphyhttp://www.blogger.com/profile/05042442317831281535noreply@blogger.com0tag:blogger.com,1999:blog-7202586051124388736.post-43904124888171688852009-12-21T06:56:00.003-07:002009-12-21T07:11:45.068-07:00I can’t wait for Christmas<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiiDOgRYO-PxM32pN9B7DBkrsYFLPV4db7wB8fpyrAegEYHvsAMModiE9pBCBSQGy8cSRaq7rOlQpOpg97U2H93Suk05Xmpx20wKeGzbTKWuu2BMchegvk8fZnQv057WbNg_Y_UQlY8Zcqk/s1600-h/j0438663.jpg"><img style="MARGIN: 0px 0px 10px 10px; WIDTH: 182px; FLOAT: right; HEIGHT: 200px; CURSOR: hand" id="BLOGGER_PHOTO_ID_5417691293858723346" border="0" alt="" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiiDOgRYO-PxM32pN9B7DBkrsYFLPV4db7wB8fpyrAegEYHvsAMModiE9pBCBSQGy8cSRaq7rOlQpOpg97U2H93Suk05Xmpx20wKeGzbTKWuu2BMchegvk8fZnQv057WbNg_Y_UQlY8Zcqk/s200/j0438663.jpg" /></a>Ugh! I know I should probably be more sensitive and not use the “C” word, especially since I don’t even celebrate the religious aspects of Chirstmas, but my family does do Christmas with the tree, Santa, presents, etc. And this year, I’m kind of excited to see what is under the tree for me. But first let me explain myself a bit. I have never been interested in what I will get…oh wait, scratch that. It’s not true. <em>Outwardly</em> I’ve never been interested and I have always been very much into the spirit of the season, but secretly…yes I really did want some cool thing. Sometimes I got it and sometimes I didn’t. Then underneath my wanting and not wanting is a load of guilt about getting any material items, because it’s not about getting and I know that.<br /><br />Are you getting a glimpse of mind twisted way of thinking? I want stuff, but I don’t want it and if I get it I feel guilty. I know you are not my therapist and really don’t want you to ponder on this. I’m getting to the point now…<br /><br />When my kids wanted money this year to do their shopping I frowned and said stuff like, “Why don’t you just make me something?” and “My gift would be for you to be successful and happy.” But they didn’t like these responses. So I gave them money (why I had to give them money is a topic for another time).<br /><br />Now, since I gave them such vague responses as mentioned above when they asked what I wanted for Christmas I don’t expect that I’ll get anything that I actually would like to have. It’s <a href="http://coorscu.blogspot.com/search?q=santa">sort of like that time I only told Santa </a>about the doll I wanted. I think my kids know me well and will get something thoughtful that I’ll like. But come that special, magical, crazy morning when we open gifts I might not get anything I want. And that is okay.<br /><br />What I’ll get are gifts that everyone put effort and thought into. And even though they didn’t raid the recycling bin to make me some totally useless thing-a-m-bob, they are giving me gifts because they want to see me smile and make me happy.<br /><br />The kids finished up their shopping this weekend. I had the house to myself to finish crafting up my homemade gifts and wrapping. Then come Sunday night everyone was done with the hectic gathering and pleased that they found great gifts for everyone else. And I can’t wait to see their faces when I open their gifts.Celeste Murphyhttp://www.blogger.com/profile/05042442317831281535noreply@blogger.com0tag:blogger.com,1999:blog-7202586051124388736.post-87571906059056425442009-12-18T06:49:00.007-07:002009-12-18T07:17:45.212-07:00Thanks to Our Young Members!<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgYU_YJmL-_1k0sxU09hMCnA8FTJPPHL_9d2_Zk25L6cSnPjgMiyqCVc-po1wcqih5ym05Pcl_eNGECimxhVDjlKT65fSOWZzowT4cMf8Zn58oUnuh1O-F7Ts6li7o72IMU_l5vdh1zntjR/s1600-h/girlsleeping.jpg"><img style="MARGIN: 0px 10px 10px 0px; WIDTH: 200px; FLOAT: left; HEIGHT: 150px; CURSOR: hand" id="BLOGGER_PHOTO_ID_5416579296949718498" border="0" alt="" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgYU_YJmL-_1k0sxU09hMCnA8FTJPPHL_9d2_Zk25L6cSnPjgMiyqCVc-po1wcqih5ym05Pcl_eNGECimxhVDjlKT65fSOWZzowT4cMf8Zn58oUnuh1O-F7Ts6li7o72IMU_l5vdh1zntjR/s200/girlsleeping.jpg" /></a>Money is like history. Both are vital to our understanding of the world and our survival. Both are exciting and complex. But when it comes to learning about history or learning about finances, it's the stuff that inspires drooling on the desk.<br /><br />Credit unions everywhere are constantly trying to find cool and hip ways to reach young people, and most of the time just end up looking dorky. Teens are a tough crowd. So we decided to go to the source and ask them what they want. The result was a focus group that consisted of 75 teens. That's a lot of kids who gave up their precious time to talk with a credit union.<br /><br />While I can't say that the results of this focus group will make Coors Credit Union cooler, we learned a lot. And I wanted to take this blog space to thank all the kids for participating, because <em>we need your help</em> in helping you. We really do, well all credit unions do.<br /><br />Coors Credit Union will be launching a new newsletter for teens in 2010. We'll stumble a bit a long the way, but we'll try to get it right without trying to hard to be cool.Celeste Murphyhttp://www.blogger.com/profile/05042442317831281535noreply@blogger.com0tag:blogger.com,1999:blog-7202586051124388736.post-74145184968892949742009-12-17T06:48:00.003-07:002009-12-17T06:56:54.031-07:00Refinance Your Car Loan If…<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiqIQQnnE_uUSOir9hyeNRlAdX89vh-rKr4pCiS_XBrd_eOoMM_GzqmizF6-KZOIl4iy3cDuHPch40wlI9lch6ngbZAWoRVp7y1k1R0tl_jMyV5YgfEAOABsa6QpLoRnJqE5Y8YOBcqFJE8/s1600-h/money_car.jpg"><img style="MARGIN: 0px 0px 10px 10px; WIDTH: 200px; FLOAT: right; HEIGHT: 150px; CURSOR: hand" id="BLOGGER_PHOTO_ID_5416203241414046978" border="0" alt="" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEiqIQQnnE_uUSOir9hyeNRlAdX89vh-rKr4pCiS_XBrd_eOoMM_GzqmizF6-KZOIl4iy3cDuHPch40wlI9lch6ngbZAWoRVp7y1k1R0tl_jMyV5YgfEAOABsa6QpLoRnJqE5Y8YOBcqFJE8/s200/money_car.jpg" /></a><br /><div>When we think of saving money often the first thing that comes to mind is to refinance a mortgage. But, don’t forget many of us have another loan that can commonly be refinanced—the auto loan. The first time I heard about refinancing a car loan I scratched my head and wondered why I’d never thought of that before. But refinancing a car loan doesn’t always make sense. There are specific situations when doing so could help you out. Here are some to consider:<br /><br /><span style="color:#006600;">1. Lower Rates.</span> If rates have gone down more than a couple of points lower than your current loan. But be sure you are looking at used-car rates, since the car you are driving is now technically used. At some lenders used-car rates can be higher. Note that is not the case at your credit union—same rate for new or used.<br /><br /><span style="color:#006600;">2. Has your credit score improved?</span> If you’ve been responsible with your credit and improved your score, you might qualify for a better rate.<br /><br /><span style="color:#006600;">3. Or, things have gotten worse.</span> If the economy has been hard on you and you need to cut some expenditures refinancing the car could help.<br /><br />Coors Credit Union offers a vehicle refinance program that could make sense for you.<br /></div><div><em><span style="font-family:arial;font-size:85%;">origami car by </span></em><a href="http://www.corigami.com/Gallery_3.html"><em><span style="font-family:arial;font-size:85%;">Corigami</span></em></a></div>Celeste Murphyhttp://www.blogger.com/profile/05042442317831281535noreply@blogger.com0tag:blogger.com,1999:blog-7202586051124388736.post-85992133585116181492009-12-16T06:55:00.003-07:002009-12-16T06:59:32.789-07:00Saving 10% Could Hurt You<a href="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgU9N1QZVb17n3Ce-s9mrjtnDi66o1pT5kjeaBkHfRoLshkcY2ykNaVu15VyqgWGI1o_H6QdGFvN4mMnbDFitYrbUh3GycLqgVX4b6A1bNZjWUNN0YwOTKDA4U7UApnNo3bz7YZhLSWS25_/s1600-h/storecards.jpg"><img style="MARGIN: 0px 0px 10px 10px; WIDTH: 200px; FLOAT: right; HEIGHT: 200px; CURSOR: hand" id="BLOGGER_PHOTO_ID_5415832960529095618" border="0" alt="" src="https://blogger.googleusercontent.com/img/b/R29vZ2xl/AVvXsEgU9N1QZVb17n3Ce-s9mrjtnDi66o1pT5kjeaBkHfRoLshkcY2ykNaVu15VyqgWGI1o_H6QdGFvN4mMnbDFitYrbUh3GycLqgVX4b6A1bNZjWUNN0YwOTKDA4U7UApnNo3bz7YZhLSWS25_/s200/storecards.jpg" /></a> Would you like to save 10% today? That’s a common question at the checkout counter and at this time of year, in this economy it can be especially tempting. But, I am here as your voice of reason to tell you to resist that temptation.<br /><br />You know how it works. The employee is required by management to ask every customer if they’d like to open a store credit card. They may even be prompted by a message on their register. It’s not personal; they are just doing what is required by their job.<br /><br />It’s likely that you gave the items that you are purchasing more thought than you are this credit card. You might think, “10% could really help me out.” But the long line and your schedule might deter you. “Only takes a minute,” says the clerk.<br /><br /><div>You are not likely to read over the card details or consider comparing it to another comparable store during that “minute”. You probably won’t ask about the interest rate or terms and conditions. And the clerk is not going to explain all the details either. Their goal is to get you to fill out the application, move the line along and collect an extra dollar in their paycheck for each application.<br /><br />Filling out the form doesn’t guarantee you’ll get the card. Your application is subject to credit check and approval. Yes, the store has more time to review you than you did in deciding to apply for the card.<br /><br />And regarding your credit score; every time you apply for a credit card, approved or not, it’s a ding to your score. So that impromptu decision to apply for credit just brought down your score. If you are caught by that temptation at a few other stores, you are ticking away at your score more. Plus, most store credit cards carry a high interest rate. The exception can be co-branded cards that carry the Visa, Mastercard or Discover logos.<br /><br />Remember this: No financial decision should ever be made without thinking through the consequences and investing the details. </div>Celeste Murphyhttp://www.blogger.com/profile/05042442317831281535noreply@blogger.com0