Engage and Connect: the Heart of Community Impact Day.

~ Tara ~ Leave a comment

On June 9th, First Credit Union celebrated its 77th anniversary. Since we opened our doors in 1939, the way we do business has changed significantly (it’s hard to remember what we did before computers came along!); but what hasn’t changed is our personalized, hands-on approach to helping our members and our community.

We believe in engaging in activities that result in connecting  with members and the communities we serve. Community Impact Day is an opportunity to work alongside non-profit organizations painting, weeding, building fences and clearing brush for a few hours – a powerful way to connect with our community.

This year’s Community Impact Day will be taking place tomorrow, June 16th–please be advised that all of our branches will be closing early at 2pm while we head out to volunteer! To get a better idea of what Community Impact Day means to our staff, our local non-profit organizations, and our communities, check out this video from last year’s event that achieved such great success that this project has become annual.

Are You Prepared For An 8.0 Earthquake?

~ Avry Janes ~ Leave a comment

Shake ZoneResidents and business owners of the Comox Valley and Powell River are invited to participate in the Shake Zone earthquake simulator and emergency preparedness fair to experience what an 8.0 magnitude earthquake feels like and shake up their personal preparedness planning.

The portable simulator will be set up in Simms Millennium Park on Friday, June 3, 2016 from 1:00 to 7:00 p.m in the Comox Valley and in Crossroads Village Parking Lot on Monday, June 6, 2016 from 1:30 to 7:00 p.m in Powell River.

In addition to the earthquake simulator, emergency responders as well as emergency preparedness and insurance displays will be onsite to help educate on best practices to be prepared and lower your risk.

The Comox Valley and Powell River  Emergency Program has partnered with Insurance Bureau of Canada (IBC), First Insurance, Westview Agencies and other emergency programs across Vancouver Island to bring the Shake Zone to various stops on Vancouver Island and the Sunshine Coast. The event is free to attend and up to three people at a time will be able to take part in the simulator. Elected officials and school groups will take part between 1:00 and 2:00 p.m in the Comox Valley and at 1:30 p.m in Powell River.

Children must be a minimum of eight years old to participate and children eight to 10 years old must participate with a legal guardian. To view highlights from the 2015 tour, click here. For more information about the Shake Zone, visit www.comoxvalleyrd.ca/quake or http://www.powellriverrd.bc.ca/community-services-2/emergency-preparedness/

5 Reasons to Bike to Work

~ Rachael Barton-Bridges ~ Leave a comment

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With Bike to Work Week quickly approaching, here are some motivators to get you out of your vehicle and onto your bicycle! There are so many benefits to biking to work, but here are five main reasons how biking to work will improve your overall well-being.

  1. Your health

It’s not news that staying physically fit is essential for a healthy lifestyle. What better way to do this than by biking to work? It is not just your physical health that is improved by exercise, either. Exercising has been shown to reduce stress, anxiety, and to improve overall mental health.

  1. Save money

Not only are you saving money by not paying for an exercise class, but also you are cutting your costs of gas. With the cost of fuel perpetually rising, biking to work is clearly an economical choice.

  1. Cut down on greenhouse gases

Using less gas isn’t just beneficial for you in a financial sense—you’re doing the planet a favour. Reducing the greenhouse gas emissions by not driving your vehicle to work brings us one step closing to inhibiting the development of climate change.

  1. Enjoy the fresh air

Let the planet do you a favour, too, by getting outside and taking advantage of the fresh air. If you’re headed to the office to spend all day indoors, what better way to start and end your day than an outdoor bike ride?

  1. Boost productivity

A breath of fresh air, along with exercise, first thing in the morning has been shown to increase productivity throughout the day. Get your endorphins flowing and get to work—hop on your bicycle!

Save the planet, save your health, save money… Really, there’s not much to lose! Join us in participating in Bike to Work Week this week. Look out for the Celebration Station in the parking lot of our Powell River (Joyce Avenue) Branch, offering free coffee and bike checks every morning of the week, and come enjoy free pancakes on Friday morning at the Joyce Branch from 7:30-8:45am! Check out our Facebook event for more details: https://www.facebook.com/events/1216678151706425/

Partnership with Success by 6 cooks up Recipes for Healthy Beginnings

~ Avry Janes ~ 1 Comment

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First Credit Union & Insurance (Comox Valley) recently enjoyed connecting with the younger residents of the community during a Success by 6 public awareness campaign.

In partnership with Family Literacy Week (Jan. 27th – 30th), Success by 6 distributed approximately 1000 brightly coloured lunch bags – each containing books, milestone charts and Recipes for Healthy Beginnings. These kits were designed to provide resources and tools for families who may not otherwise have access to the information.

Over the course of the week, children and families packed into the three local libraries. Flush with smiling happy faces, they merrily joined in the musical performances and listened intently during group reading; all the while, toting along their new bag and treats.

It was a tremendous gift to be involved with this initiative – from the brainstorming of the concept to the delivery of the goodie bags. Hopefully many little people will use the recyclable lunch bags for several years to come and think as fondly of the event as we will!

This sponsorship opportunity was made possible in part thanks to the work Central 1 does with the little critter sales and partnership with United Way.

 

Boost Your Credit Score: 4 Myths Debunked

~ Tara ~ Leave a comment

Credit scores are an area of personal finance that seem a lot more mysterious than they actually are. Many people believe that improving them is a matter of trial and error and, as a result, there’s a lot of “credit score advice” floating around that can end up doing more harm than good. Four common credit score myths have been rounded up and debunked below:

MYTH #1: You have no control over your credit score

There are a lot of factors that make this myth easy to buy into—credit bureaus keep their exact credit score formulas a secret, you can’t access your credit report whenever you’d like online without paying a fee and it’s possible to be financially stable and still have a miserable score. It’s OK to find credit scores confusing, but if you have an accompanying “there’s nothing I can do about it” mentality, ditch it right now! Your credit score is a reflection of your borrowing and repayment behaviours, and that means you have a lot more control over it than you think.

MYTH #2: There’s a “quick fix” for your credit score

Although junk mail and late night commercials try to convince you otherwise, boosting your credit score doesn’t happen overnight. The good news is that the things you can do to positively influence your score are simple and don’t require a lot of time (or even that much effort!)—but the trade-off is that you’ll have to be patient while waiting for your new good credit habits to take effect. Your credit score is more of a track record than a snapshot, so consistency is key.

MYTH #3: Checking my credit report will negatively affect my score

This myth comes from confusing two different types of credit score inquiries: hard inquiries and soft inquiries. Hard inquiries are made by lenders or credit card companies when you apply for a new line of credit (a loan, a new credit card or a mortgage, for example). Soft inquiries are made by you or by others for background check purposes (a potential employer or landlord, for example). Because hard inquiries suggest you might be taking on more credit soon, they usually lower your score by a few points. Soft inquiries, on the other hand, do not affect your credit score in any way. This means you have nothing to lose by accessing your own score—in fact, doing so will help you understand what your current credit activity looks like and how you can improve it.

Note: there are some situations (like renting a car or a landlord running a credit check) where either a hard inquiry or a soft inquiry can be made. In these cases, it’s a good idea to find out beforehand what kind of inquiry will be made so that you know what to expect.

MYTH #4: Opening or closing a bunch of credit cards will improve my score

Even though these actions are the complete opposite of each other, this myth is still widespread—and very misleading. This is because opening and closing credit cards affects several different aspects of your credit score.

Opening new credit cards gives you more available credit, which in turn lowers your credit utilization ratio. This is a fancy term for the amount of available credit you actually use each month. (For example, if you have one credit card with a $1,000 limit and charge $200 to your credit card that month, your credit utilization ratio is 20%). Lowering your credit utilization ratio is a good thing, so opening new credit cards to boost your score might seem like a solid strategy. But remember those pesky hard inquiries? Opening a bunch of new credit cards means a sudden increase in the number of hard inquiries. Each hard inquiry docks a few points from your score, and if many are made within a short amount of time, it makes you look risky, which can further influence your credit score in a negative way.

So then closing a bunch of accounts must be the way to go, right? Not quite. Depending on the accounts you close, you could unintentionally be raising your credit utilization ratio and shortening the overall length of your credit history. Both of these consequences lower your credit score.

The best approach is to space out any credit account openings or closings. Try to time them in a way that any short-term negative impact on your credit score won’t interfere with an important upcoming car loan or mortgage. Do your research, only apply for credit products you need, and understand what a specific credit card is contributing to your score before making the decision to close it (that first college credit card may have a low limit and no rewards, but if it’s adding a few years on to your credit history, it’s best to keep it in rotation).


A boost for non-profits available through Community Investment Fund

~ Avry Janes ~ Leave a comment

 

Investment Funds 2016 (FCU&I)
2016 marks the third annual Community Investment Fund initiative presented by First Credit Union and Insurance. This program provides one-time financial support to non-profit organizations who contribute to the long-term social, health, economic, and collective well-being of the communities we serve.

Being able to provide a financial boost to a non-profit project or program is an opportunity for First to support vulnerable members of the community we may not otherwise connect with. Each year we are humbled by the tremendous work being done by non-profits and their ability to elevate the lives of those who need it most.

Past recipients of the fund include: Bowen Island Snug Cove House  (affordable senior care), Comox Valley Family Services Association (helping youth with anxiety), Cumberland Community School Society (providing support for new mothers), Powell River Hospice Society (providing end of life care and compassion) and Texada Health Services Society (supporting those living with Cancer).

This year we are proud to announce $11,350 in funds are available. Below is a breakdown by region:
• Bowen Island $1,000
• Comox Valley $2,700
• Cumberland $1,400
• Powell River $4,400
• Texada $650

Non-profit organizations in the Bowen Island, Comox Valley, Cumberland, Powell River and Texada Island area can apply for the Community Investment Funds via the ‘community page’ of either the First Credit Union or First Insurance websites. The deadline to apply for the 2016 funds is Friday, March 18th, 2016. The successful applicants will be announced at the First Credit Union AGM in Powell River this May.

For information about the Westview Agencies Community Investment Fund, visit the website ‘community page’.

5 Identity Theft Jackpots (and How You Can Safeguard Against Them)

~ Tara ~ Leave a comment

Identity theft is nothing new, and yet it still manages to cost its victims billions of dollars (yes, that’s billions with a “b”) globally each year—not to mention the time and hassle involved in recovering a stolen identity.

The good news is that there are tons of things you can do to deter identity thieves. The bad news is that many of us do little beyond choosing a decent password—and some people don’t even bother doing that! Here are the top 5 information jackpots for identity thieves, along with helpful tips on what you can do right now to protect yourself.

  1.  Your Trash Can

Even if you’re really careful about the information you put online, your trash bags and recycling bin can still be an easy target for identity thieves. Dumpster diving may sound old school, but it’s still an easy way for identity thieves to get access to your personal information.

  •  Get a shredder (a basic model will run you $20 to $30 at a big-box store) and use it!
  • Get into the habit of shredding things before throwing them out, especially things like bank statements, expired credit cards, utility bills, cellphone bills, paycheque stubs, old boarding passes and travel itineraries, and ATM receipts.
  • Don’t forget to check your envelopes! Anything with your name and address on it needs to be shredded, too.
  1. Your Phone

Odds are that you’re carrying a lot more in your phone than just your contact list. With smartphone theft on the rise, protect yourself:

  • Have a password-protected lock on your home screen. This is a standard feature on all smartphones for a reason, so take advantage of it! Bonus points if your smartphone also has location tracking (also known as the “find my phone” feature).
  • Public Wi-Fi networks are not secure, so avoid checking your bank accounts or doing your online shopping from the local coffee shop or during your layover at the airport.
  • Do not store sensitive information on your phone—storing passwords or login information in a note-taking app is bad news.
  1. The PIN Pad

It seems like every few months a new point-of-purchase scheme emerges—skimming devices, keystroke loggers, ATM hacking… the list goes on! Here are some good practices for when you’re out and about:

  • When making a purchase, keep your debit or credit card in sight at all times.
  • Use your hand to block the buttons when entering your PIN number, even if there’s no one immediately behind you—a camera can always be watching.
  • Choose a good PIN. Avoid PINs derived from your personal information, like your telephone number, address or birthday. Avoid an easy-to-guess PIN, like the dreaded “1234”.
  • Change up your PIN, especially if you use the same combination for your debit card and for unlocking your cellphone.
  1. Your Mailbox

Like the trash-picker approach mentioned above, mail tampering is a low-tech but relatively easy way for identity thieves to compromise your personal information. Here’s what you can do:

  • Familiarize yourself with your billing cycles. A late credit card statement or a bill that never shows up could be a sign of mail tampering.
  • Identity thieves will sometimes request a change of address to illegally reroute your mail to a different location. If you suddenly stop receiving mail, check with the post office to make sure this isn’t the case.
  • Use a mailbox with a locking system to deter thieves.
  1. Your Computer

You would think that this one would be common knowledge by now, but every so often a virus or scam comes along that trips us up. Stay one step ahead of scammers:

  • Keep your firewall, anti-virus and operating system software up-to-date. No matter how new and fast your laptop is, it still needs protection.
  • Enable spam filters on your email accounts.
  • Look out for sketchy links and emails. Ignore any suspicious password reset requests, unexpected tracking numbers or anything that asks for your personal information via email.
  • Don’t overshare on social media. Do your Facebook friends really need to know what year you were born? Can people tell when no one is home based on your Instagram feed? Keep your accounts private and make sure you’re not accidentally broadcasting sensitive information.

By being aware of the top 5 information jackpots and by implementing these simple strategies, you can keep identity thieves at bay.

Some Choices Matter

~ Tara ~ Leave a comment

Some choices matter – including where you choose to bank. You will probably do more business with your financial institution than any other corporation in your lifetime. So why not take the profits your financial institution makes, and put them to work for you and your community?

Credit score breakdown: what you need to know

~ Tara ~ Leave a comment

You’ve likely heard about credit scores before (thanks to all those commercials with terrible jingles), but what do you actually know about them? How long have they been around? And what’s the deal with checking them?

A credit score is a number (usually between 350 and 800) that represents your creditworthiness. It’s a standardized measurement that financial institutions and credit card companies use to determine risk level when considering issuing you a loan or a credit card. Basically, it provides a snapshot of how likely you are to repay your debts on time. Widespread use of credit scores has made credit more widely available and less expensive for many consumers.

The credit scoring system that we’re familiar with today has been around since the 1980s. Before then, there was no standardized way to measure creditworthiness, so it was up to individual lenders to make judgment calls on whether or not to loan money to someone. The old system was time-consuming, inconsistent and quite biased, so a credit scoring system was introduced.

The FICO score is the best known and most widely used credit score model in North America. It was first introduced in 1989 by FICO, then called Fair, Isaac and Company. It’s also known as the Beacon score in Canada. The FICO model is used by the vast majority of banks and credit grantors, and is based on consumer credit files from the two national credit bureaus: Equifax Canada and TransUnion Canada. Because a consumer’s credit file may contain different information at each of the bureaus, FICO scores can vary, depending on which bureau provides the information to FICO to generate the score.

When credit scores were first introduced, they were used primarily for loaning money. Today, credit scores have much more pull, and that’s why it’s important to understand how they’re calculated. Your monthly car payments, your ability to snag that sweet apartment and even the hiring manager’s decision on that new job you applied for can all be influenced by your credit score.

A credit score of 720 or more is considered prime—this means you’re in good shape. Scores under 625 mean you could be turned down for a loan. Scores in the good-not-great range (625 to 720) might get you loan approval, but your interest rates will be higher than if you had a prime credit score. Nobody likes the idea of paying more money for no reason, so it makes sense to adopt credit habits that will boost your overall score.

Taking the time to familiarize yourself with how credit scores are calculated is the first step in getting a strong score. Each credit bureau uses a slightly different calculation, but the basic breakdown goes like this:

  • 35% is based on payment history. Making payments on time boosts your score.
  • 30% is based on capacity. This is one of the areas where the less you use of your total available credit, the better. If you get close to maxing out all your credit cards or lines of credit, it tanks your score, even if you’re making your payments on time.
  • 15% is based on length of credit. Good credit habits over a long period of time raise your score.
  • 10% is based on new credit. Opening new credit cards (this includes retail credit cards) has a short-term negative effect on your score, so don’t open a whole bunch at once!
  • 10% is based on mix of credit. Having a combination of different types of credit (like revolving credit and installment loans) boosts this part of your score. Credit cards are considered revolving credit, and things like car loans and mortgages are installment loans.

Curious about your credit report? You are entitled to one free credit report per year by mail from Equifax and TransUnion. Spacing out your credit report requests allows you to check on your credit every six months or so. If you can’t wait for a free report by mail, you can always get an instant credit report online from Equifax or TransUnion for approximately $15.

When you receive your credit report, you’ll notice that it does not list your three-digit credit score. Despite this, it’s still a helpful reference because it serves as the basis of your credit score. If you know how a credit score is calculated, then you know how to look for factors on your credit report that might be influencing your score for better or for worse. It’s also an easy way to look at account openings, account closings and what your repayment history looks like.

You can get access to your actual credit score from either Equifax or TransUnion for an additional fee ($20 to $25).

Some commercials make it seem like credit scores are big, mysterious, randomly assigned numbers. But with a little research, a little patience and some good habits, you can influence your credit score in a positive way and not be caught off guard by a denied loan or an outrageous interest rate.