fico vs. vantagescore: connect with us
TRANSCRIPT
In This Issue2 - Home Buyer’s Events2 - Invest In America2 - Annual Meeting Reminder 2 - Book Drive
3 - Safe Social Networking 3 - Blanket Drive 3 - Prevent Identity Theft When Traveling 4 - FICO Vs. VantageScore
Connect With Us
Spring11
A Quarterly Update on News and Events for Members of MassMutual Federal Credit Union
14
Main Office1295 State Street
Springfield, MA 01111-0001 MIP F235
Phone: 413.744.3431 (ext. 43431)Fax: 413.226.4359
Toll Free: 800.940.9466
Office HoursMonday-Friday
8:30 am-4:00 pm
Express Teller BranchClarence Street Entrance
1295 State Street Springfield, MA 01111-0001
MIP F235 Phone: 413.744.1168 (ext. 41168)
Fax: 413.226.4359 Toll Free: 800.940.9466
Office HoursMonday-Friday
8:30 am-4:00 pm
Bright Meadows Branch100 Bright Meadow Boulevard
Enfield, CT 06082-1981 MIP M241
Phone: 860.562.1947 (ext. 21947) Fax: 860.562.6066
Toll Free: 800.940.9466
Office HoursMonday-Friday
8:30 am-4:00 pm
Locations and Hours
24-Hour ServicesWeb site/CUOnline Banking
www.massmutualfcu.org
Call 24(Transaction by Phone)
800.788.6628 Inter-Office: ext. 46628
This credit union is federally insured by the National
Credit Union Administration
Holiday ClosingsGood FridayApril 22, 2011
Memorial DayMay 30, 2011
Independence DayJuly 4, 2011
Young or Old: Help Your Loved Ones Make Safe Auto Choices
Teenagers and senior citizens share one thing when it comes to choosing a car: They don’t always make the best choices.
Teenagers may want flashy, fast cars, but what they need are reasonably powered cars that have good test results and numerous safety features.
Senior citizens have different issues, but similar to teenagers, they’re making decisions based on a lack of information. Many seniors aren’t aware of the new brands and models that could meet their age-specific needs.
Considering a first car for a teenager?A common misunderstanding is to think, “Why not give my teenager the biggest car possible—surely that’s safer, right?” Wrong.
Big cars are more difficult to control, and teenagers are the least experienced people on the road. Give them a car that handles well, is agile and has as many safety features as possible.
This usually means getting your teenager a new car, rather than handing down an old one. And it means not giving them a large SUV or pickup—both have high centers of gravity that make them more prone to roll than other vehicles. Stay away from sports cars as well. They tempt drivers to go fast and have a higher rate of accidents than other cars.
Look for a reasonably sized sedan that has:• Safety features such as electronic stability control and curtain air bags• Good crash-test results• Not too much power• A strong structure
Give mature drivers the tools to decideMature drivers have different needs than teenagers. For example, they often need more time to process events and react. Complicated controls on a car can waste precious time and increase the chance of an accident.
What kind of car suits a senior best? Older drivers need easy in-and-out access, good visibility in all directions, a comfortable driver’s seat and easy-to-read and understand controls.
Drivers young or old—and in between—need cars with good safety features and crashworthiness. Look for electronic stability control. It may be named differently, but it’s important to have, no matter what it’s called. It keeps the car from going out of control.
If you’re thinking about purchasing a new or used vehicle, consider an auto loan from MMFCU. We offer competitive rates, an easy online application and personalized service. Learn more by visiting www.massmutualfcu.org or give us a call at 800.940.9466.
FICO Vs. VantageScore: What’s The Difference?
Your credit score is in many cases the most influential factor in a lender’s decision to grant you credit and at what rate. The higher the score, the less you’ll pay for the use of someone else’s money.
Although the most widely used credit model is the FICO (named for the score’s developer, Fair Isaac Corporation), there’s another score for sale— the VantageScore.
It’s very important to know which one you’re looking at. The more traditional FICO score can range from 350 to 850. The VantageScore, however, ranges from 501 to 990 and parallels a grading system of A to F. And these different scales can cause confusion.
Understand the basics before you purchase your credit score:
• A FICO score of 750 is considered a good credit score, which means lenders likely will view you as a good credit risk. A VantageScore of 720, however, would yield a grade of “C” (901 to 990=A, 801 to 900=B, and so on).
• VantageScore was launched in March 2006 and jointly developed by the three major credit reporting companies (Equifax, Experian, and TransUnion). These credit reporting companies market the VantageScore from their respective Web sites. For example, consumers can purchase a VantageScore for $7.95 at vantagescore.experian.com. Equifax, on the other hand, only sells VantageScores to businesses. Check each credit reporting company’s Web site for details.
• You can buy your FICO score from Equifax or TransUnion through myFICO.com, or from the credit reporting companies’ Web sites.
• If you buy your FICO score from more than one credit bureau, you might be surprised to see a different number on each one. This occurs because the data in your files at the credit bureaus may vary.
• In addition to selling the FICO score, credit reporting agencies, other credit score developers and lenders may promote their own proprietary scores. These and other non-FICO scores tend to vary even more widely from source to source because, in addition to there being differences in the underlying data, each provider also uses a different scoring formula and scale.
• Given how entrenched FICO scores are in the credit industry, a large-scale move to VantageScore or any other scoring system probably won’t happen quickly.
While it’s too soon to know if VantageScore will one day give FICO competition, it’s never too early to understand how you’re being evaluated and how you rate.
For questions about credit scores or other credit-related issues, stop by or contact us at 800.940.9466.
Student Loan Reminder
Don’t forget about MMFCU’s low-rate student loans with no origination fees! Visit www.massmutualfcu.studentchoice.org for details.
32
Safe Social Networking: Three Things To Do Right Now
• Protect your identity. Reveal your profile, photos, status and other information only to your friends—and periodically check your friends list to be sure you really want these people as friends. In most social networking sites, you can do this by clicking on username, account, settings, privacy or something similar at the top right of the page.
• Check messages. Judge messages and wall posts carefully, especially any that ask you to click. Look for messages that are out of character with the supposed sender, or that contain short URLs that forward you to a page with a longer address when you click.
• Protect your password. Hackers can tamper with your account and launch an attack on your family and friends. Choose cryptic passwords with random characters, numbers and uppercase and lowercase letters.
Prevent Identity Theft When Traveling
As you make your travel plans, plan how you’ll keep your personal information safe. When you’re away from home, distractions become opportunities for thieves who are looking for ways to steal your identity. Don’t let them ruin your vacation.
These simple steps can save you hours of frustration and hundreds of dollars or more. Before you go:
• Have your mail collected or held at the post office.• Don’t blog, tweet or post your travel plans on social networking sites.• Decide which credit cards you’ll take (as few as possible) and how you’ll
stash a backup in case one is lost, stolen or canceled. Don’t forget to contact MMFCU and your other credit card issuers in advance if you plan to use your credit cards while you are away.
• Make a list of important phone numbers, including the numbers of MMFCU and other credit card issuers.
• At home, make sure your financial documents aren’t sitting in plain view.
When traveling:
• Don’t carry extra credit cards or personal information (i.e. your Social Security number) in your wallet or purse unless necessary.
• Never leave your purse or wallet unattended. • Beware of distractions. Criminals create or take advantage of distractions and
then try to steal your personal items. • Assume public wireless establishments aren’t secure—don’t enter passwords
or financial account information when using a public wireless “hot spot” or cyber café.
• Use cash when possible.• Confirm credit card numbers in person at hotels instead of over the phone.
Home Buyer’s Events Were Successful
We recently held a First-Time Home Buyer’s Seminar and a Home Buyer’s Fair, and both events were very successful. At the First-Time Home Buyer’s Seminar, members learned about the costs of purchasing a home, the types of home loans available, how to shop for a home, why inspections are so important, how the closing process works and other helpful information needed in the home-buying process. Members learned that before they begin shopping for a home they need to do their homework, and they learned the value of getting pre-approved before they start shopping.
At the Home Buyer’s Fair, members were able to speak with our Mortgage Officers, realtors, attorneys, a representative from the MassMutual HOME Program, a home inspector, a home insurance agency, local housing assistance agencies and more.
If you missed these events but are shopping for a home, we can help. Our Mortgage Officers will be happy to discuss with you the various options that are available and help you to become pre-approved before you start shopping, so that you’ll know exactly how much you have to spend on your new home. Call one of our Mortgage Officers today at 800.940.9466 or send an e-mail to [email protected]. You can also visit our Web site and apply for a mortgage online at www.massmutualfcu.org.
Need a New Car? Save Big On A New GM Vehicle with Invest in America
Thanks to our partnership with Invest in America, we have two ways for our members to save on a new vehicle. First, GM is offering valuable discounts on most new vehicles. Depending on which vehicle you choose, you could drive away saving thousands of dollars! Second, our members can save big with great, low loan rates when you finance your new vehicle through our credit union. Just visit www.lovemycreditunion.org to get the details on GM’s terrific offers. Saving is that simple. Book Drive
Now through April 30th we will be collecting new and gently used children’s books. Last year we collected over 2,300 books, which were donated to the Massachusetts Coalition of the Homeless. Please help those in need by donating to our Book Drive. Each book can make a difference in the life of a child.
Books can be dropped off at any Credit Union branch location. For more information please visit our Web site at www.massmutualfcu.org.
Thank You For Participating In Our Blanket Drive
We would like to thank all of our members who participated in the blanket drive during the month of January. We collected over 60 new blankets! The blankets were donated to a local homeless shelter.
Thank you all for your generosity!
Annual Meeting
Reminder
All members are welcome to join us for our Annual Meeting— details are below.
When: Wednesday, April 13, 2011
Where: MassMutual Home Office, Business Dining Room 1295 State Street Springfield, MA
Time: 4:15 pm
Please contact the Credit Union at 800.940.9466 if you will be attending so that we can plan accordingly. We hope to see you there!
32
Safe Social Networking: Three Things To Do Right Now
• Protect your identity. Reveal your profile, photos, status and other information only to your friends—and periodically check your friends list to be sure you really want these people as friends. In most social networking sites, you can do this by clicking on username, account, settings, privacy or something similar at the top right of the page.
• Check messages. Judge messages and wall posts carefully, especially any that ask you to click. Look for messages that are out of character with the supposed sender, or that contain short URLs that forward you to a page with a longer address when you click.
• Protect your password. Hackers can tamper with your account and launch an attack on your family and friends. Choose cryptic passwords with random characters, numbers and uppercase and lowercase letters.
Prevent Identity Theft When Traveling
As you make your travel plans, plan how you’ll keep your personal information safe. When you’re away from home, distractions become opportunities for thieves who are looking for ways to steal your identity. Don’t let them ruin your vacation.
These simple steps can save you hours of frustration and hundreds of dollars or more. Before you go:
• Have your mail collected or held at the post office.• Don’t blog, tweet or post your travel plans on social networking sites.• Decide which credit cards you’ll take (as few as possible) and how you’ll
stash a backup in case one is lost, stolen or canceled. Don’t forget to contact MMFCU and your other credit card issuers in advance if you plan to use your credit cards while you are away.
• Make a list of important phone numbers, including the numbers of MMFCU and other credit card issuers.
• At home, make sure your financial documents aren’t sitting in plain view.
When traveling:
• Don’t carry extra credit cards or personal information (i.e. your Social Security number) in your wallet or purse unless necessary.
• Never leave your purse or wallet unattended. • Beware of distractions. Criminals create or take advantage of distractions and
then try to steal your personal items. • Assume public wireless establishments aren’t secure—don’t enter passwords
or financial account information when using a public wireless “hot spot” or cyber café.
• Use cash when possible.• Confirm credit card numbers in person at hotels instead of over the phone.
Home Buyer’s Events Were Successful
We recently held a First-Time Home Buyer’s Seminar and a Home Buyer’s Fair, and both events were very successful. At the First-Time Home Buyer’s Seminar, members learned about the costs of purchasing a home, the types of home loans available, how to shop for a home, why inspections are so important, how the closing process works and other helpful information needed in the home-buying process. Members learned that before they begin shopping for a home they need to do their homework, and they learned the value of getting pre-approved before they start shopping.
At the Home Buyer’s Fair, members were able to speak with our Mortgage Officers, realtors, attorneys, a representative from the MassMutual HOME Program, a home inspector, a home insurance agency, local housing assistance agencies and more.
If you missed these events but are shopping for a home, we can help. Our Mortgage Officers will be happy to discuss with you the various options that are available and help you to become pre-approved before you start shopping, so that you’ll know exactly how much you have to spend on your new home. Call one of our Mortgage Officers today at 800.940.9466 or send an e-mail to [email protected]. You can also visit our Web site and apply for a mortgage online at www.massmutualfcu.org.
Need a New Car? Save Big On A New GM Vehicle with Invest in America
Thanks to our partnership with Invest in America, we have two ways for our members to save on a new vehicle. First, GM is offering valuable discounts on most new vehicles. Depending on which vehicle you choose, you could drive away saving thousands of dollars! Second, our members can save big with great, low loan rates when you finance your new vehicle through our credit union. Just visit www.lovemycreditunion.org to get the details on GM’s terrific offers. Saving is that simple. Book Drive
Now through April 30th we will be collecting new and gently used children’s books. Last year we collected over 2,300 books, which were donated to the Massachusetts Coalition of the Homeless. Please help those in need by donating to our Book Drive. Each book can make a difference in the life of a child.
Books can be dropped off at any Credit Union branch location. For more information please visit our Web site at www.massmutualfcu.org.
Thank You For Participating In Our Blanket Drive
We would like to thank all of our members who participated in the blanket drive during the month of January. We collected over 60 new blankets! The blankets were donated to a local homeless shelter.
Thank you all for your generosity!
Annual Meeting
Reminder
All members are welcome to join us for our Annual Meeting— details are below.
When: Wednesday, April 13, 2011
Where: MassMutual Home Office, Business Dining Room 1295 State Street Springfield, MA
Time: 4:15 pm
Please contact the Credit Union at 800.940.9466 if you will be attending so that we can plan accordingly. We hope to see you there!
In This Issue2 - Home Buyer’s Events2 - Invest In America2 - Annual Meeting Reminder 2 - Book Drive
3 - Safe Social Networking 3 - Blanket Drive 3 - Prevent Identity Theft When Traveling 4 - FICO Vs. VantageScore
Connect With Us
Spring11
A Quarterly Update on News and Events for Members of MassMutual Federal Credit Union
14
Main Office1295 State Street
Springfield, MA 01111-0001 MIP F235
Phone: 413.744.3431 (ext. 43431)Fax: 413.226.4359
Toll Free: 800.940.9466
Office HoursMonday-Friday
8:30 am-4:00 pm
Express Teller BranchClarence Street Entrance
1295 State Street Springfield, MA 01111-0001
MIP F235 Phone: 413.744.1168 (ext. 41168)
Fax: 413.226.4359 Toll Free: 800.940.9466
Office HoursMonday-Friday
8:30 am-4:00 pm
Bright Meadows Branch100 Bright Meadow Boulevard
Enfield, CT 06082-1981 MIP M241
Phone: 860.562.1947 (ext. 21947) Fax: 860.562.6066
Toll Free: 800.940.9466
Office HoursMonday-Friday
8:30 am-4:00 pm
Locations and Hours
24-Hour ServicesWeb site/CUOnline Banking
www.massmutualfcu.org
Call 24(Transaction by Phone)
800.788.6628 Inter-Office: ext. 46628
This credit union is federally insured by the National
Credit Union Administration
Holiday ClosingsGood FridayApril 22, 2011
Memorial DayMay 30, 2011
Independence DayJuly 4, 2011
Young or Old: Help Your Loved Ones Make Safe Auto Choices
Teenagers and senior citizens share one thing when it comes to choosing a car: They don’t always make the best choices.
Teenagers may want flashy, fast cars, but what they need are reasonably powered cars that have good test results and numerous safety features.
Senior citizens have different issues, but similar to teenagers, they’re making decisions based on a lack of information. Many seniors aren’t aware of the new brands and models that could meet their age-specific needs.
Considering a first car for a teenager?A common misunderstanding is to think, “Why not give my teenager the biggest car possible—surely that’s safer, right?” Wrong.
Big cars are more difficult to control, and teenagers are the least experienced people on the road. Give them a car that handles well, is agile and has as many safety features as possible.
This usually means getting your teenager a new car, rather than handing down an old one. And it means not giving them a large SUV or pickup—both have high centers of gravity that make them more prone to roll than other vehicles. Stay away from sports cars as well. They tempt drivers to go fast and have a higher rate of accidents than other cars.
Look for a reasonably sized sedan that has:• Safety features such as electronic stability control and curtain air bags• Good crash-test results• Not too much power• A strong structure
Give mature drivers the tools to decideMature drivers have different needs than teenagers. For example, they often need more time to process events and react. Complicated controls on a car can waste precious time and increase the chance of an accident.
What kind of car suits a senior best? Older drivers need easy in-and-out access, good visibility in all directions, a comfortable driver’s seat and easy-to-read and understand controls.
Drivers young or old—and in between—need cars with good safety features and crashworthiness. Look for electronic stability control. It may be named differently, but it’s important to have, no matter what it’s called. It keeps the car from going out of control.
If you’re thinking about purchasing a new or used vehicle, consider an auto loan from MMFCU. We offer competitive rates, an easy online application and personalized service. Learn more by visiting www.massmutualfcu.org or give us a call at 800.940.9466.
FICO Vs. VantageScore: What’s The Difference?
Your credit score is in many cases the most influential factor in a lender’s decision to grant you credit and at what rate. The higher the score, the less you’ll pay for the use of someone else’s money.
Although the most widely used credit model is the FICO (named for the score’s developer, Fair Isaac Corporation), there’s another score for sale— the VantageScore.
It’s very important to know which one you’re looking at. The more traditional FICO score can range from 350 to 850. The VantageScore, however, ranges from 501 to 990 and parallels a grading system of A to F. And these different scales can cause confusion.
Understand the basics before you purchase your credit score:
• A FICO score of 750 is considered a good credit score, which means lenders likely will view you as a good credit risk. A VantageScore of 720, however, would yield a grade of “C” (901 to 990=A, 801 to 900=B, and so on).
• VantageScore was launched in March 2006 and jointly developed by the three major credit reporting companies (Equifax, Experian, and TransUnion). These credit reporting companies market the VantageScore from their respective Web sites. For example, consumers can purchase a VantageScore for $7.95 at vantagescore.experian.com. Equifax, on the other hand, only sells VantageScores to businesses. Check each credit reporting company’s Web site for details.
• You can buy your FICO score from Equifax or TransUnion through myFICO.com, or from the credit reporting companies’ Web sites.
• If you buy your FICO score from more than one credit bureau, you might be surprised to see a different number on each one. This occurs because the data in your files at the credit bureaus may vary.
• In addition to selling the FICO score, credit reporting agencies, other credit score developers and lenders may promote their own proprietary scores. These and other non-FICO scores tend to vary even more widely from source to source because, in addition to there being differences in the underlying data, each provider also uses a different scoring formula and scale.
• Given how entrenched FICO scores are in the credit industry, a large-scale move to VantageScore or any other scoring system probably won’t happen quickly.
While it’s too soon to know if VantageScore will one day give FICO competition, it’s never too early to understand how you’re being evaluated and how you rate.
For questions about credit scores or other credit-related issues, stop by or contact us at 800.940.9466.
Student Loan Reminder
Don’t forget about MMFCU’s low-rate student loans with no origination fees! Visit www.massmutualfcu.studentchoice.org for details.