Q : Credit Unions vs. Banks, What really is the difference ?
A : Banks and Credit Unions are the same in that they are both operate under federal or state charters. Their deposits, up to $250,000, are insured by one of two federal agencies: the Federal Deposit Insurance Corporation (FDIC) or the National Credit Union Administration (NCUA). Both are subject to periodic regulatory and federal insurance examination.
They are different in that Credit Unions, such as ours, are established to promote the financial well-being of their members, from those people of modest means to those of significant wealth, through a system that is cooperative, member-owned, volunteer directed and not-for-profit.
Banks are for-profit institutions looking to make a profit for their share-holders; their boards of directors are compensated. Credit unions are not-for profit, their income is reinvested in its’ members thru dividends and services. Boards are volunteer and elected from among the members. With that philosophy, credit unions can offer higher interest rates on deposits and lower rates on loans.
Holyoke Community Federal Credit Union’s philosophy of “People Helping People” is seen through our pledge of good customer service, our commitment to our members’ financial growth through low rates on loans, low fees and high interest rates on deposits. HCFCU has a federal charter and deposits are insured through the NCUA.
Credit Scores and where they come from...
Q : What is a Beacon ( Pinnacle ) Score ?
A : A number generated by the Equifax Credit Bureau to rank an individual's credit-worthiness. When NextGen FICO scores started being used, the Beacon score was replaced with the Pinnacle score.
Q : What is a FICO Score ?
A :A number generated by the Experian Credit Bureau to rank an individual's credit-worthiness.
Q : What is a Precision Score ?
A : A number used by the TransUnion Credit Bureau to quantify the credit worthiness of borrowers. Precision scores used to be called Empirica scores before TransUnion started using the NextGen scoring model. These scores will determine how risky it is for a lending institution to lend money to borrowers.
Q : Fraud Information ( Where to report )
A : Major credit reporting companies.
Consumer Information from the Federal Trade Commission
Q : What if I suspect fraudulent activity with my Bank Account ?
A : Holyoke Com. Fed. Credit Union will never contact you through telephone or email and request personal information from you such as account numbers, pin numbers, social security numbers, etc. We will continue to verify your identity when you contact us through your security code. Should you receive a phone call or email requesting any personal information, please do not give it to the person and contact us immediately so that we may research any possible fraud. If you do not have a security code associated to your account, please contact us at 970-854-3109. Thank you.
Loan Rates, Approval, and Co-signers
Q : What will my interest rate be?
A : Interest rates are based on your credit worthiness and the quality of your collateral, if any. Your loan officer will tell you the best rate you qualify for.
Q : How much would my monthly payment be?
A : Use our online calculator to figure this out. You can enter different amounts to find what works best for you.
Q : How long will it take for my application to be approved?
A : Typically, if all necessary info is provided, you loan can be approved with 24 hours.
Q : If I have little or no credit, will I need a co-signer?
A : Sometimes yes, sometimes no. We will do a full credit evaluation at the time of your application and if you need somebody to co-sign, we'll let you know.
Q : Why should consider having my loan insured?
A : For pennies a day, you can add credit life/credit disability insurance. This protects you in case of injury or loss of life.