INFO DESK

It is important to keep up to date on your account and the transactions that occur on it.  We strongly advise all members to review each statement when mailed to verify accuracy and contact the credit union immediately with any discrepancies that appear.  Please review theRate and Fee Schedule, Account Agreement, and Privacy Policy.

TIPS ON IMPROVING YOUR CREDIT SCORE

Many creditors today are basing your interest rate and premiums on a number called your "credit score".  This single number can end up costing hundreds, if not thousands of dollars if you don't understand how the credit score is calculated.  Here are a few tips on maintaining a good credit score: Pay your bills on time.  It is estimated that a third of your credit score is based upon how you are currently making your payments.  The credit score takes into account that everyone makes a late payment now and again, therefore recent payments are weighted more heavily than those payments made six months ago. Review your credit report at least once a year and review it for inaccurate information.  The credit bureau is a database of stored information supplied by creditors.  Errors do occur. Applying for credit creates an inquiry on your credit report.  Keep the number of inquiries to a minimum because too many will adversely affect your credit score. Do NOT keep the balances on your revolving credit "maxed out."  As a general rule, keep your account balances below 70% or your available credit. Have a reasonable amount of revolving credit available.  Having too much unused credit available or high borrowing potential available may make you a larger credit risk.  Maintain enough available credit for times of emergency. Do NOT close accounts if there is no longer a need for the credit.  This erases any good payment history you may have had when using the credit.

Have You Been "Phished"?

One of the fastest growing frauds today is internet "phishing".  It involves legitimate looking email messages that use the institutions logo or other graphics to give you the feeling they sent you the email when in actuality it is bogus.  These emails are sent in an attempt to get the recipient to respond with personal information, such as account number, social security number and other financial details.  Like many other scams, "phishing" preys on the unwary.  Here is are some ways to protect yourself from this fraud: Never respond to unsolicited email that asks for personal financial information. Phone your financial institution to verify the email. Report anything suspicious to the proper authorities and alert the credit union identified in the email. As a side note, Bayou City Federal Credit Union will never initiate a response by asking you for personal and financial information.