
Indiana Members Credit Union Blog

SCAM ALERT!
What do scammers have in common? They evolve, they adapt and they never take a break! Let’s discuss some current scams affecting consumers.
Home Improvement Scams
Are you doing some repairs, renovating a basement, updating a bathroom or remodeling your kitchen? Has someone promised you a deal you think you can’t turn down? Your first step is to find a trustworthy contractor. Some signs that you are dealing with a scammer versus a reliable contractor include

Is It Possible to Open a Bank Account for a Child?
There’s no time like the present when it comes to teaching your child about finances. Financial education for youth prepares your child now for the intricacies of saving, spending, borrowing, and paying back money in their future. To understand the importance of financial education for kids, consider this: 87% of teenagers in the United States don’t understand their finances. What’s more, the average American adult rates their financial literacy level at 6.2/10. At many schools, that would be a failing—or almost failing—score! It’s safe to say that when children and teens lack financial literacy, they grow into adults who have low financial literacy.

How Can We Teach Children About the Importance of Money?
Financial education for youth is one of the most important lessons we can give our children to help smooth the way for a successful adulthood. Understanding how money works, how to budget, save, and invest appropriately, and what financial decisions will set them up for success later has a huge impact on their adult lives.
At Indiana Members Credit Union (IMCU), we know how valuable financial education for kids is, and we’ve created youth programs to help make it easier to get started.
What Age is the Best for Kids to Start Managing Their Own Money?
Managing personal finances proves a difficult challenge for many adult Americans. In fact, 13% of Americans spent more money than they earned over the first six months of 2022. What’s more, 61% of Americans live paycheck to paycheck, creating stress and limitations for those individuals. While nationwide economic challenges play a role in a person’s financial wellbeing, so, too, does their financial literacy. That’s why financial education for youth is so important.

How to Teach Your Child Financial Responsibility
We encounter it more often than you might think: adults wishing they would have been better informed in their younger years about the importance of financial responsibility. As it stands today, the average U.S. adult indicates a confidence level of 6.2 out of 10 when it comes to “understanding their finances,” according to Moneyzine. Unsurprisingly, a majority of current high-schoolers, 87%, similarly “admit not understanding their finances.” This, to put it bluntly, is far from ideal. It’s alarming, in fact—especially when you consider that before they know it, most of these high-schoolers will be going off on their own, where significant financial decisions await.

First Credit Card

Can You Get a Credit Card Without Credit History?
Young people face a lot of conundrums. How do you possibly understand everything there is to know about finances? How do you build credit if you supposedly need credit to get a credit card? It can truly feel overwhelming—fortunately, there are resources that can help sort through at least some of these questions.
At Indiana Members Credit Union, we’re dedicated to helping parents and young people alike with financial education for youth. From understanding budgeting and savings accounts to getting that first credit card and beyond, we’re here for our members every step of the way. Here are some tips to help young people responsibly find and acquire their first-time credit card.

What is the Best Credit Card to Open When You're Young?
We all know that financial literacy is important to thrive in today’s world. But sadly, the options for financial education are few and far between, especially for young people. Thankfully, there are a few good options out there—especially when you work with us at Indiana Members Credit Union.
At IMCU, we prioritize financial education for youth in our membership offerings—particularly, with our Smart Start Program and Jumpstart credit card. Smart Start teaches children (and their parents) good financial habits, and our Jumpstart card is one of the best credit cards for students, young adults, or those new to building credit. With these services at your side, you can help your child enter adulthood with practical, effective knowledge on how to budget, save, and build credit on their own.

Should An 18-Year-Old Get a Credit Card to Build Credit?
While it’s not something that’s extensively taught in most school systems, financial education for youth provides an important foundation for future adults. That being said, many parents don’t know where to start. This, of course, isn’t altogether surprising when you consider that the mere thought of “building credit” can be intimidating and confusing—even for adults!

Can You Get a Credit Card with $0 Income?
The answer is yes: in some cases, you can get a credit card with no income. However, doing this usually requires that the applicant is at least 18 years old and has an adult cosigner. It’s important to note, though, that “income” can mean more than money earned through a job. Understanding what counts as income for a credit card application is important, especially when applying for your first credit card.

First-Time Car Buyer
Helping your child with their first-time car buying experience can be overwhelming. You’re looking for a car your child likes, you are preparing to go to a dealership, and then knowing you are going to work with a salesperson through the sales process. However, financial education for youth programs can help you work through the challenges with your child and feel confident in their ability to purchase their first car.

What Are 3 Things You Need to Know When Buying a Car for the First Time?
Buying a car is one of the first milestones of adulthood. It’s an exciting step for a young person, but it can be an intimidating step to take—particularly as a first-time car buyer. There is a lot of new information to wade through: loans, monthly payments, not to mention the actual car itself. Thankfully, if you understand a few basics about buying a car, it will make the process much easier.

Whose Credit Score Is Used When Buying a Car with a Co-Signer
Generally, lenders will consider the credit score of all applicants applying for a loan. Different lenders use different methods for assessing the creditworthiness of borrowers. If you’re seeking a loan, it’s important to know how each lender assesses you for approval—especially if you’re attempting to make a big purchase, such as a car.

How to Get a Loan with No Credit History and No Cosigner
Being young and starting fresh comes with lots of perks, as most teenagers will tell you. But trying to get a loan before you have established credit history isn’t one of them. This is part of why financial education for youth is so important—so a teen can work on establishing credit and understanding their finances before they want to become a first time car buyer.
Being young and starting fresh comes with lots of perks, as most teenagers will tell you. But trying to get a loan before you have established credit history isn’t one of them. This is part of why financial education for youth is so important—so a teen can work on establishing credit and understanding their finances before they want to become a first time car buyer.

Can I Buy a Car If I Don't Have Any Credit History?
Yes, you absolutely can! In the past, a credit history was usually a requirement for getting an auto loan, but that’s not always the case today. So if you don’t have a credit history, don’t worry—you can still buy a car without paying in full. And we at Indiana Members Credit Union would like to show you some steps you can take to improve your experience as a first-time car buyer.
Yes, you absolutely can! In the past, a credit history was usually a requirement for getting an auto loan, but that’s not always the case today. So if you don’t have a credit history, don’t worry—you can still buy a car without paying in full. And we at Indiana Members Credit Union would like to show you some steps you can take to improve your experience as a first-time car buyer.
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Financial Education for Kids
As an adult, how would you rate your financial literacy? If your confidence is less than a 10 out of 10, you’re not alone. In fact, recent NerdWallet research revealed that “three quarters of Americans say they do not feel confident about their personal finances for 2023.” This is largely due to two main factors: anxiety about the nation’s economic outlook and gaps in their understanding of key concepts.

How to Avoid a Scam
Scammers are unfortunately always hard at work. As the consumer, it’s important to pay attention to the red flags and use resources available to you, to avoid falling victim.
Some current scams include:
You got the job!
This scam attracts those who want to work from home. You are often sent a large check to purchase supplies to get you started and then you are asked to send back any money left over. The problem is that you don’t really have a job and the check is fraudulent, so what you’ve spent and what you send out, now becomes a loss to you. This scam made the top 10 list of 2022 fraud reports.
How to Avoid a Scam
Scammers are unfortunately always hard at work. As the consumer, it’s important to pay attention to the red flags and use resources available to you, to avoid falling victim.
Some current scams include:
You got the job!

How is a Home Equity Loan Amount Calculated?
A home equity loan allows you to borrow funding using your home’s value as collateral. It can be a great source of additional funding for things like:
- Home renovations
- College education
- Debt consolidation

What is the Difference Between a Line of Credit and Home Equity?
Home equity loans have significantly increased in popularity in the past few years. In fact, a recent article from USA Today stated that homeowners have an estimated $20 trillion worth of home equity. This alone has significantly boosted the demand for home equity loans and home equity lines of credit (HELOCs). But what do HELOCs and home equity loans do? And what makes these options different from other mortgage loans?
How Are Monthly Construction Loan Payments Calculated?
How Are Monthly Construction Loan Payments Calculated?

Construction Loan Calculator
Purchasing a new home is a big exciting step in life. As such it can also be a bit of an overwhelming or complicated process. For starters you have to decide where you want to live, then find the right house, then go through all the nuances of securing mortgage loans and financing. Of course, this is just one of the more typical ways the home buying process goes. What if your journey looks a little bit different? Maybe instead of buying a pre-existing home, you want to build your own house or renovate your existing home to get it just the way you like it. If that’s the case, you won’t be securing a mortgage, but instead should be looking at new construction loans. In the following article we are going to break down some of the factors that go into a house construction loan calculator to help you determine which construction loan option is best.
Construction Loan Calculator

How is a Construction Loan Different From a Mortgage?
- What kind of houses you can use them for
- When you receive the funding
- Payoff periods

How Do You Finance a New Build?
According to S&P Global Marketing Intelligence, construction loan volume in the first quarter of 2022 alone totaled $92.4 billion, a year-over-year increase of 18.2%. You might see all this new construction happening and ask yourself, maybe for the first time, whether it’s time to consider building a new home of your own. That can be an intimidating prospect, though, due to the substantial costs and complex planning required.
According to S&P Global Marketing Intelligence, construction loan volume in the first quarter of 2022 alone totaled $92.4 billion, a year-over-year increase of 18.2%. You might see all this new construction happening and ask yourself, maybe for the first time, whether it’s time to consider building a new home of your own. That can be an intimidating prospect, though, due to the substantial costs and complex planning required.

How Much Should You Get Pre-approved for a Mortgage?
When searching for mortgage loans, you should ensure you get preapproved for an amount that you can afford. That’s because a mortgage pre-approval lets you know how much a lending institution would be willing to loan you, not necessarily how much you are willing to pay for a home. In other words, just because you can take out a loan for a certain amount doesn’t mean that it’s the right amount for you.
When searching for mortgage loans, you should ensure you get preapproved for an amount that you can afford. That’s because a mortgage pre-approval lets you know how much a lending institution would be willing to loan you, not necessarily how much you are willing to pay for a home. In other words, just because you can take out a loan for a certain amount doesn’t mean that it’s the right amount for you.