Indiana Members Credit Union Blog

We’re very proud of the partnerships Indiana Members Credit Union has established with organizations and causes in the communities we serve. They’re doing great work to make Indiana an even better place to live and work, and we’re happy to show our support.

That’s why we’ve created an easy way for you to not only show your support, but also make regular contributions. It’s our Affinity Debit Card program! With IMCU accounts, you’re eligible for a free debit card -- and you have the option to choose from a long list of affinity cards branded to your favorite organizations. Many of those cards are what we call give-back cards. That means every time you use the card to make a signature transaction, we donate to the cause.

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

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.

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.

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.

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.

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.

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.

• Home renovations
• College education
• Debt consolidation

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.

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.