Skyla Credit Union Blog

In today’s world, having multiple bank accounts is becoming increasingly popular. But there's no one-size-fits-all answer to the question of whether it's best to have multiple bank accounts. It depends on your financial situation and goals!

When you have more than enough funds in your checking account, you stay ahead of any maintenance or overdraft fees.

Short and sweet? Yes, your credit score will decrease when you officially apply for a credit card. But don't worry - The drop is temporary and the score increases after a couple of weeks and the benefits of having a credit card far outweigh the initial drop in score. By that time, you could be using your credit card responsibly where the lender reports your positive credit card activity to the bureau. In turn, that positive activity will boost your credit score even higher

Does this sound familiar: You’re determined to have X amount of money saved by a specific time of the year but something keeps coming up where you're dipping into your savings to pay for other expenses...

Refinancing your auto loan can be a smart way to save money, but timing is everything. Whether you're looking to lower your monthly payments or secure a better interest rate, knowing when to refinance is key. So, how do you know when the time is right? Let’s break it down so you can make the most informed decision.

The emotional impact of being scammed can be brutal. After realizing you’ve lost money, self-blame and “if only” thinking often kick in: “What if I hadn’t clicked that link?” “I should have known better.” “I’m so stupid for falling for that.”

Think about the last time you traveled. Do you remember how much you spent? Did you set a budget? Did you go over that budget? Or did you stay diligent and manage to enjoy your trip while staying on track?

When you purchase a car, you might take out a loan to cover the cost. However, as soon as you hit the road, the value of your car starts to depreciate. Now, let's say your car gets stolen or is damaged beyond repair. You file a claim with your primary auto insurance provider, and they cover the car's current market value, which is the amount your car was worth right before the unfortunate incident.

Having a credit card has a lot of benefits including building your credit, getting rewarded for spending with cash back or travel points, and increasing your buying power. These perks are really great when you keep a low to non-existent balance every month, but it’s hard to enjoy its benefits if your balance is constantly building.