Skip to main content

Skyla Credit Union Blog

Learning & Guidance

Skyla's Learning and Guidance provides you with dozens of educational resources, guides, quizzes, and customizable templates to make connecting the financial dots in planning, implementing, and reaching success simple. Check it out!

Debt | Credit Score

By: Yanna
September 1st, 2023

Credit. It's a scary topic. Mainly because so many things can surprisingly ruin your credit scores, such as late or missed payments, applying for more credit cards, carrying high credit card balances, ignoring your credit report, and more.

Debt | Credit Card | loans

By: Yanna
August 11th, 2023

Credit card debt just sucks - plain as that!

Debt | Banking 101 | credit scores

By: Yanna
April 14th, 2023

It’s understandable to be concerned about your credit score being affected when opening a new credit account. In your research, you probably want to weigh your options to not only compare which account will get you the lowest interest rate for loans (for highest return on savings), but also if opening the account will affect your credit score.

Debt | Credit Card | loans

By: Yanna
October 12th, 2022

Did you know credit cards can be used for more than just swiping to make a purchase in a store or online? You can also take advantage of your credit limit to do a cash advance and withdraw cash or use a balance transfer to move a balance from another credit card.

Debt | Credit Card | credit scores

By: Yanna
October 12th, 2022

So you’re ready to establish or build your credit score and are looking for ways to do it? In your credit building research, you’ve probably come across the recommendation to open a credit card. On one hand, credit cards can help you build credit, earn rewards and access exclusive benefits, and provide you with extra cash flow when you don’t have the money at your disposal. On the other hand, a credit card could hurt your credit score, your credit history, and your wallet if you used too much of your limit, carry a balance and rack up interest charges, or miss a payment. Since this financial tool comes across as a blessing if used properly and a curse if misused, you may want to avoid credit cards altogether.

Debt | credit scores

By: Yanna
October 12th, 2022

Some people don't realize a problem with their credit score until it's time to apply for a loan. Then, the most recommended way to increase your score is to take out more loans to prove to lenders you’re responsible. But what if you just can't afford to get another loan - then what?

Debt | Credit Card | loans

By: Yanna
October 12th, 2022

Ok, let's just rip the band-aid off and get straight to it - How many credit cards is too many? There's no exact number of credit cards to have, and it varies for every credit cardholder. It’s certainly good to have one, but it wouldn’t be bad if you had two (or six!) credit cards sitting in your wallet today. What really matters is how you use it. It's a frustrating answer, right? But don’t worry – I can explain…. The cool thing about credit cards is the benefits, and there are so many to choose from! There are store credit cards, cards specifically for air travel, and more credit cards offering cool rewards and perks like cash back or discounted rates at your favorite restaurant. Having options of which credit card to use before making a purchase can feel like you’re 100% covered where you have the flexibility you need for the unexpected. Especially if you're not carrying large amounts of cash. "But how many credit cards is too many?!" As an undergrad, this was my question when I received multiple credit card offers in the mail. It was sooo tempting to apply because the offer meant more credit power at my disposal if approved. But I also had other questions that came with that: What would multiple credit cards mean for my credit score? Would it hurt or help my score and history? Is there a penalty for having too many credit cards? Could I wind up incurring more debt? What should I do with my current credit cards? These are all excellent questions to ask when you’re thinking about applying for another credit card and if you already have two or more. Understand there is a risk of having multiple credit cards and there are benefits but it depends on a few factors.

Debt | Credit Card | loans

By: Yanna
October 12th, 2022

Having a financial cushion in place to cover expensive purchases and sudden emergencies is what a credit card is great for. But having a credit card or multiple credit cards with a hefty balance or a super-duper high-interest rate on top can be too much to bear.

Budgeting | Debt

By: Yanna
October 12th, 2022

Ok, be honest - how many times have you attempted to do a debt paydown plan but it fell through the cracks or it was too hard to stick with? Maybe because the amount of debt is too exhausting to deal with or perhaps it’s the realization that it’s going to take a really long time to pay it off. So postponing your pay-down plan for a later date probably feels like an easier decision.