First Financial Presents 2013 Annual Service Awards

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Press Release

WALL, N.J. – First Financial Federal Credit Union (www.firstffcu.com) recently held its annual meeting at the Jumping Brook Country Club in Neptune, NJ, where our Board of Directors Chairperson, Mary Tilton, was presented with a 30 year volunteer service award, and four employees were presented with 5 year service awards.

The 30 Year Volunteer Service Award was presented to Mary Tilton of Pt. Pleasant, NJ.

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(Pictured left to right: Board Chair Mary Tilton and Issa Stephan, First Financial President & CEO.)

Mary has been a member of the credit union since 1966. She began her volunteer service with First Financial in 1983, where she served on the Supervisory Committee until 2007. She has served on First Financial’s Board of Directors since 2002 and is the current Board Chairperson.

Of her volunteer service award, Mary stated, “One of the best things that I ever did was to join the credit union, and one of the most rewarding was serving as a volunteer for a great organization. First Financial Federal Credit Union is dedicated to helping all of its members reach their financial goals.”

5 year Employee Service Awards were presented to the following employees:

Marketing Manager, Jessica Revoir of Tinton Falls, NJ.

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Jessica is the Marketing Manager at the credit union’s corporate headquarters in Wall Township.  Of her service award, Jessica stated, “In my position I love that I am able to be creative every day, and more importantly educate the members of the credit union and our local community by communicating important financial literacy topics that are essential to all of us – such as budgeting, saving money, planning for retirement, staying out of debt, and the list goes on. You can never learn enough when it comes to your finances and planning for your future!”

E-Services Representative, Theresa Washington of Long Branch, NJ.

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Senior Operations Specialist, Doreen Cutrona of Toms River, NJ.

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Recovery Coordinator, Janice Anderson of Highlands, NJ.

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Congratulations to all of the award recipients!

6 Smart Moves to Boost Your Credit Score

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If you think your credit score doesn’t matter too much to you because you’re not planning Profiton getting a mortgage or applying for a credit card anytime soon, think again. Credit scores affect more aspects of our lives than you may realize and that’s why it’s important to keep your score as high as possible.

Paying your bills on time and staying well below your credit limits are the best ways to build and maintain good credit. Together they account for more than half of your overall credit score.

A healthy payment history is the biggest contributor to your credit score, accounting for 35 percent of the total. Miss even a single deadline, and you could see your credit score drop as much as 100 points or more. To avoid those dreaded “overdue” notices and the credit blemishes they bring, set up automatic payments for any regular bills so that your lenders get the check on time, every single time.

Another 30 percent of your credit score is based on the amount of debt you carry, as measured against the amount of available credit you have — otherwise known as your credit utilization ratio. It’s a good idea to keep your outstanding balances to less than 25 percent of the money available to you to spend. If you are not able to pay down your balances ASAP, you can go at the problem from a different angle by calling your lenders and asking them to raise your credit limit.

1. Fix clerical errors.
Check your credit reports and correct errors. Of course, you want to make sure that everything is being accurately reported, from your current address to your closed accounts. (For more guidance on how to dispute an error on your credit report, look to this guide from the Federal Trade Commission.)But you also want to check the details about what is being reported about your current accounts. For example, it can make a big difference to your score if your credit limit for a card is understated. Imagine that you owe $5,000 and your limit is $15,000. That means you owe 33 percent of your limit. If your credit limit is incorrectly listed as $8,000, though, it will look like you’ve borrowed 63 percent of your limit.
 
2. Get credit where it’s due.
When you fix errors or take actions that should boost your score, make sure that all three of the main credit-reporting agencies (Equifax, Experian, and TransUnion) know about it. By law, you can get a free copy of your credit report from each of them once a year — do so, in order to spot errors and find other score-boosting opportunities.
 
3. Ask nicely for a favor.
One thing few people think of is simply asking for what you want. In order to help you pay down your debt more quickly, you might ask your lender to lower your interest rate. If the lender refuses, see if you can find a lower-rate card and transfer your balance.
 
Did you know that you can transfer your balances (with no balance transfer fees) to First Financial’s low rate VISA Platinum Credit Card and earn rewards at the same time?*  Click here to learn more and apply today.If you’ve got one or two glaring late payments on your credit record, you might ask your lender if they could be erased, in what’s called a “goodwill deletion.” And if you’re dealing with a collections agency over some debt, see whether they’ll delete it from your record if you pay it off. That can be well worth it.
 
4. Don’t delete your history.
If you’re planning on closing some of your accounts, think twice. It’s often a sensible thing to do to simplify your financial life, but closing an account can actually ding your credit score. One reason is that it actually reduces your available credit. Oddly enough, a host of seemingly sensible moves can hurt you — such as using just one card for most of your charges. Even if you prefer using a newer card, keep older accounts open and use them occasionally to keep them active. Over time, that will give you a longer history and help improve that part of the credit score calculation.
 
5. Don’t rush to build your record.
Opening multiple accounts in a short period of time may boost your available credit, but it sends the wrong message to potential creditors, as it makes you look desperate to get credit from any available source.
 
6. Prevent bad marks from being added to your report.
Here’s a valuable tip for anyone selling a home for less than they owe on it: What you’re looking at is called a short sale, and if you end up owing many thousands of dollars to your mortgage lender, you might want to get it in writing before the sale closes that the debt won’t go on your record. Ending up with a big balance owed can be a black mark on your record, reportedly as costly as a foreclosure.If a high credit score is important to you — and for most of us it should be — always consider how your financial actions will affect your score. For more information on credit scores, be sure to look at this guide from myFICO.com, which is the consumer division of the company that is responsible for the popular FICO credit score.
 
If you still have questions or concerns about your credit score, make an appointment with a financial expert by scheduling a First Score Session with First Financial. First Score is a low cost, interactive session which simulates your credit score with various scenarios.
 
And if you’d anonymously like to get your debt in check – try our free, online Debt in Focus Tool!
 
*APR varies from 7.90% to 17.99% when you open your account based on your credit worthiness. This APR is for purchases, balance transfers, and cash advances and will vary with the market based on the Prime Rate. Subject to credit approval. No Annual Fee. Other fees that apply: Cash advance fee of 1% of advance ($5 minimum and $25 maximum), Late Payment Fee of up to $25, Foreign Transaction Fee of 1% plus foreign exchange rate of transaction amount, $5 Card Replacement Fee, and Returned Payment Fee of up to $25. A First Financial membership is required to obtain a VISA Platinum Card and is available to anyone who lives, works, worships, or attends school in Monmouth or Ocean Counties.Article Source: http://www.dailyfinance.com/2013/04/08/how-to-boost-your-credit-score/#slide=5793242 

A New First Scoop Contributor — Deborah Downie

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We are excited to announce that we will be bringing you a new First Scoop business column contributor in our Down to Business series – our new Business Development Director, Deborah Downie.

Meet Deborah:

Debbie Downie2

She brings to First Financial over 21 years of experience at various Wall Street firms in corporate lending, institutional investing, and much more. Prior to her employment with the credit union, she founded the Two Rivers Women In Business Consortium (TRWIBC) in Red Bank, NJ. TRWIBC is a professional networking group to help foster and support relationships while sharing resources and giving back to the community. During this time, Deborah also ran a financial advisory and investment management consulting practice for individuals and businesses.

She is a CFA – Chartered Financial Analyst, and attended Baruch College where she earned her degree in Finance and Investment with minors in Business Law and Education. She then went on to obtain her M.S. in Investment Management at Pace University’s Peter Lubin Graduate School.

Deborah is currently a member of Two Rivers Women in Business Consortium, 100 Women in Hedge Funds, Northern Monmouth Chamber of Commerce, and the New York Society of Security Analysts. She has lived in Middletown for 21 years with her husband, Dave and two daughters, Danie and Diana along with their 2 dogs, Dingus and Didi. Deborah also enjoys windsurfing down at Seaside Park and skiing up at Hunter Mountain.

Deborah will be responsible for utilizing strong leadership and relationship skills within business development, attending community events and maintaining and building relationships with First Financial’s SEG and Ambassador Groups, as well as with business accounts.

She is looking forward to bringing her “Wall Street” expertise to “Main Street” to help fellow Monmouth and Ocean residents flourish in their business and personal endeavors. Deborah is ready to assist you with your business needs including: business accounts, business loans, and so much more.

Click here to contact Deborah with any business inquires you may have!

First Financial Presented with 2013 MODC Silver Gull Economic Development Award

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Press Release

MODC - Silver Gull 2013

Pictured above: First Financial President/CEO Issa Stephan with the credit union’s 2013 Silver Gull Award.

First Financial Federal Credit Union was recently presented with an Economic Development Award at the 48th Annual Silver Gull Awards, by the Monmouth Ocean Development Council (MODC). The awards reception was held at Jumping Brook County Club in Neptune, NJ.

The award was issued by MODC, a networking and advocacy group dedicated to supporting the business environments of Monmouth and Ocean Counties in New Jersey. These prestigious awards are given to individuals, corporations, companies, and organizations which contributed to enhancing the quality of life and the business environment in Monmouth and Ocean Counties.

2013 Silver Gull Award

The Economic Development Silver Gull Award is granted to an individual, organization or corporate entity which has made an exceptional contribution to the business community’s growth and/or development in the bi-county area. The recipient portrays time and leadership which positively impacts the business climate of the bi-county area, as well as contributes to the growth of the business community, provides substantial area employment, and manages successful projects to enhance surroundings.

In support of economic development, First Financial provides business accounts, loans, investment options, and merchant services to over 150 Monmouth and Ocean County businesses. First Financial was also among more than 500 credit union advocates and small business owners from across the nation who participated in a grassroots push for Member Business Lending (MBL) reform at the end of 2012. First Financial’s Board of Directors and management believes that financial education is a foundational responsibility to the well-being of the community.  In addition to offering complimentary monthly business and consumer financial wellness seminars, the credit union creates educational blog posts on significant financial topics such as budgeting, credit management, debt reduction, identity theft, and social media for business. First Financial has partnered with Monmouth University to provide paid internships to college students, and the credit union also works closely with Wall High School’s Business and Finance Academy (WBFA) to provide annual internships to high school juniors within the program, as well as educate and guide the students in terms of financial literacy. The First Financial Foundation raises money annually to offer assistance and benefit the Monmouth and Ocean County community, and in 2012 the Foundation gave $750 college scholarships to six area students and four $500 classroom grants to local educators.

“Every member of the credit union is an owner,” explains Issa Stephan, President and CEO of First Financial Federal Credit Union. “Money doesn’t go to a few investors, or to rally the stock price. We put what we need in capital as required by the federal government. Everything else goes back to the members through lower rates on loans, higher savings interest, updated technologies and assisting members through hard times. A lot of people lost their jobs and went through difficult times recently, and we use our resources to help our members. It is our responsibility and honor to serve our members and potential members, with integrity and commitment to their long-term financial success. ”

For more information on the Economic Development Award and to see Issa’s acceptance speech, click here to view our video or click on the image below.

Issa Speech Image

About MODC:

The Monmouth-Ocean Development Council (MODC), established in 1965, is a networking and advocacy group dedicated to supporting the business environments of Monmouth and Ocean Counties, New Jersey. MODC’s membership includes hundreds of influential business, community and government leaders representing diverse groups throughout the bi-county region. Members participate on committees that take action on issues of interest by offering: luncheons, seminars, workshops, special events, forums for collaborating with Business, Community and Government leaders, and resolutions submitted to government officials regarding issues that affect the region. For more information, visit http://www.modc.com/index.html.

Manage Student Loan Debt After Graduation

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Save Time and Money Refinancing with Student Loan Consolidation from First Financial!

diplomaCould you use some extra spending money to cover expenses other than student loan payments? First Financial is here to help. For college graduates overwhelmed by multiple monthly payments, high rates and short repayment terms, the cuGrad Private Student Loan Consolidation available through LendKey could mean thousands of dollars in potential savings. Depending on your financial situation and career goals, Private Student Loan Consolidation can facilitate cash-flow management or long-term debt elimination.

Do you know the difference between student loan consolidation and refinancing? Check out LendKey’s new video, which explains the differences in a funny and creative way – to help you figure out which might be the best option for you.

cuGrad Private Student Loan Consolidation Benefits:

  • Simplify Your Finances with one easy monthly payment.
  • Lower Payment and Competitive Rate possible with extended repayment term
  • Cosigner Release Available for credit worthy borrowers after 12 consecutive on-time principal + interest payments
  • Interest-Only Repayment Option available for first 4 years followed by 11 years of principal + interest repayment

Apply online today at www.custudentloans.org/firstffcu!

The cuGrad Private Student Loan Consolidation is available to borrowers who are carrying private student loan debt. Federal student loans cannot be consolidated with the cuGrad Private Student Loan Consolidation. If you are seeking a federal student loan consolidation, you can learn more details about the process here: http://www.loanconsolidation.ed.gov/.

How to Talk to Your Aging Parents About Money

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adult online educationAre bills piling up on Mom’s kitchen table? Are you worried that Dad might fall prey to a scam?

If so, it’s time to discuss if they need help with their finances. Proceed carefully though, because they may not see things as you do: A 2012 study found that while 24% of adult children think their parents will need a hand with money, 97% of the parents do not.

“Conversations about money with your elderly parents are really about control — something they don’t want to lose,” says David Solie, author of How to Say It to Seniors.

Try these tips:

THE GROUND RULES:

Drop the attitude. An “I-know-better” air isn’t the best approach. “Take care your concern doesn’t come across as if you think their intelligence is diminished,” says Solie.

Avoid saying “you should…” Those two little words are sure to put them on the defensive.

Bring in a third party. “To your Mom and Dad, you will always be a kid — which is why the talk may go better if you deliver it alongside an outside expert,” says Paula Span, author of When the Time Comes.

WHEN YOU’RE FACE TO FACE:

1. Opening line. “Mom, I just read an article with great tips about how to simplify managing your money as you get older. Can I share a few of them?”

The strategy: “Bring yourself into the equation as a helper, not an overseer,” Span says. Framing the advice as someone else’s ideas may make your parents more open to accepting them.

2. Dangle a carrot. “I think we can save you some money on your cable bill, Dad. How about we take a look?”

The strategy: Suggest a small, concrete action with a clear payoff to start. An Allianz survey reveals that 61% of older Americans worry about outliving their money, so helping your parents cut costs is a good first move.

Seeing how beneficial your suggestions can be is likely to make them more receptive to other, more serious forms of help.

3. Keep your warnings indirect. “I know you’re too smart for this, but I want to tell you about this scam I heard about so you can warn your friends.”

The strategy: Being straightforward — “Mom, Dad, you need to watch out for people who ask for your bank account online” — may feel patronizing to your parents. Instead, plant a seed that doesn’t reflect on their competence to manage their affairs, says Colorado elder-law attorney, Catherine Seal.

4. Ask if you can tag along. “My friend’s Dad keeps getting invited to free-lunch retirement seminars. Do you? I’d love to go if you go.”

The strategy: Instead of trying to put the kibosh on a move you know is not smart, stand beside them during the sales pitch, suggests Kim Linder, a caregiver consultant. Then ask tough questions that will push your parents to think before they leap.

5. Use metaphors. “You wouldn’t buy a used car without a mechanic checking under the hood. Same goes for your investments. Let’s have a financial advisor look into this.”

The strategy: “In the second half of life, the right brain becomes the gatekeeper for information,” says Solie. “We respond better to stories and metaphors — the stuff that gives meaning to facts and linear data.”

You may also want to talk to Louis Paolillo, the Financial Advisor available to the members of First Financial Federal Credit Union. To set-up a no-cost consultation with the Investment & Retirement Center located at First Financial, call 732.312.1565 or email Louis.Paolillo@cunamutual.com.*

*Representatives are registered, securities are sold, and investment advisory services offered through CUNA Brokerage Services, Inc. (CBSI), member FINRA/SIPC , a registered broker/dealer and investment advisor, 2000 Heritage Way, Waverly, Iowa 50677, toll-free 800-369-2862. Nondeposit investment and insurance products are not federally insured, involve investment risk, may lose value and are not obligations of or guaranteed by the financial institution. CBSI is under contract with the financial institution, through the financial services program, to make securities available to members. CUNA Brokerage Services, Inc., is a registered broker/dealer in all fifty states of the United States of America.

Article Source: http://money.cnn.com/2013/04/01/retirement/parents-money.moneymag/index.html?iid=SF_PF_Lead