It’s easy to check your credit score, especially using a variety of online tools, but knowing what to do if you find something wrong on your credit report requires a bit of legwork that is worth the effort to help you protect your financial record.
First, by checking all three of the reporting agencies, you may find an error on just one. For example, one credit agency received an incorrect report of a credit union member as deceased, which certainly required a little effort to correct a credit report, but obviously made a big impact on a credit report. Look at all three agencies: Equifax, Experian, and Trans Union.
Second, know what your score means. Congratulations, your credit score is 715, but if you can improve it to 735 or 750, that can give you better options when it comes time to borrow. Your credit may be ideal for an auto loan, but if you’re planning for a 30-year mortgage, a little difference could mean a lot of savings in the long run. If you want to know how you can improve your score so you can plan for better interest rates of a larger line of credit, be sure to speak with a Dakota West loan officer at your local branch.
Third, if you’re young, start building credit sooner rather than later. If you have well-established credit and most of your debits are paid down, allow yourself to maintain lines of credit, even if you keep the balance paid off, to keep the credit rating you’ve worked hard to earn. Establishing credit and maintaining your credit go hand in hand to develop a long-term credit score that helps you reach your financial goals.
Let's Talk Mortgages
If you’ve ever gone through the process of buying a home, you may have one of the four most common types of home mortgages. But if you are considering buying your first home, or even starting to save for the down payment on a future home, it doesn’t hurt to talk to a home mortgage lender now to be sure you are headed on the right path towards home ownership.
Some of our branches have dedicated home mortgage specialists, such as Stef Russell in our Watford City branch and Jayne Pochant in our Washburn branch, but regardless of where your house may be, the expertise of our loan officers will help guide you along the path as you plan together for your biggest purchase: your first home.
Whether you are considering an FHA loan or a VA loan, whether you are building from the ground up, or your house will be rolling on to your piece of land, we want our members to plan and purchase a home that will be the warm and inviting location to raise a family, create memories, and spend your lifetime.
Let us help you get started today. Call your local branch and make an appointment with a loan officer to work together and be sure your plan for home ownership is growing forward.
Listening to Melissa Hagen discuss the people of Mohall, whether her fellow staff or others within her community, explains why she has spent the last decade serving the people of Renville County. Originally referred by a Dakota West employee when there was a branch opening for a part time Member Service Representative, Melissa is now a seasoned loan officer and embraces her career.
“I encourage them and lift them up,” she says of those she serves. “I know the birthdays of our members and when their loved ones are ill. I’ve brought them lunches out in the field. Anywhere I go I’m always working. I can’t go to the store in my sweats.”
Melissa builds trusting relationships with our members and our staff in the small community of Mohall. She admits her coworkers at Dakota West know her better than some of her extended family. “They are my emergency contacts. I spend fifty hours a week with them. They encourage me and have seen me grow.”
Growing doesn’t begin to describe the changes Melissa has seen over her past decade with Dakota West. “When I first started, corn prices were unreal. I have seen where people have had to start thinking about their everyday lives and be accountable for their decisions.” Dakota West values the commitment our members make with us, and Melissa exemplifies that process in the communication she shares with our members.
“Conversations about loans can be turned into a learning experience. I want our members to know what they are getting into. We discuss whether a purchase is a want or a need and why they are asking for it. I like to have the conversation. We are dealing with large numbers on big farms.”
During her time with Dakota West, Melissa has also gotten to see her own family grow. With two little ones, ages two and four, she is living her example of keeping each day family focused and enjoys community activities together. She even plants the idea of savings with her oldest. “Pennies go to work with Mommy.”
Melissa clearly values the relationships that she has grown from the loans she services. Members who are considering a new loan, whether for the farm, for a new vehicle, your business, or to take the steps to home ownership, can find the values Melissa and all our loan officer share at one of our eight branches throughout western North Dakota.
Debt Protection: Protecting You
Applying for a loan involves a variety of questions that are as much about your family and your life as about your finances. One question to ask is what would you do if you suddenly had a life changing event that impacted your bottom line?
Unexpected events happen, and they are exactly that – unexpected – but you can plan for how unemployment or illness will impact your family and your finances by considering adding Debt Protection to your loan. Debt Protection covers a variety of impacting events that we all hope never happen, but can be managed by planning for such unexpected repercussions. Since adding it to a loan is voluntary, it won’t affect your loan approval.
Start a conversation today with your loan officers about Debt Protection. It’s easy to apply, and you’ll find yourself more prepared for the parts of life for which we cannot always be prepared. It’s one of the ways Dakota West wants your relationship with us to be as much about caring for you and your family as well as your finances.
