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.
Dakota West CARES
2020 will certainly be remembered as a year of news updates and constantly changing headlines, so when we can grab on to the aspects of everyday life that remain consistent and calming, we steady ourselves and keep focused on what matters most. For Dakota West, we find stability in serving our members with quality loans regardless of the financial climate.
In fact, updates about small business loans made through the CARES Act, and specifically the SBA Paycheck Protection Program (PPP), may stir up news nationally, but in our communities, Dakota West is proud to have helped dozens of small businesses through the economic impacts of COVID-19. The headlines won’t boast of the entrepreneurs throughout western North Dakota who are keeping employees paid, businesses humming, and lights on for their customers, but we thank our members, both new and long-time, who know they can find a partnership with Dakota West.
If you are experiencing lingering questions about how the ever-changing scenarios in our region are impacting your family, your business, or your finances, reach out to one of our loan officers. Let us continue to strengthen the relationship we’ve developed with you as a member of Dakota West. We are committed to your success in good times, in uncertain times, and whenever you need us.
Brent Fix – Bowman – 701.444.7304
Dennis Keller – Watford City – 701.444.7372
Lindsey Sorenson – Grenora – 701.444.7312
Melissa Hagen – Mohall – 701.444.7317
Todd Erickson – Washburn – 701.444.7347
Todd Hickel – New England – 701.444.7325
Todd Johnson – Watford City – 701.444.7395
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.
In support of our small business members, Dakota West is working with the Small Business Administration (SBA) to assist you in navigating the SBA Paycheck Protection Program (PPP) as part of the CARES Act during this economic impact of the COVID-19 virus.
For many businesses, the first step is reaching out to your Dakota West Loan Officer. To find out more about the various financial resources available to businesses, you may link directly to the North Dakota Business and Employer Resources page.
Here in North Dakota, the ND Response website offers useful information for businesses and individuals who want to learn more about issues from insurance to day care, from tribal resources to ways you can help others. Our members may also find answers to many Frequently Asked Questions through the North Dakota resource website.
To begin the loan application process, visit the Small Business Administration website. Please explore these resources at all phases of the application process as more information continues to become available, and to help you in gathering all the materials you and your loan officer will need. We value the trust you place in us, especially during these new and unusual circumstances.
