Looking to build your financial GPA and credit score? Check out these tips to set yourself up for financial success in college!

Create Accounts

First things first, you’ll need a savings account (for your goals and emergency fund), plus a checking account (for everyday spending). Great news is you can open both accounts at Community Choice in just 30 seconds!

Start an Emergency Fund

Once you’ve got your accounts opened, start focusing on building a safety net. When it comes to building an emergency fund, saving 20% of each paycheck is a good rule of thumb. Having funds set aside for UNexpected costs can prevent things like medical bills or car troubles from becoming long-term financial burdens.

Set a Budget

Keep it simple. Track your money inflows (i.e. financial aid, family allowance, paychecks) and expenses (i.e. rent, groceries, subscriptions). You can use an app or a spreadsheet to track your spending patterns, and you may notice areas where changes can be made. Remember: budget savings before spending! Need more help? We’ve got beginner-friendly budget tips here.

Build Credit

A good credit score is like a good GPA: it shows your history and hard work. Building good credit takes time, which is why we’d recommend the Smart Card. It may not have the flashy rewards, but it’s a great way to build a solid foundation.

Pro-tip: Use your credit card like you’d use a debit card, aka know how much money you have to spend and stick to it. Try not to overspend and avoid carrying a balance you know you can’t pay off.

Shop Smart

College is UNdeniably expensive. Consider thrifting for dorm/apartment essentials, renting used textbooks for class or utilizing student discount codes. Saving money should be your top priority. Don’t be fooled by social media—you don’t need to splurge on this season’s hottest twin XL bedding.

Understand Student Loans

If you’re taking out loans for college, borrow only what you need. Not what the maximum is. Have a repayment plan in place, understand the interest rates and the difference between loans available to you. Don’t be afraid to ask questions!

Avoid Common Traps

Be mindful of…

• • Multiple installment purchase plans that encourage big purchases
    • A $1,000 purchase is still $1,000 even if it’s split into five payments!
  • Subscription fees that aren’t worth it
  • Convenient food delivery services that don’t seem that expensive when you’re starving
  • Just a $5 coffee… every morning

Why a Credit Union?

UNlike privately-owned banks, credit unions are not-for-profit and member-owned, meaning they make decisions based on what’s best for their members and the communities they serve. Community Choice is big enough to handle your financial needs but small enough to remember your name. If you’re looking for a place that cares…

This blog is intended for educational purposes only. For details about specific products or services, see credit union for details. For questions about investments, please consult your financial advisor.

This article was written by Jade Hogarty, Marketing Communications Intern.

Much like a magical realm, credit cards can be confusing. Take this magical quiz to see which of our UNbelievable credit card options is your miraculous match.

1. You suddenly arrive in an UNcharted magic realm, where do you start?

• • Dragon training
  • Studying alchemy
  • Eating turkey legs as you watch jesters perform
  • Practicing combat skills in the training ring

2. You UNexpectedly find coins in your satchel; how will you use them?

• • Shopping for shiny armor, local treats, healing herbs and dazzling swords
  • Treating your fellow knights to refreshments after a long day
  • Traveling across the kingdom in search of the most delicious delicacies
  • You won’t… yet. You prefer to save for dire situations.

3. Which UNstoppable epithet would you receive in the magic realm?

• • “The Promising”
  • “The Adventurer”
  • “The Loyal”
  • “The Great”

4. What matters most to you in a credit card?

• • You prioritize first-class rewards that’ll fuel your next big adventure.
  • Let’s just say if there were a potion to help you earn cash back… you’d take it.
  • Earning cash back for yourself AND your esteemed academy would be utterly enchanting.
  • Plain and simple, you’re looking for a smart way to build credit.

5. Pick the UN word that best describes you.

• UNwavering
• UNbeatable
• UNbreakable
• UNtethered

If your answers are mostly blue, you’d be the Kingdom’s Ruler.

You know what you want and you’re not afraid to go for it. Your sage wisdom, money-savvy habits and cash back stackin’ skills are nearly as strong as the sword you carry. 

Your card is the UNLimited Cash Card. With this card, you’ll earn 1.5% cash back on every purchase. You can also earn an additional $150 cash back when you spend $1,000 in the first three months! With no annual fee and 0% Intro APR* for six months, you can live like royalty when you use this card.

If your answers are mostly green, you’d be the Royal Dragon Trainer.

Adventure is always calling your name. With your trusted dragon sidekick, you’re ready to embark on the ultimate quest: crossing the entire realm in search of the most magnificent meals money can buy. 

Your card is the Priority Plus Card. With this card, you get 3x points on travel, 2x points on dining and 1x points on everything else. You can earn an additional 50,000 points when you spend $3,000 in the first three months! With no annual fee and 0% Intro APR* for six months, enjoy the finer things in life with the card that takes you places.  

If your answers are mostly cayenne, you’d be the Alchemist’s Apprentice.

You’re ambitious, sensible and eager to grow. That’s why you’re the ideal apprentice for the realm’s resident alchemist. You understand that conquering the basics and building your skillset is how you become the master. 

Your card is the Smart Card, perfect for those looking to build credit. This card has no annual fee and is great for those looking to level up their credit. There’s a reason it’s called the smartest card in the deck, after all. 

If your answers are mostly pink, you’d be the Loyal Knight. 

From the high towers to the farthest edges of the forest, everyone knows who you are and what you stand for. You proudly carry the ones you love wherever you go, and you represent them with dignity and honor. 

Your card is one of our Loyalty Cards. If your banners are black and gold, the Hawkeye Gold Card is exactly what you’re looking for. Earn 1% cash back for yourself and 1% cash back for Iowa Athletics.

If you’ve sworn fealty to (UNofficial King) Griff II, the Bulldog Excellence Card is it. Earn 1% cash back for yourself and 1% cash back for the Drake Excellence Fund. You can enjoy 0% Intro APR* for six months with either card. Plus, earn an additional $150 cash back on either card after spending $1,000 in the first three months—because loyalty deserves rewards.

This blog is intended for educational purposes only. For details about specific products or services, see credit union for details. For questions about investments, please consult your financial advisor.

To Own or Be Owned

Credit Unions: Credit unions are member-owned, which means you’re not just a person with an account—you’re a partial owner! Credit unions make decisions driven by the best interests of their members. UNlike banks, there are no shareholders involved so you can rest assured there’s no secret agenda or ulterior motives. Plus, credit unions are not-for-profit organizations.

Banks: Because banks are for-profit corporations, there are shareholders involved. That means people you’ve never met call the shots and make decisions involving your money. Relationships at a bank are more transactional, driven by their need to generate profits. UNlike a credit union, you have no ownership within a bank.

A Personal Touch

Credit Unions: Personalized service is the name of the game at credit unions. They are often smaller and more community focused, allowing for authentic, in-person connections with real people. Building relationships and providing UNmatched member experiences matters more than numbers and transactions.

Banks: Larger in scale, banks often lack the personal touch that credit unions are known for. Getting into a relationship with a bank over a credit union is like going on blind dates over and over again—you never really know what you’re going to get.

Would you rather hang out with a nameless, faceless employee at some big business or with a friendly, UNapologetically local person who might even be your neighbor?

Oh Jeez, Here Come the Fees

Credit Unions: Known for no (or low) fees, credit unions like to avoid extra charges just as much as you do! Because there are no shareholders to impress, there’s fewer fees eating away at your funds!

Banks: Overdraft charges. ATM fees. Monthly maintenance fees. Banks are notorious for their nickel-and-diming ways. Your money could be quietly disappearing from fees you didn’t even know existed.

The Choice Is Yours

If boring, meaningless interactions with customer services reps are your thing, a bank might be best for you. However, if you want personable service and real people in your corner, it’s time to try a credit union!

At Community Choice, we pride ourselves on being able to provide UNexpectedly delightful experiences for our members every time. You can expect VIP treatment from a team of UNbankers who work for and care about you. Plus, you’ll have a say in your financial future as a part-owner of the credit union.

Ready to join us at Community Choice, aka the UNbank?

This blog is intended for educational purposes only. For details about specific products or services, see credit union for details. For questions about investments, please consult your financial advisor.

Hello, I’m KC!

I am a married father of 3 who is a rabid Cyclone fan with a ravenous thirst for Mt. Dew. I am a connoisseur of all music especially 80’s & Sinatra and I am second fiddle to my dog Newman as far as my wife is concerned. I object to people putting wallets in their back pocket. When I retire I hope to open a pedicure store. I have been UnBanking since 2008 and l hashtag everything #goclones

 A Home Equity Line of Credit (HELOC) is one of the most diverse financial products out there. While HELOCs are often used to pay down high-interest debt through consolidation, you can use them pretty much however you want to. 

Here are a few UNcommon ways our UNbankers have used their HELOCs.

A Personal Piggy Bank

There’s no rule that says your HELOC must be used for a home project or other major expenses—sometimes, it’s nice to have one more source of credit to utilize for whatever life throws your way. The best part? HELOCs tend to have lower interest rates and longer repayment periods than other types of bills.

Vacation Fund

Take advantage of the equity you’ve earned and treat yourself and your loved ones to the trip of a lifetime. Your HELOC can help cover travel costs, and if you’re interested in earning points along the way, we’d recommend checking out our Priority Plus Credit Card.

Kickstart Your Passion Project

Starting your own business or diving headfirst into high-cost hobbies can be UNdeniably intimidating. Having this additional line of credit is a great way to help bring your dreams to life.

Say ‘I Do’ to a HELOC

Weddings cost a lot of money. Like, A LOT. Everything adds up real quick, which is why these wonderful events wind up being one of the most expensive days of many people’s lives. With a HELOC you could score a lower interest rate compared to a personal loan—and those savings mean a lot when you’re talkin’ wedding costs.

UNexpected Expenses Fund

Perhaps the most underrated way to use a HELOC is to treat it like an emergency fund. Use what you need when you need to—and once you’ve paid it off, those funds will be available again. Knowing you have a set amount of money easily accessible can provide peace of mind.

This blog is intended for educational purposes only. For details about specific products or services, see credit union for details. For questions about investments, please consult your financial advisor.

Hello, I’m Nathan!