April 2019, Issue 91
Northwoods Credit Union Newsletter
In This Issue
Northwoods Investing & Insurance Services with Ed Grondahl
Join Our Mailing List
Please remember to change your address when you come back to MN. Welcome Home!
Debit Card Users,
In an effort to efficiently monitor our debit card portfolio we will perform quarterly maintenance. If you don't use or have never activated your debit card and want to keep it open please notify Sarah by calling 218-878-3942 or emailing her here.

Safe Deposit Box Holders,
Your account will be debited on June 15th for your yearly renewal. Please contact Cindy at 218-878-3958 or
email her here if you have any questions. 
Mobile Info
Important Dates

Monday, April 8th-12th
    Youth Week!  Fun, food, prizes and more!  See deta ils below.

Saturday, May 4th
    Floodwood Farm Festival

Saturday, May 18th
    Moose Lake Community Business Expo 9am-1pm
    Shred Event at our Stanley Avenue Office 9am-Noon.  See details below.

Monday, May 27th  
    Closed in observance of Memorial Day

Saturday, June 8th
    Look for us in the Barnum Spring Fever Days Parade at 11am!

Thursday, July 4th
    Closed in observance of Independence Day   
    Look for us in the Moose Lake Parade at 10am!

Sunday, July 14th
    Look for us in the Floodwood Catfish Days Parade at Noon!!

Saturday, July 20th
    Official sponsor of the Moose Lake Triathlon
Sunday, July 28th 
    Look for us at the Carlton Daze Parade!

*Disclosures:  Rates, terms, conditions are subject to change and may vary based on credit worthiness, qualifications and collateral conditions.  This is a limited time offer expiring 05/31/2019.  NCU has the right to change or revoke promotion at any time.  This offer available to new NCU home improvement loans between $10,000-$50,000 and cannot be combined with any other special offer or current NCU loans. Cash back amount is subject to all applicable taxes, which are the responsibility of the member who may receive a 1099-MISC form. 1% cash back will be deposited to the member's savings account at the time of loan disbursement.  This offer only applies to closed-end home improvement loans. Example loan $12,500 loan at 5.00% for 60 months=payments of $235.96 per month. Membership Eligibility Required. Equal Housing Lender.
12th Annual Shred Event!
Saturday, May 18th at our 902 Stanley Avenue Office 9am-Noon
Youth Week

This is one of our favorite weeks of the entire year!! Visit one of our Northwoods Credit Union offices the week of April 8th - April 12th, 2019 and help us celebrate YOUTH WEEK!!
Our theme this year is "The Future is Yours" Picture it! Save for it! Share it! This week of celebration is to help inspire our young members to save their money so that they can enjoy the future they have been picturing! We're encouraging our young members to express themselves through pictures and sharing their visions for their own financial goals so we can help them get there.
  • Join us for FUN, FOOD & PRIZES!
  • Receive a goodie filled camera treat box when you make a deposit.
  • Click here to print our coloring page and enter our Coloring Contest!* Open to ages 12 and younger. Coloring pages must be in by 5:00pm on Friday, April 12th. Winners will be announced on Monday, April 15th, 2019.
  • New member gifts for NEW Kids/Teen Club accounts (ages 17 and younger).
  • Get your picture taken, tell us what you're saving for and we'll post your picture on Facebook! When you make a deposit during Youth Week you'll also be entered into the drawing for a Fujifilm Instax Mini 9 Camera. One camera will be given out at each of our (4) office locations. Color of camera will vary.
*No purchase necessary to enter. Entries must be received by 5:00pm on Friday, April 12th, 2019. Odds of winning will depend on the number of entries. Winners will be announced on Monday, April 15th, 2019. Northwoods Credit Union reserves the right to change or cease promotion and offer at any time. For a complete list of Fujifilm Sweepstakes or Coloring Contest Rules, please call us at 218-879-4181. Membership Eligibility Required.
Floodwood Office Remodel

Construction has begun at our Floodwood office!  We are invested in the communities we serve and excited to get started on this branch remodel. This renovation goes beyond a fresh coat of paint to include a new lobby space, private offices, updated technologies and better building security.

We will remain open regular business hours during this renovation and we invite you to stop in to see the progress.  We hope to wrap up in mid-April.  We plan to hold a Grand Re-Opening Celebration early May and hope you'll be able to join us!  Keep an eye on our website, Facebook page or your local office for more information!

Home Financing and
Credit Myth vs. Credit Reality

Buying a home can be one of the most exciting parts of life - shopping for houses, getting tours, checking out neighborhoods. Amid all the excitement, it's important to take some time to understand your financial position, because while buying a home can be thrilling, it's also likely to be the biggest transaction you'll ever make.

Financially, your credit history is one of the big things that will come into play when you find that perfect house and are ready to buy. But there is a massive amount of information out there about credit management, which makes it tough to tell what's fact or fiction, myth or reality.

Let's try to debunk a few of those myths.

Myth: Closing credit cards is a good way to clean up your credit report.

A lot of us have credit cards we don't use anymore, and it seems like closing them wouldn't do any harm. But the truth is, closing old cards could actually lower your credit score - substantially. When you close cards, you're reducing the amount of available credit you have, which can make your credit utilization ratio worse. And if you open a new card consolidate balances when you close old cards, you're also shortening your credit history at the same time, which is negative because length of credit history is a factor in your credit score.

Here's a hypothetical showing how your mortgage loan could be affected: James is ready to apply for a mortgage, but right before he does he gets upset with his bank's poor service and closes his accounts, including a credit card that he used for 15 years. James goes down the street to the other bank and opens a new card. Now he has a credit card with no real history and no other active accounts - Experian says "a new, unused card represents risk." This lack of accounts lowers his credit score and leads to a higher interest rate on his mortgage.

Myth: Having no credit history is the same as having a good credit history

The reality is, you won't have a credit score at all until you have some sort of record of making payments on a loan or line of credit. When thinking about buying a house, it's important to know that many lenders expect borrowers to have at least three trade lines in order to be eligible for a mortgage. A trade line means any of a wide range of loans, like auto loans, student loans, or credit cards. Some lenders prefer those accounts to be at least a year old. In other words, lenders want to see that you know how to manage credit before lending you a large amount of money to buy a house, and they won't be able to know that unless you have a credit history.

Myth: It's a good idea to pay off all other loans before getting a mortgage

In reality, if you pay off all your loans in the months leading up to applying for a mortgage, then by the time you apply you could show a lack of recent credit activity. That can actually harm your credit score. Remember, lenders don't necessarily want to see that you have no debt. They really want to see that you know how to make consistent, on-time payments, because they need to feel confident that you will make your house payments every month.

Have more questions?  Please contact our Mortgage Department by calling 218-879-4181 or email us at nwcu@northwoodscu.org.

This article provided by Servion.

Design Your Own Credit Card
Design a customized Northwoods Credit Union Credit Card for only $9.99!

  • Log in to Northwoods Credit Union Online Banking
  • Click on "Credit Cards Info" in the top green menu
  • Click on "Design Your Own Card" from the Quick Link Menu or click on this graphic:
  • Follow the prompts
  • If you have multiple cards on your account, each cardholder can choose their own image; a $9.99 charge per card will apply.
For more information, go to  https://www.northwoodscu.org/loans-credit/design-your-own-credit-card.html