Financial Fitness
and
estate planning
Ryan Schlehuber • Daily News features editor • scoop@staffordgroup.com • (616) 548-8279
WHAT IS A CREDIT SCORE?
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credit score is a numerical rating that represents an individual’s credit worthiness. Credit scores range from 300 to 850 where the higher the score, the more credit a person may qualify for. A good credit score may also qualify you for the best mortgage and consumer loan rates, zero percent credit cards, and may also lower your auto insurance premiums. Likewise, a low score could inhibit you from obtaining loans, make you subject to higher insurance premiums and could even prevent you from being hired. The most commonly used credit score is the FICO score, which is based solely on information from your credit report. A credit report is a compilation of one’s perBy Amy Homich sonal data, credit history, Chemical Bank detailed account information and credit inquiries. These reports are maintained by the three credit agencies: Equifax, Experian, and Transunion. Your FICO credit score is calculated using: • 10 percent New Credit: How many credit card and loan accounts you’ve opened recently; this could indicate financial trouble • 15 percent Length of Credit History: How long you’ve had credit available and have been making timely payments • 10 percent Types of Credit: Having a mix of accounts, including installment loans, home loans, and retail and credit cards may improve your score • 35 percent Payment History: Late payments hurt your score, but a long track record of timely payments helps • 30 percent Amount Owed: The proportion of money owed compared to how much credit you have available Under Federal law, you are entitled to
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Saturday, January 23, 2016
The Daily News
ASHES TO ASHES Religious, emotional and financial implications of cremation
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hen making end of life plans for a loved one or pre-planning funeral arrangements, many decisions come into play. One such decision is deciding to be cremated, an option that continues to trend upward. Mike Verdun has been in the funeral business for 20 years, operating Verdun Family Funeral Home in Belding. Within that time, Verdun has seen cremation increase within his clientele from approximately 10 to 12 percent to more than 50 precent of families opting for cremation. This trend holds true nationally, as well. According to www. nationalcremation.com, figures show cremation has increased from 3.6 percent of Americans selecting cremation in 1960 to 48.2 percent in 2015. The families Verdun has assisted have given multiple reasons for selecting cremation for their loved one. “Several reasons for cremation include scheduling convenience for services to be held at a later date, the ability to delay a decision on By Stacie Smith Daily News features writer where the final burial will take place due to family mobility and in some cases, lower funeral and burial costs,” Verdun said. Verdun worked with Kristina Richmond and her parents with planning Richmond’s sister’s final arrangements. They agreed that cremation was the most fitting option for their sister and daughter. See Cremation, Page 13
Daily News/Ryan Schlehuber
See Credit Score, Page 14
GROWING YOUR CREDIT POTENTIAL WE’RE HELPING CUSTOMERS ACROSS THE STATE BUILD THEIR CREDIT.
With a Chemical Bank Credit Development Loan, you can establish or re-establish your credit while striving to reach your financial goals. With two loan amount options to fit your individual financial needs, you’ll experience: • • • • • •
Schedule your tour today!
Low Monthly Payments Short-term Payback Periods Minimal Qualifying Standards Competitive Interest Rates No Processing Fees Built-In Savings Plan
It’s never too early to start planning for your future.
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This is a Savings Program to help you rebuild and/or establish your credit. For the $500 loan amount option, a $100 cash deposit is required at the time of closing. Your $100 cash deposit plus the $400 loan proceeds will be used to open a $500 CD for the term of the loan. At the completion of the program, you will have $500 saved plus the minimum interest rate paid on the CD. For the $1,000 loan amount option, a $200 cash deposit is required at the time of closing. Your $200 cash deposit plus the $800 loan proceeds will be used to open a $1,000 CD for the term of the loan. At the completion of the program, you will have $1,000 saved plus the minimum interest rate paid on the CD. You must have attended an approved Credit Counseling Course, be employed for a minimum of one year, and have no prior loan default with Chemical Bank.
For more information or to begin building a relationship with your local Chemical Bank Lender, visit ChemicalBankMI.com or call (800) 867-9757.
lakeview@leisure-living.com
9494 Paden Rd. • Lakeview, MI 48850 989.352.5550
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