How to Prepare For Life Post-Graduation

by Enbright Credit Union | Jun 28, 2021 | Community, ECU Blog

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How to Prepare For Life Post-Graduation

June 11, 2021 / Zina Kumok

Life after college graduation can be… a lot.

You don’t really appreciate the bubble of campus living until you step out into the great unknown. One day you’re worried about studying for exams and writing papers, and the next you’re figuring out how to make rent and put bread on the table.

It gets easier, but the transition is usually a little bumpy. That’s why it helps to do a little prep work before you graduate – make it happen with these simple strategies.

Fix your social media profiles

Having an inappropriate social media profile can ruin your chances of getting a job. After you graduate, verify that your profiles are private. Change your profile picture to something inoffensive, like a picture of you in a cap and gown.

Double-check that there are no embarrassing public tweets or posts that could land you in hot water.

Start a LinkedIn profile if you don’t already have one, and list your academic and professional accomplishments and special skills. Connect with other students, former professors and past supervisors. Ask for recommendations and endorsements. Follow companies you’re interested in to be notified when they post a new job.

Check your credit report

Your credit report shows all your past and current loans, credit cards, and other credit products. There are three different credit bureaus that produce credit reports: TransUnion, Equifax, and Experian. Lenders, landlords, and even employers will check your credit report to see how responsible you are as a borrower.

Viewing your credit report regularly will highlight any mistakes or potential issues, like a credit card that doesn’t belong to you or a late payment from a long-forgotten loan.

Check your official credit report for free at AnnualCreditReport.com, which shows official credit reports from all three bureaus. You can check your credit report for free once a week until April 2022.

Monitor your credit more frequently for free by creating a Mint account. Mint will show your credit score and notify you when something has changed on your report. Your credit report is like a financial report card, while a credit score is like a GPA. Credit scores range from 300 to 850, and anything above 670 is considered good. An excellent credit score, which you’ll need to secure the lowest interest rates, is 750 or more.

Find and organize your student loans

If you’re like thousands of students, you graduated college with a degree – and a hefty student loan balance. Tackling your student loans will be one of your first post-grad challenges, and there’s no better time to start than now. Check out our free loan repayment calculator to help you determine your monthly payment.

First, find your federal student loans by logging onto the Federal Student Aid website. This will show all your federal student loans, the minimum payment, interest rate, and total amount owed. If your parents took out federal loans that you’re expected to repay, they can use this same website to log in.

If you have private student loans, visit each servicer’s website and create an account if you don’t have one already. Your private loans should be listed on your credit report if you need a refresher.

After you log in, the site should list your next due date. In most cases, you can set up automatic payments from your bank account. This will ensure you never miss a payment, which would decrease your credit score.

If you’re struggling to find work, request a deferment from your private lender or switch to an income-driven repayment plan from your federal lender. Federal loans under an IDR plan have a $0 monthly payment if you’re not employed.

Avoid using federal deferment or forbearance unless you really need it. Borrowers are limited to three years for these programs, so it’s best to save them for a true emergency. Private lenders also usually limit the number of times you can defer a loan. Before deferring any loans, contact the lender and ask if other options are available.

Start networking

Graduates without a job lined up should start networking as soon as they graduate. Remember that applying to jobs online isn’t the only way to get hired. Making connections is a better way to learn about new positions.

Even if many networking events are still postponed due to the pandemic, you can reach out to people through LinkedIn. Send a brief note explaining who you are and any mutual connections you have. People are more likely to respond if you have something in common, like the same alma mater or sorority.

Ask former professors or bosses if they have any suggestions for job hunting. Sometimes their advice will lead to a useful tip you can implement to improve the job hunt.

If someone agrees to meet you for lunch or coffee, always offer to pay and send a thank-you note afterward. Some professionals get hit up for advice constantly, so it pays to be respectful of their time.

Being shy doesn’t pay off when it comes to landing a job, especially in a competitive field. Don’t be afraid to ask about job openings or internships, even if you might not be qualified.

Pursue your interests

Even if you can’t find a full-time job, you can still work on your career. Get an unpaid internship, start a freelancing operation, or shadow a professional in the industry. This will also put you in contact with more people who can help you find a full-time gig. Plus, it gives you something to put on your resume that may be more relevant to your industry than working part-time at a fast food place or driving for Uber.

Freelancing on sites like Upwork and Fiverr can also help you build a portfolio you can then share with potential employers. Start your own website that you can link in your resume or cover letter.

Introducing our newest Mobile Wallet feature!

by Enbright Credit Union | Jun 24, 2021 | ECU Blog, Featured News

Mobile Wallet

Enbright Credit Union has a brand new mobile wallet feature! Available for both Apple, Google and Samsung Wallet.

Apple Wallet

Connect your Apple iPhone, iPod touch, or Apple Watch to your Enbright Account with Apple Wallet!

Apple Wallet gives users a convenient way to organize and use rewards cards, boarding passes, tickets, gift cards, and more in one place.

Google Wallet

Sync your Google Wallet with Enbright Credit Union!

Google Wallet is a mobile payment system that acts as a virtual wallet, allowing users to make payments and transfer money straight from their phones.

Samsung Pay

Connect with Samsung Device with Enbright Credit Union!

Samsung Pay is a mobile payment and digital wallet service by Samsung Electronics that lets users make payments using compatible phones and other Samsung-produced devices.

Follow Enbright on Social Media!

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Hot market for used cars sends prices to “bizarre” levels

by Enbright Credit Union | Jun 24, 2021 | Autos

BY STEPHEN GANDEL MAY 13, 2021 / 12:19 PM / MONEYWATCH

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The reopening U.S. economy and lingering pandemic shortages are driving used cars to their highest prices in years.

“Rising used car prices are a trend that we noticed last summer, and it has really intensified in the past few weeks,” said Jessica Caldwell, executive director of insights at car market tracker Edmunds. “You hear numbers that, honestly, I wouldn’t pay [$20,000] for a Maxima, especially with that many miles on it. We are seeing bizarre things.”

A salesman at the Dream Auto dealership confirmed the used Maxima’s price and mileage. He said availability is a big issue, but not the only one. “Prices of used cars are rising,” said the salesman, who declined to give his name. “There are a lot of factors that go into it.”

Across the U.S., used car prices in April rose to an average of nearly $25,500, according to J.D. Power. That’s the highest price ever recorded by the research firm, which began tracking used vehicle sales in the early 1980s. That price is up $3,650 — nearly 17% — since the beginning of 2021.

Shifts in consumer behavior

The Labor Department on Wednesday reported that U.S. consumer prices last month rose at their fastest pace since 2008. Overall, prices were up 4.2% from a year ago. Fully a third of that historically large jump came from the sharp increase in used car prices, which surged 10% in April alone. The Labor Department said that was the largest one-month jump in used car prices since it began tracking the data in 1953.

“The pandemic has caused sudden shifts in consumer behavior that is translating into inflation as businesses struggle to catch up with changing demand,” Bill Adams, a senior economist at PNC Financial Services Group, wrote in a note to clients.

The used car market is a prime example of that trend, Adams added, with commuters still leery of public transport due to COVID-19 fears and people who fled cities during the pandemic now needing cars to get around. The federal government’s multiple stimulus payments during the crisis also has stoked demand for cars, putting money into consumers’ pockets while interest rates remain near historic lows.

“Stimulus checks funded down payments for many vehicle buyers, and the Fed has kept interest rates extremely low, making car loans cheap,” Adams wrote.

The main factor pushing up used car prices in recent weeks is scarcity, according to Edmunds’ Caldwell, who said nearly all of the regular sources of used cars have been disrupted by the pandemic. Fewer new car sales in the past year means fewer trade-ins. People are extending their leases. Rental car companies, normally a reliable source of used cars, are instead buying used cars themselves in order to rebuild their fleets that were sold off last year as business travel and tourism came to a halt.

On top of all that, a microchip shortage has slowed the production of new cars, sending more would-be buyers to the used car market.

Caldwell thinks the current lack of supply could continue. “Prices aren’t going to normalize until late 2021 or next year,” she predicted. “It’s going to lead to frustration, and it is going to get harder over time because the supply is going to get thinner.”

As a result, even cars in the 100,000 mile club are now hot commodities. Used car website Carvana lists one 2010 Toyota Highlander with more than 96,000 miles — as well as a scratch on its side, a dated sound system and some rust — for a hefty $15,600.

TrueCar, a website that lists used cars from dealers across the country and evaluates their sales price, currently shows 108,000 cars for sale with more than 100,000 miles. About a third of those are rated by the website as overpriced, including a 2014 Ford F-150 pickup that has had five previous owners — and has been involved in an accident. The truck, which has nearly 140,000 miles, is listed at $39,999, which TrueCar says is about $1,150 above “average list price.”

Joe Carollo, a salesman at Beaman Toyota in Nashville, Tennessee, recently spent part of a day searching his lot for a 2018 Camry Hybrid listed on Beaman’s website for just under $27,000. The car has over 313,000 miles on it, according to the website. Carollo thinks that might be a typo, but he’s not sure.

“It could already be gone,” Carollo said of the Camry after his search of the lot produced nothing. “People come in and know what they want. Some used cars are selling at a premium.”

Carollo’s manager, Billy Carmical, later confirmed they had located the car and reported that the actual mileage is 31,364. Will it sell? “Everything thing in this market is going fast,” Carmical said.