Tuesday, March 28, 2023

SECU Board - Message To Members with Risk-based Lending - OFF WITH YOUR HEADS!

To: SECU Board of Directors

http://static3.wikia.nocookie.net/__cb20110621074342/americanmcgeesalice/images/b/b0/The_Queen.jpg  "Off with their heads!"   ... those rascally SECU members who are ever late with a payment! 

Dear Chairman Ayers,

Have missed talking with you! Well, I actually haven't ... I mean, no offense, in the sense y'know that I've never ever talked with you.  Seems awfully quiet over there at the Board table, no more videos, "All Employee" memos, the "Ad Campaign"...silence is golden or damage control??

How's risk-based lending going? Look forward to the March 31 financials for information on the continued growth of SECU and for a resurgence in lending - particularly the "A" folks flocking back to borrow.

For all SECU members, wanted to make sure you knew (since Chairman Ayers and the SECU Board are so "mum" these days about the facts of RBL ) the potential penalty for being 30 days late on a payment - and how that will probably increase your cost of borrowing under RBL at SECU. 

In a post on February 17th  [link to the post],   a simulation showed how my credit score dropped by 100+ points, if just one payment was late 30 days - check it out. Seems a bit "off with your headish" of a penalty to me for an often explainable, minor error!

 But what SECU members may not realize is how long that little 30 day misstep could affect their credit score according to the credit bureau (see below): 


 ****From: TransUnion  (one of the 3 major credit bureaus)

How long does a late payment stay on your credit report?

Late payments stay on your credit report for up to seven years from the date of the original delinquency. Your payment history is a major credit score factor, so staying on top of due dates is important for your credit health. When possible, it can be smart to set up automatic payments for your bills and loans.



(And some common sense!)