The CU Difference

Nov 26, 2020

checking credit score

Credit Score Overview From East Texas Federal Credit Union

Though some regard their credit score as unimportant financial information, we at Eastex Credit Union know how false this claim is. As a trusted credit union in East Texas, our members find great peace of mind in our extensive industry knowledge. Unfortunately, there are several myths surrounding credit scores, reports, and how spending habits impact this data. To debunk these falsehoods and shed some light on this matter, we’ve provided a wealth of helpful insight below.

How Often Should I Check My Credit Score?

There’s no one-size-fits-all answer to this question. However, it’s important to note that you can check credit score reports as much as you’d like. In most cases, it’s sensible to monitor it regularly. For many, this means checking their credit score a few times a year. Bear in mind that your credit score is only updated about once a month, so don’t be alarmed if you don’t notice any changes for weeks at a time.

Depending on your circumstances, it might make sense to track your credit score more regularly. For instance, if you’re interested in applying for a loan, credit card, etc., knowing where you stand financially will prove enlightening. If you’ve been a victim of fraud, it’s especially critical to keep an eye on your credit score. Any significant and unusual changes should be reported immediately. The sooner you dispute fraudulent activity, the faster you can repair your credit score.

Most notably, don’t hesitate to check your credit score as you see fit. Contrary to popular belief, checking your score won’t lower it. In fact, it won’t have any effect on your credit report. Third parties can also gather this information without influencing your score. These are called hard credit inquiries, and they’re performed primarily by lenders. Checking your credit score yourself is referred to as a soft credit inquiry.

When Not To Check Credit Score

It’s prudent to have a rough idea of what your credit score is, but obsessively checking is ill-advised. People with lower scores tend to stress over daily fluctuations, but these minor adjustments aren’t worth worrying about. These shifts are normal, so there’s no need to preoccupy yourself with the day-to-day numbers. At the same time, it’s careless to ignore this information. Though having a low credit score can provoke anxiety, disregarding this data will prove detrimental in the long run.

How To Check Credit Score

At Eastex Credit Union, we’ve partnered with a convenient tool that allows members to check their credit score from the comfort of their own home. This complimentary program is called Credit Sense, and it offers 24/7 access to your credit score. When you opt for this resource, these are some other perks that you’re promised.

  • Advice on how to maintain a healthy credit score
  • Unlimited access to credit score
  • No credit card information required
  • Easy-to-use features
  • Daily credit alerts
  • Free monthly credit reports
  • Performance reviews

Your Go-To East Texas Federal Credit Union

Whether you have a healthy credit score, a bad credit report, or require sage financial counsel, we’re a credit union for all. We breathe understanding and convenience into these financial affairs, and we have an unwavering commitment to community involvement. Discover how easy it is to improve your credit score, analyze your credit report, and promote financial stability when you place your trust in us. Give us a call today at 409-276-2525 to learn more about our banking services.

Nov 12, 2020

loan application

What Is a Line of Credit?

A line of credit is an amount of money that a credit union agrees to lend you. You are not required to take possession of the entire sum. Instead, you will be able to make withdrawals when you need to until the entire amount that you were approved to borrow is gone. You will only need to pay interest on the amount that you withdraw.

Line of credit loans provide you with an amount of money at the moment you need it. It is a great financial product for those unexpected expenses that come up when you are least prepared to address them. For example, your car breaks down and needs very expensive repairs. Rather than place this expense on your credit cards, you will be able to withdraw the money from your line of credit.

How Does the Interest Work?

You will only need to pay interest on the amount of money that you withdraw. You will be required to repay the principal and the interest, but after you have done this, the money will be available to you to borrow again. Every time you need a sum of money to pay an unexpected expense, you can withdraw it and pay it back, and you can do this several times. You only need to make sure that you adhere to the terms and conditions of your loan. This means that you must pay back what you borrow in full, and you must pay it back on or before the due date.

How Does a Line of Credit Work?

We can make this easier to explain by comparing a traditional loan to a line of credit. With a traditional loan, you will receive the entire amount in one lump sum, but you will be required to begin repaying this loan right away. Line of credit loans provide you with an amount of money that you can access when you need it, and you don’t have to begin paying interest until you do.

To qualify for a line of credit in Kirbyville, Silsbee, Buna, Kountze and Evadale Texas, you don’t need to offer anything to the credit union as collateral. If you were to apply for a traditional loan, you would be required to offer your home as collateral for the loan, and this puts your house at risk.

Your credit scores will be considered when your lender determines what your interest rate will be. For example, if you have good or great credit scores, your lender will be willing to offer you the lowest annual percentage rates.

The Draw Period

The draw period is the amount of time that you will have to withdraw money from your approved line of credit. This draw period can last for years. The credit union may give you a special checkbook for the purpose of using your funds, or your lender will offer you a credit card. Your credit union may also deposit the money into your checking account when you need it.

After you withdraw a sum of money, the interest begins to accrue. You are going to need to begin making the minimum payments, or you can pay more. If you only make the minimum payments, it will take you longer to repay this loan and cost you more in interest. These payments will be returned to your line of credit loans as you repay them. At the end of the draw period, you will be in your repayment period and need to repay the remaining balance.

When Is This Type of Loan a Good Choice?

If you would like to consolidate several debts, this is a good loan for this purpose. You will reduce the number of bills you are paying to one and make lower monthly payments because you will have a lower percentage rate. It doesn’t require you to offer anything as collateral. It is also good for large expenses that you must make, such as home repairs or college expenses. You may even be able to deduct your payments from your tax returns.

If you are interested in becoming a member of Eastex Credit Union in Evadale, Silsbee, Kountze, Buna and Kirbyville, contact us today!

Nov 5, 2020

credit union helping woman with online banking

At Eastex Credit Union, we know you’re busy and we want to remind you we’re always available. One of our main goals as your credit union is to make banking as convenient as possible. Make sure you are taking advantage of everything we have to offer!

Mobile Banking

You can knock out your financial tasks quickly and conveniently with the Eastex Mobile App.

  • Checking your account balance.
  • Reviewing your transaction history.
  • Receiving e-alerts as they arise.
  • Fund transfers between your accounts.
  • Check deposits.

Download the app here!


These allow you to get the necessary information for your monthly account statements direct to your email. It’s FREE to sign up!

  • Save on paper and ink
  • Faster service
  • Online statements for your reference
  • Can be easily viewed and printed if needed
  • Free service

If you’d like to set up account e-statements, contact us.

Online Banking

Our online banking allows you to check your account anywhere there is an internet connection. You have secure access to your account anytime, anywhere! To sign up, you can either contact us or stop by a branch location.

A Trusted East Texas Federal Credit Union

At Eastex Credit Union, you’ll find a team of financial and banking professionals that you can trust. As a sought-after East Texas Federal Credit Union, we know what it takes to keep our members satisfied, financially secure, and at ease. Give us a call today at 409-276-2525 to learn more about our membership benefits, mobile banking options, insurance programs, and more.

Oct 15, 2020
credit union benefits

credit union benefit

Do you ever find yourself confused about what a credit union actually is? You’re not the only one! Many people feel the same way. At Eastex CU, we think it’s important to educate as many people as we can. With that said, we are here to answer all those question marks in your head!

What is a credit union?

Credit Unions are not-for-profit financial institutions owned by their members. The services we provide are similar to banks, but our profits go to our members, not stockholders. You must meet certain requirements to join a credit union. It’s usually based on where you live, work or worship, or through associations you’re involved with.

How do credit unions work?

Credit unions are for members, by members who vote and elect a volunteer board of directors. Our focus is to help members reach their financial goals.

Because our profits come back to our members, we can offer better savings rates, lower loan rates and reduced fees. The unique thing about credit unions is that we are member-owned. When you deposit money in a credit union account, you become an owner-member of the credit union. You’re a customer and an owner. The money you and other members deposit is used to make loans to other credit union members.

What do credit unions offer?

Credit unions offer a more personalized service experience. The products and services that credit unions offer are very similar to what banks offer, with a little change in terminology. We aim to keep our fees low and may not have as many fees as banks. We also offer low interest rates on loans, so if you’re looking for a personal loan, car loan, or mortgage, make sure to compare the rates by Eastex Credit Union to make sure you’re getting the best deal.

Choose Eastex Credit Union!

Now that we’ve answered the main questions you probably had; you should feel a lot more confident about credit unions. If you’ve been thinking about joining one, consider choosing Eastex Credit Union. We love supporting the financial needs of our members!

If you’re interested in becoming a member, check out how to join. It’s easy to apply!





















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