Q2 Newsletter April

A message from your CEO

Dear Member

Many of us are emerging from the winter hibernation inside the house and enjoy the spring weather that provides an opportunity to get out and experience the renewal of our yards and gardens. If you don’t like the weather at a particular time just wait for a little while and it will change, the weather is wonderful in Utah. Hopefully, our financial habits aren’t like the weather, and we’ve taken time to plan and prepare for the ups and downs that will happen in all our lives. To help manage your finances we offer an online tool, within our app or online, called MoneyMap. This tool helps you see your accounts in one place, transactions, spending, budgets, trends, goals, and more. You can even link non-Horizon Credit Union accounts to it! Try it and see your progress towards your goals. 

As we plan for the future at the Credit Union, we’re excited to start our rebuilding project for our headquarters building in Farmington. We look forward to having an inviting, accessible, and safe building to continue to serve our members for many years to come. We apologize for the inconvenience this will cause and are trying to limit and minimize this. We will open a temporary branch on the east side of our operations building that is located directly east of the current building. Access will be from 200 South across from the ball fields.  

The annual meeting for the Credit Union will be held on April 29th at 4:30 p.m. This will be the last meeting we hold in the current headquarters building and invite all to attend. We are grateful to all our volunteers, board members and supervisory committee members, who serve each of us by watching over the affairs of the Credit Union.  

One final thought. If you’ve purchased a car recently, or are purchasing one in the future, don’t forget to check our loan rates. We could probably save you some money by refinancing your current loan at other institutions with us. The dealers put pressure on you to finance with them because they make money from that. Come see us before or after and we’ll work with you to save some money. 

Our wonderful team looks forward to helping you achieve your financial dreams. 

Page Bennett

President & CEO

Building Update

Horizon Credit Union continues to prepare for the demolition of our current Headquarters and the building of a new one. On April 8th branch services will move over to our temporary branch on the east side of the Operations Building that is on the Farmington property. The first lane ATM and night drop will be closed on the morning of April 8th. The 3rd lane ITM will still be available until later in April. Please watch for the signs in the drive-thru for updates.  

On April 22nd and 23rd from 3:00 PM to 6:00 PM we will be holding a fire sale for any items in the old building that we are not going to keep. Please come by those dates and times if you would like to see what is available. 

Thank you for your continued membership and your patience during the construction! 

Scott Rushforth

COO

New Board of Directors Member

Jessica Everett is the Controller at Lifetime Products where she has worked for 11 years. In 2012 she started working at Lifetime Products as a Finance Clerk. From there she quickly gained more experience and responsibility and worked her way up to Staff Account, then Senior Accountant, then Assistant Controller, and finally Controller which she has been for the last 5 years. She now manages the General Ledger, Accounts Payable, and Treasury teams and is responsible for many other things including preparing financial statements, managing external audits, maintaining 25+ bank accounts and all credit card processing at Lifetime. Prior to joining Lifetime Products, Jessica worked at Horizon Credit Union as a Head Teller while she went to school. Jessica now holds a Master of Accounting degree (MAcc) from Weber State University and enjoys improving system processes, helping her team grow, and making a positive difference in those around her. When she’s home she enjoys playing board and video games with her family, building Lego sets, and baking.

Grandparent Scams Surge During Spring and Summer

With spring and summer upon us, we see a surge in grandparent scams and we’re here to help you protect yourself and your family.

What is a grandparent scam?

In a typical grandparent scam, fraudsters exploit the trust and love between grandparents and their grandchildren. They often pose as a grandchild or other family member in distress, claiming to be stranded in a foreign location or facing legal troubles. In some scenarios, the fraudster will pose as a third party attempting to help their grandchild get out of a sticky situation. The scammer then urgently requests money to resolve the supposed emergency, often insisting that the situation be kept secret.

Red Flags to Watch For

• Urgency of Request: Scammers often create a sense of urgency to pressure victims into acting hastily.
• Secrecy: the individual requests that information about the transfer be kept confidential.
• Unknown Requestor: The victim references that they received a phone call or email prompting them to send money.

Tips to Protect Yourself

• Keep your identity safe: Don’t share important information with anyone, even “trusted” family members.
• Don’t rush: Fraudsters thrive on creating panic and urgency. Take your time to assess the situation carefully.
• Identify your habits: Familiarize yourself with your typical spending habits as to identify if something seems out of the ordinary. Always get a second opinion if needed.



Stay Safe with HCU!

If you suspect fraud or encounter a suspicious transfer, don’t hesitate to contact a team member!

By staying informed and vigilant, we can all work together to stop these deceitful schemes and keep our community safe.

Dates to Remember

Annual meeting: April 29, 2024

Shred Day: Kaysville Branch, May 11th. 10 AM – 12 PM

Holiday Closures: Memorial Day, May 27th; Juneteenth, June 19th

Creditworthiness: What It Is & Why It Matters

Navigating the world of finance can sometimes feel like deciphering a complex code, especially when faced with industry jargon. For example, creditworthiness. What exactly does it mean, and why is it such an important measure of your financial health? We’re here to help demystify creditworthiness so you can better understand its significance in securing loans and other financial products.

What is Creditworthiness?

Creditworthiness refers to an individual’s ability to repay borrowed funds and fulfill financial obligations. It’s essentially a measure of trustworthiness in terms of managing and repaying debts, reflecting how likely you are to repay creditors. Lenders use it to gauge how risky it might be for them to lend you money.

Many people assume creditworthiness and credit score are interchangeable; however, that’s not the case. Your credit score is merely one component that lenders review when approving you for a loan.

How Creditworthiness Differs from Your Credit Score

While your credit score serves as a crucial component in assessing your creditworthiness, it’s not the sole determining factor. Creditworthiness extends beyond the numerical representation of your credit score and paints a comprehensive picture of your financial reliability.

Lenders evaluate a multitude of elements to gauge your credibility, including items such as:

·       Income Level: Your income is a key element of your financial picture, indicating your capacity to repay debts and how much debt you can responsibly afford to manage.

·       Employment History: Job stability reveals details about your financial situation because it impacts the likelihood that you will have money in the future to repay borrowed funds.

·       Debt-to-Income Ratio: This figure measures the proportion of your income allocated to existing financial obligations. Lenders use it to determine if a new debt will generate financial challenges for you down the road.

·       Unsecured Debt Ratio: This ratio calculates the percentage of your debt not backed by collateral (e.g., credit cards or personal loans). It reflects your reliance on credit cards and highlights potential financial risks to lenders.

Why Creditworthiness Matters

Creditworthiness is an essential factor in securing favorable financial opportunities. You might have an exceptional credit score, but that doesn’t guarantee you’ll be approved for a loan. Even with an impressive credit score, lenders scrutinize your creditworthiness to mitigate risk and ensure responsible lending practices. Lenders want reassurance that they are not only lending money to a fiscally responsible individual but also that they aren’t putting you into a financial bind.

Lenders are looking for situations like the following:

·       You have an exceptional credit score, but you’re carrying too much debt. A new loan could make it hard for you to keep up with your financial obligations and can place undue strain on your finances.

·       You have a great job, credit score, and repayment history, but you’re carrying too much credit card debt. This could be high-interest debt, which will eventually catch up with you and cause challenges.

It can be disheartening to be declined for a loan. However, it’s critical to remember that lenders exist not only to approve loans but also to safeguard borrowers from potential financial hardships.

Tips to Improve Your Creditworthiness

Enhancing your creditworthiness involves taking proactive measures to bolster your financial standing and increase your chances of securing favorable loan terms. You can improve your creditworthiness by doing the following:

·       Check Your Credit Report: Regularly monitor your credit score and review your credit report. This habit will help you quickly detect discrepancies or identify areas for improvement.

·       Pay On Time: Making all your debt payments on time reflects responsible borrowing practices and improves your credit standing.

·       Wipe Out Debt: Eliminating high-interest credit card debt alleviates financial strain and frees up funds that can be redirected to padding your budget or paying down additional debt.

·       Avoid New Credit: Only apply for loans when necessary. Steer clear of applying for or accepting new credit card offers simply because you were preapproved. This minimizes credit inquiries and demonstrates responsible borrowing to lenders.

We’re Here to Help!

Understanding the complexities of creditworthiness and why it matters opens the door to more favorable loan terms and better financial opportunities. With this knowledge, you can empower yourself to achieve long-term economic stability and success.

If you want to learn more about how a credit builder loan or secured credit card can help you improve your creditworthiness, we’re prepared to help. Please stop by any of our convenient branch locations or call 801-451-5064 to speak with a team member today.

Pay Anyone Mobile App Feature

Do you use apps to send money to friends and family? Did you know we have a safe and secure way to send money? You can send money through the mobile app or It’sMe247. Look under the Pay and Transfer tab and choose Pay Anyone. It is easy to as text or email, choose amount and set security question with answer and hit send.  

Activity Corner

Here’s a Spring Word Search to get into the season!

Spring Word Search

Carrot Cake Cupcakes with Cream Cheese Frosting

Perfect for Spring and so delicious!

Ingredients

Cupcakes:

• 1 1/2 cups flour
• 1/2 cup sweetened shredded coconut
• 1/3 cup chopped pecans
• 2 teaspoons baking soda
• 1 teaspoon salt
• 2 teaspoons ground cinnamon
• 3 tablespoons olive oil
• 2 large eggs
• 2 cups grated carrot
• 1 1/2 cups canned crushed pineapple

Frosting

• 8 ounces cream cheese at room temperature and cut into small cubes
• 1/2 cup unsalted butter at room temperature and cut into small cubes.
• 1 cup powdered sugar
• 1 teaspoon vanilla extract

Instructions

1. Preheat oven to 350 degrees F.
2. Place cupcake liners into cupcake pan and spray the inside of the liners with non-stick cooking spray.
3. Lightly spoon flour into dry into measuring cups and level with the flat side of a knife.
4. Combine the lightly measured flour, sugar, shredded coconut, pecans, baking soda, salt and cinnamon in a large bowl and stir well with a whisk.
5. Combine oil and eggs in a separate smaller bowl and stir well. Stir egg mixture, grated carrot and drained pineapple into flour mixture.
6. Spoon the batter into the cupcake liners and fill about 3/4 full.
7. Bake for about 20 minutes or until a wooden toothpick inserted in the center comes out clean. Cool Completely on a wire rack.

Frosting:

1. Place cream cheese in a large mixing bowl. Use a hand mixer or a stand mixer, beat until smooth. Add the butter, continue beating until smooth and well blended. Add powdered sugar and vanilla and beat until combined.
2. Spread frosting over tops of the cupcakes. Garnish each cupcake with grated carrot if desired.

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