Newsletter - Oct 2007
From the Union Plus Scholarship Program

2008 Applications
In addition to demonstrating academic ability, applicants are required to submit essays of no more than 500 words describing their career goals, detailing their personal relationship with the union movement and explaining why they are deserving of a union scholarship.


Individuals must be accepted into an accredited college or university, community college or recognized technical or trade school at the time the award is issued. Starting with 2008, graduate school students also will be eligible for Union Plus Scholarships. There is no requirement to have participated in any Union Plus program in order to qualify.


Applications for next year’s awards will be available in September 2007. To download the application at that time, visit www.UnionPlus.org/Scholarships. Or, applicants may send a postcard with their name; return address, telephone number and international union name to: Union Plus Education Foundation, c/o Union Privilege, P.O. Box 34800, Washington, DC 20043-4800.


The application deadline is January 31, 2008. Recipients of scholarships will be announced May 31, 2008. Due to the high volume of applications, only winners will receive notification.


Union Privilege, founded by the AFL-CIO in 1986, develops and manages the Union Plus benefits program, which uses the combined buying power of America’s union members to obtain top-quality goods and services at competitive prices. In addition to a money-saving credit card, the Union Plus programs include free and discounted legal services, education services, discounted health services, a home-buying program, travel and recreation discounts and much more. For more information, visit www.UnionPlus.org.


Sullivan-Kraw Scholarship & The IU Bates Scholarship
Our local scholarship the Sullivan-Kraw applications and information will be sent out in November. The International Scholarship the Bates scholarship information is available on the IU website www.BACweb.org


From Operating Engineers Federal Credit Union

What to do if you have trouble getting credit
If you’re having trouble opening a new credit card account or being accepted for a loan, your credit union offers a Share Secured loan. Using your savings account as collateral, you can borrow a minimum loan amount of $500 with a maximum amount of $50,000. This type of loan is a means of borrowing money at a lower rate while keeping your savings account in tack. After a few months of responsible use with secured credit, your score should improve. This is also an excellent way to establish new credit for young adults who are bound for college or going off on their own.


With a little discipline, anyone can have a high credit score. And remember, a high credit score can save you thousands of dollars each year on excessive interest payments. In order to start saving, review your credit report and make improvements where needed. For more information on FICO scores and credit bureaus, visit Operating Engineers #3 Federal Credit Union’s Consumer Center at www.oefcu.org.


Repairing bad credit

In order to repair your credit score, you must pay your bills on time every month. You also need to manage your debts by keeping your credit card balances below 35% of your available credit limit. For example, if you have a credit card with a $1,000 limit, keep your balance below $350. High balances on credit cards significantly lower your score. It is better to have three to five cards with low balances, than one card that is maxed out. If you’re thinking of consolidating your debt, keep the oldest credit accounts active - the longer your credit history, the better. Avoid applying for a large number of new credit cards within a short period of time. This is an indication to lenders that you are overextending yourself by taking on too much debt. If you are buying a home or car and shopping for the best financing/purchase possible, applying with different lenders within a few weeks will not negatively impact your credit profile.