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Why Does FDIC Membership Matter?

January 4, 2022 Aspire Bank

Aspire Bank proudly places the Member FDIC logo on all our marketing efforts. This logo can be seen across our print ads, social media, and any other form of advertising that we do. What does this logo mean to you?

The FDIC’s mission is to promote confidence and stability in the nation’s financial statement. FDIC-insured banks are backed by the full faith and credit of the United States government. This can give individuals & business owners full confidence in any FDIC-insured bank across the nation.

When you are looking for a bank for your business, make sure to find out of the bank is FDIC insured. This is an important protection for you as you begin your banking relationship. Since the founding of the Federal Deposit Insurance Corporation in 1933, no depositor has lost a penny of FDIC-insured funds.

There is a ton of insightful information on the FDIC website regarding this protection for consumers. If you are looking to learn more about the Federal Deposit Insurance Cooperation visit their website at fdic.gov to access their resources.

Here is a video that was created by the FDIC that outlines more details on this bank insurance.

How a Good Credit Score Can Save You Money?

January 17, 2018 Aspire Bank
How a Good Credit Score Can Save You Money?

We live in an era where having the opportunity to borrow money for a mortgage, education, or other personal financial needs is pertinent. Therefore, having a good credit score and understanding how to manage your credit score is extremely important knowledge to hold. First thing’s first, we need to understand what the difference between a credit score and a credit report is.

A credit report is a bundle of information on your past financial history. This may include your credit history, personal information, your financial accounts, and if you had previously filed for bankruptcy. A credit score is a FICO (Fair Isaac Co.) number which provides lenders information on how risky of a borrower you are. There is a number range for FICO credit scores which starts at 300 and ends at 850. The higher your FICO credit score number, the better borrower you are considered.

Having a good credit score and understanding how to manage your credit score is extremely important knowledge to hold.

When you as the borrower wants to apply for a car loan, student loan, home loan, or credit card the lender can look at your credit report and FICO credit score to determine what you will receive from them. Your credit report and FICO credit score will be used for the lender to determine how much money they will lend you and at what interest rate. The riskier the borrower seems, the amount of money lent to them will be smaller and their interest rate will be higher.

After understanding what goes into your credit history it is important to understand how having good credit can save you a lot of money. The higher your FICO credit score number the less “risky” you are considered as a borrower, therefore your interest rate lowers on your loan. The following illustration is an example of how a higher credit score can save you thousands of dollars:

FICO Credit Score

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