Starting a career can be one of the most exciting times in a person's life. Let us help you navigate this new life territory with financial services and products that take the stress out of money management.
Moving? Even if you have to relocate for your new job, there’s no reason to find a new bank or credit union. With MFed, you have no-fee access to over 50,000 ATMs nationwide. MFed also belongs to a cooperative network of 4,000 credit unions nationwide at which you can conduct almost any transaction. From your desk or laptop, you can use our free Online Banking to check your balances, transfer money, pay bills, make loan payments, contact MFed by secure message, and more. And don’t forget to set up your paycheck for direct deposit into your MFed account.
Build Your Credit Rating
Financial institutions, of course, look at your credit history when making loans. But landlords and employers look at it as well to gauge your reliability. Here’s how to improve your credit score:
- Make a budget and stick to it — use your MFed credit card to buy things within your budget to start building a credit history
- Pay your bills on time — use MFed’s Bill Pay or Popmoney to schedule payments so you don’t have to remember to mail a check
- Talk to us about debt consolidation if you’re paying off student loans or a high-rate credit card
- Check your free credit report from annualcreditreport.com for errors and opportunities for improving your score
Need a New Car?
Before you go shopping, visit miramarfcu.com for pricing information and car shopping resources. Here are some things to keep in mind:
- You’re almost always better off selling your old vehicle yourself than trading it in — you’ll get more for it and simplify your negotiations at the dealership
- Get pre-approved for your auto loan at MFed so you’ll know your budget before you shop
- Don’t talk about trade in’s or financing when bargaining the price of your vehicle — that gives the dealer too much control over the sale
- Don’t be afraid to say “no” to a deal you don’t want
- Consider MFed for your other auto needs, including insurance, extended vehicle warranties to protect against the high cost of repairs, Guaranteed Asset Protection (insurance that pays off your loan if your vehicle is stolen or totaled), and debt protection to help you manage your payments or pay off your loan if you become unemployed, disabled, or die
Save for Retirement
If you start saving for retirement when you’re young, you can best take advantage of compounding interest. If you save $2,000 a year starting at age 25, you’ll have $560,000 at age 65 (assuming 8% annual growth). Wait until you’re 35, and you’ll only have $245,000 at retirement. Here are some tips to help you save regularly:
- Participate in your company’s 401(k) plan as soon as you are eligible, especially if it matches your contribution
- Open an MFed Roth or Traditional IRA with as little as $5 and make regular contributions through payroll deduction
- Talk to a financial advisor at MFed to review your savings plan and goals