My Community Bank

What is a credit score?

A credit score is a number that indicates an individual's credit worthiness. Your credit score summaries details of your personal credit history from the previous 6 years, including mortgages, credit cards, overdrafts, loans, mobile phone contracts and even some utilities…

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The Jargon Buster

When dealing with personal finance, you will come across a lot of jargon. This guide will explain what it all means. Account This is provided by a credit union, bank or building society which holds money for you. A current…

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Car Finance Explained

Buying a car is one of the most common reasons people borrow money. The world of car finance can be daunting. There so many finance options, finance companies, types of offers, 0% APRs, Flat Rates, Used, Nearly New, PCP, PCH,…

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The Money Advice Service

Free and Impartial money advice set up by the government - moneyadviceservice.org.uk Advice and guides to help improve your finances Tools and calculators to help keep track and plan ahead Support over the phone and online

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Citizens Advice

The UK's largest independent advice network. - www.citizensadvice.org.uk/ If you need help with your debts Citizens Advice is a good place to start. This is how they introduce themselves on their website: Introduction to the Citizens Advice service We help…

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Money Saving Expert

Sign up for a weekly email by Martin Lewis – creator of Money Saving Expert Click here to sign up      

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Toby’s titbits

Toby Gruber is one of our volunteer directors. He contributes explanatory articles to help our members better understand the sometimes complex world of personal finance. This article explains how lenders make decisions about how they will lend money.

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Fiach’s figments

Welcome to Fiach’s blog which explores the funny and not so funny issues of managing money. Fiach is head of marketing for the credit unions in the My Community Bank network and as the Guardian newspaper put it ‘he’s not…

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Five things to do to improve your credit score

Improve your credit score by taking the following  five simple steps. Step 1. Check your credit report - Find out where you stand before you get started.  Other than your credit history, your loan application may fail for technical reasons, a mistake made…

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Could you have a conflict of Interest?

Are your savings working as hard as they could be? Here’s a couple of neat websites that compares the whole savings market… There’s no doubting it - the internet has made shopping around for the best deals on these really…

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I’m late, I’m late, for a very important date…

It’s no big deal missing your credit card payment date by a day or two… is it? Missing the repayment date on your credit card can do more than earn you a slap on the wrist from your card issuer.…

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You don’t get me I’m part of the union…

The big High Street lenders might seem like the only place to borrow money, but could your local Credit Union be a better alternative? Banks are big businesses, of course. That means they need to make big profits to keep…

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Scores on the doors!

What exactly is a credit score? Even if you don’t think that you play the credit game, everyone’s got a credit score. In an nutshell it tells potential lenders how likely it is that they’ll get their money back if…

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What did the politicians ever do for us?

The government's free Money Advice Service offers some great loan calculators and other tools to help you manage your money For most people, the question “what have the government ever done for you” might provoke a few unprintable answers! But…

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APR – what’s that, then?!

It’s a useful guide, but don’t think it’s necessarily the full picture… APR… Agency Procurement Request? Accreditation in Public Relations? American Public Radio? It could be all these things, but for us the one I want to talk about is…

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Christmas money…

“Ho ho ho” or “boo hoo hoo”? Christmas. If you’re reading this between January and June, I’m sorry to bring it up so soon. If you’re reading this between July and December… IT’S NEARLY HERE! Christmas is portrayed as a…

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Get out of the ‘draft…

Unauthorised overdraft fees can be huge - so here’s some tips to avoid a financial chill... Last year, the Competition and Markets Authority (CMA) said that lenders should introduce a cap on the maximum monthly charge they make for unauthorised…

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Take a financial selfie – Is it time to put your finances in the frame?

Whether you’re starting to feel like money is taking control of you and not the other way round, or you're looking to boost your credit score, or save up for something amazing, taking a good look at your financial situation…

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When Minimum means Maximum

Paying the minimum payment on your credit card each month will cost you the maximum amount of money Credit cards can be a useful financial tool. Pay it off in full each month and you can enjoy up to 50…

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Am I likely to get a high street loan?

It’s a question we’d all like to know the answer to if we’re looking to borrow money. And if your credit history is less than squeaky clean you might not want to risk denting it further by leaving a trail…

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I don’t need to start saving for retirement yet… do I?

With the state retirement age recently being pushed back again, and with current pensioners “enjoying” a maximum of £160 a week in state pension benefits, saving for retirement isn’t something you should be putting off. It’s a youngster’s game… According…

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There’s an app for that…

Budgeting and managing finances comes easy to some, less so to others. Technology could come to rescue if you find it difficult to keep track of your spending, or you need some handy “in your pocket” support to build, and…

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