Six Ways to Improve Your Credit Score

Your credit score is an important number that can help increase your buying power. It shows creditors that you are not a risk should they choose to extend credit. A poor credit score could stand in your way of owning a home or even purchasing a car.  While raising your score will not happen overnight, there are steps you can take now to improve it down the road.  Here are six things to consider.

1. Keep an eye on credit balances – Having a high level of debt on revolving credit cards could be detrimental to your credit score. If your credit debt is more than 30% of the available funds, pay down your balances and keep them low.
2. Eliminate small balances – Another factor in your credit score is how many balances you have. If you have a lot of small debts on several credit cards, pay them off. Choose one or two cards that you will use for purchases instead of several small cards.
3. Don’t remove old debt – Debt that you have paid off shows that you are a good credit risk. Do not ask to have this removed from your report. If you have a solid repayment history, show it off!
4. Pay bills on time – This is crucial to retaining a good credit score. Don’t skip payments one month to save up for a down payment or other big purchase. Nothing drops your credit score faster than a missed payment.
5. Don’t pay less – In addition to missing payments, if you suddenly stop paying as much as you had in the past, it could be a red flag. Don’t take cash advances from your cards as this could show money issues. While it is likely these things will not impact your credit score, they could impede your ability to get a loan.
6. Double your payments – Even if you pay your credit cards off monthly, if you run up a big balance, it could be a problem for your credit score. Because creditors only report to credit bureaus once a month, depending on where you are in the payment cycle, a high balance could be detrimental.

If you have questions about your credit score, contact the banking professionals at Queensborough National Bank and Trust Company.

MEMBER FDIC. EQUAL HOUSING LENDER.

Seven Tips to Save Money in 2017

The holidays are a time of shopping, spending and giving. They are typically not a time of planning for saving in the coming year.  However, as you look ahead to 2017, you might find yourself seeking tools to get your budget under control and start a comprehensive savings plan.  Here are some great ideas to help you get your plan underway.

1.      Set a goal – Creating a tangible goal gives you a benchmark for which to strive. Often, individuals looking to start saving skip this step. Without a realistic goal, you could be setting yourself up for failure before the year even begins.

2.      Carefully choose your savings vehicle – There are many options to help you start saving money. Some are great and some come with hidden fees and stringent rules. Be sure to read the fine print so you get the best option for your specific needs. Check out our personal services page for more information.

3.      Create automatic savings – Even those with the best intentions can skip saving a couple months if it is not automatically built into their financial plans. Set up automatic draws from your paycheck every month so that you don’t give saving a second thought.

4.      Plan for emergencies – Your savings account should not be the place you go in the event of an emergency. Create a special account to cover life’s unforeseen situations so that your savings can be tucked away for future use.

5.      Know what you are spending – Know how much you are spending each month (and how much you should be spending) and adjust as needed. Your monthly budget should be set based on your known financial obligations compared to how much you are bringing in each month.

6.      Use technology – There are many great apps available to help you keep track of your savings goals. Consider using these helpful tools to keep your savings plan on target.

7.      Give yourself grace – Sometimes, starting a savings plan can feel like going on a diet. But just like dieting, when you get a bit off track, give yourself a break, and then get back on track so you are able to reach your goals!

At Queensborough National Bank and Trust, we are here to help you reach your savings goal. Contact us for more information about the best savings tools for your needs.

MEMBER FDIC. EQUAL HOUSING LENDER.

Setting a Holiday Shopping Budget

A very merry Christmas can lead to a not-so-happy New Year if you blow the holiday budget this season. According to the National Retail Federation, shoppers expect to spend $807 on gifts, decorations, cards, and everything that is holly and/or jolly each year. Here are a few easy steps to set and stick to a holiday budget. You can do it!

1. Set a limit: Budget holiday funds from your disposable income. Holiday shoppers often charge their credit cards. If you spend the estimated $807 holiday budget, with minimum payments and 18% APR, you’ll be paying an extra $305 in interest and it will take 45 months! That’s almost 4 more holiday seasons! Start saving funds now, and charge as little to your card as possible.
2. Don’t just budget for gifts: 47¢  for first class mail doesn’t seem so bad… until you are mailing out 75 Christmas cards. How do we even know half of these people?! Don’t forget to budget for things like gas, wrapping paper, food, drinks, travel, and charity contributions this holiday.
3. Make your list, check it twice: For immediate family, figure out what they would like this holiday season. For each item set a “No more than X” budget per item. Never underestimate the power of low-cost baked goods or homemade ornaments from the kids. Gifts from the heart are inexpensive and often mean more to the recipient than anything off the shelves of a big box store.
4. Sale away: You can never start holiday shopping to early! Monitor the local ads and utilize Black Friday and Cyber Monday to save as much as possible on your purchases. You can sign up for email alerts from retailers to make sure you never miss a big sale!
5. This is a gift emergency: There’s nothing worse than receiving a gift from someone and having nothing for them in return. Purchase a small, generic gift to have wrapped and on-hand just in case. Everyone loves calendars, tins of cookies, candles, or gift cards.

Queensborough National Bank and Trust can help you with all your financial needs this holiday season and beyond! We provide personal services like checking, loans, and wealth management services. For more information, visit our website or give us a call at (478) 625-2000.

MEMBER FDIC. EQUAL HOUSING LENDER

190,000 Pounds and Counting

Queensborough National Bank and Trust has been partnering with Golden Harvest Food Bank since 2010. The result has been the distribution of over 190,000 pounds of food during 37 mobile pantry events to help end hunger. Amy Jones, Queensborough National Bank and Trust Marketing Manager, says, “These events help take the pressure off of local food pantries and get food to families that may not have a food pantry nearby. Our employees, customers and local community groups have overwhelmingly supported the drive to reach the hungry in their community. We know we are making an impact.”

Rain or shine, Queensborough National Bank and its employees will work beyond normal hours until everything is given out. Known as the food pantry on wheels, the Golden Harvest Mobile Pantry is able to hold food and critical grocery products including fresh produce, meat, diapers, toilet paper, etc. Counties served include McDuffie, Jefferson, Emanuel, Washington, Richmond, Columbia and Burke.

To increase the success of each event, Queensborough Bank partners with churches, civic groups and local businesses in an all out effort to feed the hungry. “Hunger is not a seasonal event,” explains Jones, “It’s 52 weeks a year in the lives of many people. We hope to expand the program each year so we can be a resource for those in greatest need. The look on the faces of people we help and the comments of appreciation we receive make a powerful statement to our volunteers. Some employees bring their children to help and show by example what giving is all about.”

As Georgia’s community bank since 1902, Queensborough gets involved, not only corporately, but many of the branches make a special effort to call attention and get involved with community projects to benefit others. Having locations stretching from Augusta to Savannah, Georgia gives Queensborough plenty of opportunities to participate.

About Golden Harvest Food Bank:

Golden Harvest Food Bank provides quality food and other grocery products to those in need. They work with the local community to provide direct service programs, food pantries and community education about hunger. Please visit Golden Harvest Food Bank online for a list of upcoming mobile events and how to get involved.

About Queensborough National Bank and Trust

Queensborough National Bank and Trust Company has been Georgia’s community bank since it was founded in 1902. Locations parallel the Savannah River from Augusta to Savannah, Georgia. Some of Q’s convenient services include online and mobile banking, checking, savings, credit and debit cards, personal loans, wealth management, and trust services.  Queensborough National Bank and Trust - Member FDIC. Equal Housing Lender

Contact

For further information, please contact Amy Jones at 478.625.2021 ext. 223 or visit www.qnbtrust.com.

Queensborough National Bank Partners With Golden Harvest To End Hunger In Community

The Golden Harvest Mobile Pantry will begin on August 27 at 9 AM at the Louisville United Methodist Church in Louisville, GA.

Queensborough National Bank & Trust is partnering with Golden Harvest Food Bank on August 27 to distribute over 7000 lbs. of grocery products in an effort to end hunger in the community. The Golden Harvest Mobile Pantry will begin on August 27 at 9 AM at the Louisville United Methodist Church on 301 W 7^th St., GA.

Rain or shine, Queensborough National Bank and its employees will work beyond normal hours to hand out 7000 lbs. of food until everything is given out. Known as the food pantry on wheels, the Golden Harvest Mobile Pantry is able to hold food and critical grocery products including fresh produce, meat, diapers, toilet paper, etc.

For nearly six years, Queensborough has partnered with Golden Harvest Food Bank to end hunger in areas where the bank has a presence. Since November 2010, Queensborough National Bank has hosted and funded 37 mobile pantry events and distributed over 190,000 lbs. of food to the hungry. In addition to the August 27 Golden Harvest Mobile Pantry in Louisville, there will also be an upcoming event on September 10 at the Swainsboro branch, September 24 at the Thomson branch and October 29 at a location to be determined.

Amy Jones, Queensborough National Bank and Trust Marketing Manager, says, “These events help take the pressure off of local food pantries and get food to families that may not have a food pantry nearby… Our employees, customers and local community groups have overwhelmingly supported the drive to reach the hungry in their community. We know we are making an impact,” explains Jones, “the look on the faces of people we help and the comments of appreciation we receive makes a powerful statement to our volunteers. Some employees bring their children to help and show by example what giving is all about.”