Understanding Your Credit Journey
Your credit score is one of the most important numbers in your financial life. Whether you're buying your first home, getting a car loan, or applying for a credit card, your credit history tells lenders how reliably you've managed debt in the past.
At Sunmark Credit Union, we believe financial empowerment starts with understanding credit. A strong credit score can save you thousands of dollars in interest over your lifetime, while poor credit can limit your options and cost you more money.
What affects your credit score?
- Payment history (35% of your score) - Pay bills on time, every time
- Credit utilization (30% of your score) - Keep balances low on credit cards
- Length of credit history (15% of your score) - Keep older accounts open
- Credit mix (10% of your score) - Mix of credit cards, loans, and mortgages
- New credit inquiries (10% of your score) - Limit hard inquiries
Building good credit takes time, but the benefits last a lifetime. Start with small steps like paying bills on time and keeping credit card balances low. Even if you've made mistakes in the past, you can rebuild your credit with consistent, responsible habits.
Credit Questions Answered
Get answers to common credit questions from Sunmark's financial experts.Check Your Credit Report
Get expert help understanding your credit. Our staff will explain each item and discusses improvement options.Build Payment History
Set up automatic payments for all your bills. Payment history is the biggest factor in your credit score.Manage Credit Utilization
Keep credit card balances below 30% of your limit. Lower utilization shows lenders you can manage credit responsibly.Choose Smart Credit Products
Select credit cards and loans that fit your needs. Sunmark offers competitive rates and terms for members.Start Your Credit Journey Today
3 Money Mistakes Parents Are Making Right Now—And How to Fix Them
4/1/26
Parents today are juggling a lot. Between sports schedules, school events, college planning, and family activities, the calendar fills up fast. Most parents work hard to give their kids every opportunity to succeed.
But when it comes to money, many families miss a few simple opportunities to teach important financial skills. The good news? A few small changes now can help young people build strong habits that last a lifetime.
Here are three common money mistakes and how parents can help set their kids up for success.
Mistake #1: Giving kids a debit card without teaching them how money works
A debit card can be a great tool, but it isn’t a financial lesson on its own.
If a teen doesn’t understand how money flows—earning income, paying expenses, saving for goals, and planning for the future—it’s easy for spending to happen without much thought. Swiping a card feels effortless when there isn’t a clear system behind it.
Parents can turn this into a learning opportunity by helping their child open a student checking account with a debit card and pairing it with a youth savings account so they can start separating money for spending and saving.
This setup helps kids learn:
- How money moves in and out of an account
- The importance of saving regularly
- How to track spending and balance their account
Building healthy financial habits like maintaining a well-running machine. When kids learn the basics early, they gain the tools they need for long-term financial independence.
Mistake #2: Avoiding money conversations because “they’ll learn later”
Money habits form earlier than most parents realize. By the time young adults turn 18, many of their spending and saving patterns are already in place.
That’s why regular conversations about money matter. Talking about budgeting, saving, and smart spending when kids are 10, 12, or 14 helps them build confidence with money before they face real financial decisions.
One easy way to start is by helping your child set up a savings account for goals—whether that’s a new phone, a first car, or future college expenses. Seeing their savings grow helps reinforce the value of patience and planning.
Parents can also introduce the idea of automatic transfers into savings. Even small amounts help build the habit of paying yourself first.
When kids learn these lessons early, they’re less likely to face surprises like overdraft fees, credit card debt, or credit score challenges later on.
Mistake #3: Focusing only on college costs instead of financial skills
Saving for college is important, and many families work hard to build funds for tuition and expenses. But financial skills are just as valuable as financial savings.
A young adult who understands budgeting, saving, and responsible borrowing will often be better prepared for life after high school—no matter where their path leads.
Parents can start building those skills by encouraging teens to earn money through part-time jobs, summer work, or household responsibilities. Once they have income, help them divide it into three simple categories:
- Spend for everyday purchases
- Save in a dedicated savings account
- Plan for bigger future goals
Opening a youth savings account or a student checking account gives them real experience managing money in a safe environment, with your guidance.
The good news: Building strong money habits is simple
Helping kids develop financial confidence doesn’t have to be complicated. A few practical steps can make a big difference:
- Provide a structured allowance tied to responsibilities
- Encourage part-time work when they’re ready
- Require saving a percentage of any income
- Open a youth checking and savings account so they can practice managing money
- Review spending together and help them create a simple budget
When young people learn how to manage money early, they gain something more valuable than a large account balance—they gain the skills and confidence to make smart financial decisions for life. And that’s one of the best gifts parents can give.
