Understanding Your Credit Score

Recently Alpha Kappa Psi coordinated an event on Western’s campus called “How to Understand your Credit Score and How to Use a Credit Card Responsibly”. Here’s a little background to describe why I was interested in organizing this event. When I was in high school I took a class called Senior Experience that went over the importance of this topic among other useful life information such as banks versus credit unions, how to write out a check, understand loans, the pros and cons to buying a house etc.... Upon coming to Western two years ago as a freshman I was shocked to find out I was rather unique to have learned about these topics and that this mandatory class I took is not even offered at most high schools. I got my first credit card at 18 and have used it solely to build up my credit score and practice responsible spending. I was the only person I knew as a freshman to have a credit card let alone know how to use it. I feel these topics are especially important to young adults and college students starting to become independent.  This is why felt I needed to find a way to educate the students at Western about how to get started on this lifelong journey of credit awareness.

Chase Mortgage Bankers Terri Gunderson was our professional speaker who shared her expertise on the importance of credit scores and credit cards. Terri has been doing Financing for Mortgages - Both Purchases and Refinances for over 14 year and has recently been awarded the top Loan officer for Chase in Washington State for the past 3 consecutive years. Here are some basics we learned this evening.

Why is a Credit Score important?

It can affect the loans or rate you can qualify for, job opportunities, and recent studies have shown that your credit score may even determine your spouse or the life expectancy of your marriage. http://www.thestreet.com/story/12029749/1/similar-credit-scores-means-fewer-divorces.html

Your credit score Breakdown:

Your FICO credit score is calculated based on five categories: Payment History 35%, Amounts Owed 30%, Length of Credit History 15%, New Credit 10%, and Types of Credit 10%. Your credit score is essentially an algorithm that considers all of these factors and spits out a grade to demonstrate how financially responsible you are and shows lenders how likely you are to pay them back. Generally making on time payments, having a longer history, lower debt, and varied types of credit will increase your score.

Credit Scores range from 350 to 850. The higher the score the better your chances of being approved for loans

Types of Credit:

Credit cards, mortgages, car loans, student loans, furniture/appliance financial loans, retail credit cards, etc…

What with make or break my score? General overview

Good

-          Be in the habit of checking your Credit Score. Checking your score regularly (at least once a year) will keep you financially aware and potentially minimize the effects of identity fraud. These three companies: Experian, EquiFax, TransUnion, are required by law to give one free credit report each, per year. Another good resource is credikarma.com  where they will do soft credit check to give you a fairly accurate score however it does not include a full report. Routine checking of your score can also make disputing of a purchase

-          When applying for loans or any of the like, be sure to read the fine print. Generally with credit cards you want perks such as benefits, rewards, cash back, and low APR.

Bad

-          Do not spend money you DON’T HAVE.

-          Good rule of thumb: do not utilize more than 30% of your available credit. For example: if you have a credit card with a credit limit of $500, do not spend more than $150 per month using that card.

-          Do not close out old credit cards, especially if there is a balance remaining on it. The longer your history, the better your score. Try to keep your first credit card and use it once in a while. If you stop using a card all together, the issuer may stop reporting that card or not be recognized as an open account. As long as you use it at least once or twice a year you should be fine.

-          Don’t open too many lines of credit at once. Each application dings your credit score as a “hard credit inquiry”. If you apply to too many at once it makes you look financially desperate. Generally if you apply for one to three lines of credit per year spread out your credit score will have time to recover.

-          Don’t apply for lines of credit you don’t qualify for. You will most likely be rejected and receive the negative impact of a credit inquiry for nothing.

For first time credit card users: I would suggest going to CreditKarma.com and entering your info to start a profile and see your current credit score. If you go under the “Credit Cards” tab you can see a list of different credit cards and be able to compare them and see how likely you are to be accepted. You can apply directly from the links on the credit card profiles.

With this I hope you feel a little more comfortable with credit scores and credit cards. Credit cards are not scary if you know how to use them and credit scores are an unavoidable part of life. If you have any further questions I will always make myself available. Good luck with your endeavors and continue to be financially aware. 

PBLI 2014

Make room for Omega Beta!

One of the highlights of Alpha Kappa Psi is the level of brotherhood that spans across the world and the travel opportunities that arise. While every two years Convention is held for the entire fraternity, the Principled Business Leadership Institute (PBLI)  is held in five different cities in the United States every year. The Omega Beta chapter has just returned from its journey to reflect on its experience.

Attendance from our chapter increased over 300 percent from nine brothers to a whopping 28 this year. We had fifteen brothers embark on the 15+ hour drive down to Nevada from Bellingham and the remaining flew.

Those driving left at about 7:45 p.m. on Thursday evening and arrived in Reno at about 11:40 a.m. the following morning. There were two vehicles: a fifteen person van and one of our brothers’ personal cars.

We stopped at In-and-Out in three different groups!

Upon arrival, we checked into the Grand Sierra Resort Casino, where we would be spending the remainder of our time of the weekend (aside from the occasional venture to In-and-Out). 

That evening, we socialized with other chapters and really grasped the concept that perhaps isn’t as evident on a day-to-day basis that there is so much more to Alpha Kappa Psi than our own chapter.

Chicken, potatoes, vegetables and fruit tart were on the menu.

“PBLI was a whirlwind of networking, meeting other chapters and brotherhood,” shared VP of Membership, Brynna Mosely. Correlating to our five core values (brotherhood, integrity, knowledge, unity and service), PBLI is focused on offering workshops to represent these values.

The sessions involved included topics such as negotiation basics, effective communication skills, developing stronger long-lasting networks and roles within the fraternity both now and upon graduation. Midway through the day, we enjoyed a catered lunch and met other chapters.

Brothers await their next session regarding effective networking.

“Aside from all the networking, speakers, and professional development, PBLI reminds you that college isn’t just about academics. As student members of AKPsi, we strive every day to improve our professional selves and prepare for the future,” said 2014-2015 Omega Beta chapter president, Dane Austreng. 

During the closing session, we witnessed an AKPsi proposal in front of the over 600 attendees and were in awe of the true connections that had been formed from this organization. We again spent time with many other chapters from across the West coast and learned more about their chapter operations and the culture of their chapter. Some of our brothers were even so successful as to convince several other brothers from Beta Lamda (Washington State University) to attend our upcoming Court of Honor. Other brothers networked and were offered a place to stay if ever spending time in their city. 

Overall, PBLI was a rewarding experience for our brothers, and from this experience, they can apply their skills to the future of bettering themselves and the people around them. 

Getting to Know President Bushaw

Brother Bushaw talks with Brother Hansell during a meeting.

Born in Auburn, Washington and the youngest of three boys, our very own Omega Beta chapter president, Parker Bushaw, shares his experience leading our chapter. “It’s stressful, but I wouldn’t have it any other way,” said Bushaw.

As president, Bushaw deals with general chapter management. One of his biggest challenges, however, is time. “I work nights and take a pretty hefty class load,” explained Bushaw. “It’s a big chapter with lots of people, and sometimes it’s hard to keep tabs on everything.”

Bushaw was part of the Zeta pledge class, pledging his freshman year. His big was recent Western grad, Maddy Golden, making him a proud member of the Wolfpack family, one of the many families within Omega Beta. After Golden had traveled abroad the following quarter after he was initiated, he looked to develop further friendships and made one of his best friends with Brother Erik Hykal. Bushaw currently lives with three brothers.

This summer, Bushaw has landed an internship with Target’s distribution center, which he hopes can turn into a full-time job upon his graduation. Bushaw is currently a junior studying financial economics.

He loves the Sounders, has the spirit animal of a bald eagle, loves country music and has always wanted to fly as a superpower. However, an interesting fact about himself that was shared was one of his childhood fears: public speaking.

“Public speaking used to be one of my all-time biggest fears,” disclosed Bushaw. Prior to his role as president, Parker served as the Associate Member Educator after becoming a member and then later realized he wanted to serve the chapter as the president.

“Being AME was great for leading meeting and building connections with people. I made it more of a conversation than me talking to people; it makes things more interesting,” said Bushaw. After speaking publically in front of groups of people, it is no hurdle for him to speak in front of over sixty people.

As for goals, Bushaw hopes to establish notoriety on campus, primarily within the College of Business and Economics and through faculty. He’s excited to be recognized as being involved in one of the most prestigious organizations on campus.

While Bushaw is able to lead a room of people during meetings, he says, “I can come across as intimidating, but I’m actually a lot dorkier than people think.”

If you would like to contact President Bushaw, feel free to e-mail him at omegabeta.president@gmail.com. 

Congratulations, Brother Hollen on Your New Internship!

Brother Hollen shows off his professional attire
during chapter meeting.

Brother Chase Hollen, a Junior in Western's Manufacturing and Supply Chain Management Program, has put his game face on and is now ready to embark on a new adventure as a Project Manager in The Boeing Company's Project Management Scholars Program. 

Brother Hollen will be networking with other Boeing Company interns and executives, gaining insight into company supply chain operations, and leading a team of peers in planning/executing a project to drive positive change in the Boeing Supply Chain. "I am excited about the opportunity to meet and interact with like minded peers, network with Boeing executives, and take on the challenge of completing a meaningful project," shared Holllen. 

Colonization at Simon Fraser University

Brother Fu and Wirtz walking in Burnaby.
Photo courtesy of Brother Roeser.

“None of us really knew what is was supposed to look like,” said Elisa Fu, the Associate Member Educator at the Omega Beta chapter, when referring to her recent visit to Simon Fraser University in Burnaby. She joined AKPsi members from the University of British Columbia and the University of Calgary for the memorable ceremony on January 25, 2014: the establishment of Alpha Kappa Psi’s newest colony.

Fu had the pleasure of driving up to Burnaby with Western alumni Erik Roeser, an active member in the Seattle alumni chapter as well as a cabinet member, and Sarah Wirtz, Simon Fraser’s advisor. When the trio arrived at SFU, they witnessed the colonization ceremony and became acquainted with the first pledge class, consisting of thirteen people.

“They were all part of the college of business and economics up there, and they were all super stoked about starting their own AKPsi because they just allowed Greek systems back up at SFU,” shared Fu. “Their greatest interests are creating networking relationships as well as a lot of them wanted to start a business (a couple of them are entrepreneurs).”

After the colonization ritual, Wirtz discussed topics such as pledge pins and executive board roles. Prior to the meeting, Wirtz had informed the pledge class about the e-board positions, so the members already agreed who would run for each position.

One interesting observation Fu made was the significance of the VP of Membership at SFU. “The VP of Membership was the driving force behind the chapter,” explained Fu. To some extent, Fu felt as though the VP of Membership served a higher importance and was more actively involved in the chapter than the president, who served as a role to organize and get people excited about the events the VP of Membership organized.

How does the leadership team operate at your school, and does it work for your chapter? Or are there changes that need to be made to improve productivity? 

Makeup Rituals: Value and Turnout

Omega Beta brother welcome Pledge Swar at Induction.

One of the may things that makes Alpha Kappa Psi unique from other business "clubs" on campus is that we have rituals. Now, I can't disclose exactly what we do at these rituals, though my non-AKPsi friends claim we probably sacrifice sheep.

Last night something really unique happened: we had a makeup ritual. I think this poses an interesting question about whether or not the makeup ritual is still meaningful to all parties involved. At other schools with chapters that cannot even hold all of their members in the classrooms we have our meetings, I ask, do you have makeup rituals? How is the turnout? 

Unfortunately, the turnout was very weak. In fact, I didn't even make it because I was at work. Sitting through the same ritual twice can be mundane and non-practical for a busy schedule. 

I think something that all student groups struggle with is turnout. I read some of the suggestions on a separate site for how to boost attendance at events:

• Vary the meeting place
• Encourage attendance as a responsibility 
• Make meetings more fun and shorter
• Combining meetings with other events
• Publicize- get the word out
• Give prizes/offer incentives

There's no set formula for problem solving. College is all about developing skills to assess problems and think for yourself. Learning how to deal with group conflicts now are the stepping stones for success in the future. 

Efficiency

I often hear the phrase from fellow peers that they are a busy college student with little wiggle room for extracurricular participation, involvement in out of school projects and social activities. This blanket term of “busy college student” is humorous to me in several ways. College is about learning, experiencing and growing. How could one possibly be too busy to have flexible scheduling on the side? Are they fulfilling their duties as a student and living it to the fullest? And if a typical college student is taking three classes, what could they possibly doing when they aren’t involved in school?

Let me introduce myself. My name is C Hayley Halstead, and I am a senior with a business administration degree and a concentration in marketing. I currently am taking four classes, have two part-time jobs, am a member of AKPsi’s executive board (VP of Marketing), run a committee  and have been a “big” for the past three pledge classes. On top of that I make all A’s and B’s, with extra room to jump into more activities. How I do it isn’t rocket science. 

Organization is golden 

Proper organization is essential to leading an efficient life. I am either absolutely appalled or incredibly impressed when I hear about someone who does all of their planning in their head. When it comes to assignments and prioritizing so that everything is done, I am very much a visual person.

Here’s my schedule for next week in a smartphone application I use called “Weekly Calendar.” 

This calendar is absolutely essential to my success because I can clearly map out my required time blocks and fill in the spaces, known as my "flex block." During my flex blocks, I assign time to getting homework done, studying, writing articles/conducting interviews for my newspaper job or spending time with friends relaxing. 

Another app I have used in the past to organize my to-do list is called "myHomework." This is a completely free app that will categorize, prioritize and remind you about upcoming deadlines. Here's an example of how it can be used:

Some people may say that in order to be efficient, you need to have an organized work space. I don't necessarily agree with this, as my work space is constantly changing (I use computer labs on campus). What I do agree with is that you can feel better about yourself by being neater and tidier. For example, something as routine as making your bed in the morning can have a refreshing feeling, especially when you come home after a long day to a nicely made bed. Plus, if you have roommates, they would probably appreciate someone who likes to keep things clean in public areas. 

Discipline is key

Despite the fact that it is much easier said than done, do not procrastinate. It will make life a lot easier if you can get ahead of your projects before the night before it's due. Also, in a practical setting, it makes a lot more sense to spread out the work evenly over a period of time so you can gradually finish it. One of the tricks I use is scheduling my due date for at least a day before it's due, to allow for any last minute issues that may arise. This is called "shrinking your mental deadlines." 

Take a break 

Maybe one of the reasons you are inefficient is because you spend too much time at the task at hand. By taking breaks and rewarding yourself for what you have accomplished, you can be more productive by having a fresh start. Get up, stretch, have a healthy snack or even go workout and return to your work. Find good stopping points along the way, as not to cram everything that needs to be done into one session. 

Multitasking  efficiency

Okay, so we have all done this before. I can find myself guilty as charged for this, but as it turns out, multitasking can actually hinder your performance. Focus on one task at hand so that you can give it your one hundred percent. Probably one of the most common ones would be social media and homework. Avoid these distractions! Here's a PBS article about how multitasking won't get things done here. I separate the tasks I need to do and conquer them one at a time.

These are just a few suggestions that I use everyday in my life to juggle all of the madness. What can you do TODAY to be more efficient in your life?