The Startling Cost of College

There’s a startling financial truth for those enrolled in college and recent graduates: a higher education almost always comes with a significant price tag—and debt.

Below, we take a look at the numbers. But don’t worry! We’re here to help you whether you’re planning for school, in the middle of your education, or a freshly minted graduate. Come see us today.

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Your Community Bank in North Carolina Are you wondering how your community bank stacks up against some of the national banks in North Carolina? Well, don’t believe that community banks versus big banks comparisons are always infallible. First Bank debunks many of these proposed theories. Let’s first take a look at the pros of big banks and how First Bank, despite being a local bank, fits right in: Plenty of ATMs and branches. There’s this notion that local banks don’t have enough branches to meet the convenience level of their national competitors. But First Bank has more than 90 locations throughout North Carolina, from Kill Devil Hills in the east to Asheville in the west. Deep menu of financial services. The other misconception about your community banks is that they only offer very basic services. But in addition to checking and savings accounts, First Bank proudly offers personal and business loans, mortgages, investment options, credit cards and more. Cutting-edge tech tools. Where did this idea that only big banks can offer the latest in technology come from? First Bank customers enjoy digital banking from their home computers or wireless devices, remote and mobile check deposit, text message account alerts, and more. The Pros of Your Community Bank Now that we’ve debunked the most popular “negatives” of local banks, let’s examine the pros of community banks as listed in the article just to make sure First Bank accomplishes those as well. Trademark personal service. This is the backbone of First Bank. We take the time to get to know you personally, so we can cater to your every financial need. More checking options*. First Bank’s checking and savings accounts have ways of avoiding First Bank monthly maintenance fees by meeting certain requirements. As you can see, your community First Bank is small enough to capture all the advantages of local banks but capable of serving customers just like a big bank. Find your nearest community First Bank in North Carolina and experience the best of both worlds. __________________________________________________________________________ Account holders may avoid the Monthly Maintenance Fee by meeting any of the requirements listed in the Keep it Fee FreeTM section of the account summary table for their account type. Other account service fees may apply as described 2 min read

Online Money Hacks – First Bank If you are active on social media, you’ve probably tried a “life hack” at some point. Life hacks are little things you can do to make your life easier. For example, tying a small piece of bright colored fabric to your luggage makes it easier to tell which bag at the airport. Life hacks are great, but do you know what’s even better? Money hacks! Money hacks not only make your life easier, they help you save your hard earned cash. Money Hacks Worth Trying Money hacks can be anything from saving your spare change in a piggy bank to skipping your morning Starbucks run and making coffee at home. Small money hacks will help you save a little bit of money, but if you’re looking to save in a big way, try these money hacks from Forbes and from your very own First Bank. Borrow against your home’s equity. This money hack is specifically for homeowners, but it’s useful to know if you are ever planning on buying a home. If you find yourself needing a personal loan for a large amount of money, it might be better to borrow money against your home’s equity. Since you already have been approved for a mortgage the loan application process will typically be easier. Another benefit is that interest payments on home equity lines of credit are typically tax-deductible, unlike interest paid on personal loans. Consult your tax advisor for details on the deductibility of interest. Pay insurance premiums once a year. You’re probably currently making monthly payments for policies like life insurance and auto insurance, but it isn’t required that you make your payments that way. You can opt to pay your insurance policy in one lump sum, which can save you money in the long run. Paying by the month may be convenient, but insurance companies typically charge a courtesy fee. Fun Tips to Save More Money Try a service contract. Instead of shelling out hundreds of dollars for a car or home repair, offset the costs by considering monthly payments for an auto warranty or home protection plan. Stay cool. Preserve the longevity of your batteries, hosiery, and candles by storing them in your freezer. Raise a glass to 3 min read

Credit Scores 101: Why They Matter and How to Improve Yours Why Does Your Credit Score Matter? A strong credit score opens up more opportunities — you can get a loan to help you buy a new car or purchase a home — and it helps you pay less by reducing the interest rate you pay when you do borrow money. When it comes to big purchases, a lower rate can save you hundreds or even thousands of dollars over time On the other hand, a poor credit score can lead to higher interest rates, increased insurance premiums, and limited access to credit, making it more expensive to achieve financial goals. Here are some of the biggest benefits of having a high credit score: Lower Interest Rates: With a higher credit score, you’re likely to qualify for lower interest rates on mortgages, auto loans, and personal loans. Lower interest rates save you money over time, making large purchases more affordable. Better Loan Approval Odds: A strong credit score boosts your chances of approval when applying for new credit, such as a car loan or mortgage, which makes major milestones more achievable. More Favorable Credit Card Offers: Many of the best credit cards, with valuable rewards programs that offer cash back on purchases and perks like travel insurance, require good to excellent credit. Reduced Insurance Premiums: Some insurance companies consider credit scores when determining premiums for car and home insurance. A good score means you could save money every month. Learning to manage your money? Explore our library of helpful guides, financial tips, and more. Dive in 7 Ways to Improve Your Credit Score Improving your credit score isn’t a quick fix, but with consistency and smart financial practices, you can build a solid score over time. Here are seven strategies to help you improve your credit score: 1. Pay Your Bills on Time Payment history is one of the most important factors in your credit score. If lenders know you routinely make payments on time, they’ll be more willing to lend you money and give you a better deal. If you have a hard time remembering to pay your bills before they’re due, consider setting up automatic payments or calendar reminders to stay on track. 2. Reduce Your Credit Card Balance Aim to keep your credit utilization ratio — or the amount of credit you’re currently using compared to your total credit limit—below 30%. That means that if your total credit limit is $10,000, your balance should ideally be under $3,000 to avoid a negative impact to your credit score. Whenever possible remember to pay off your full credit card balance each month. Not only is it great for your credit, but it also helps prevent you from accruing additional charges like interest or late fees. 3. Only Apply For Credit When You Need It Each time you apply for new credit, like a credit card or a personal loan, a hard inquiry is recorded on your report. Although a single application isn’t hugely impactful, it can temporarily lower your score — and multiple applications add up. Applying for credit sparingly can help you maintain your score or avoid a negative impact. Only apply for credit you truly need to, and try to limit applications within a short time frame if you’re applying to multiple lenders for a loan. Typically, applications for credit made within a 14-day period are all treated as one, so you can safely reach out to a few prospective lenders without fear of damaging your score. 4. Increase Your Credit Limit (But Be Cautious) Asking your card servicer for a higher credit limit can reduce your credit utilization ratio, even if your spending habits don’t change. Dropping below the 30% threshold is a step in the right direction for improving your credit score — however, it’s important that the higher limit doesn’t tempt you to spend above your means. Remember that you should treat your credit card spending the same as you would treat cash in your wallet. While credit cards have the advantage of being flexible in an emergency, it’s easy to rack up debt if you aren’t careful. 5. Diversify Your Credit While it may seem fiscally responsible to have only a single credit card that you routinely pay down, lenders like to see a mix of credit types. Multiple credit cards, auto loans, and mortgages all factor into the mix. Some apartment complexes and utility providers also report on-time payments to credit bureaus. Having a diverse credit profile demonstrates your ability to manage different types of credit responsibly. Of course, you also shouldn’t take on debt simply to prove a point! Don’t open new accounts solely for the sake of credit diversity, as it’s only a small piece of your overall score. 6. Keep Your Old Accounts Open The length of your credit history plays a role in your score. Keeping older accounts open, even if you no longer use them regularly, helps increase the average age of your accounts. Closing old accounts can reduce your available credit — which increases your credit utilization ratio — and shorten your credit history. Depending on the type of account, it may also reduce the diversity of your credit mix. All of that comes together to potentially lower your credit score. 7. Regularly Check Your Credit Report It’s important to know what’s helping and hurting your credit score. By understanding what’s dragging your score down, you can come up with a plan to improve your credit over time — and by keeping an eye on your report, you’ll know if any fraudulent accounts or collections appear. If you do have a collection on your account, remember that you can always dispute it. By law, you can get a free copy of your credit report every 12 months from each of the three major credit bureaus through AnnualCreditReport.com. Put some time on your calendar each year (or more often!) to review your credit reports and come up with a plan. Need Help Building or Rebuilding Your Credit? Good credit can save you thousands of dollars over time. If you’re working to establish or rebuild your credit, a secured credit card can be an excellent tool to achieve your financial goals. That’s why we offer the First Bank Platinum Secured Credit Card, which is designed specifically for those with a lower credit score or no credit history. Accepted worldwide, equipped with fraud protection, and easy to manage through our online portal, this card gives you the flexibility and security you need to develop a strong credit profile. By consistently making on-time payments and keeping balances low, you can use this card to strengthen your credit and create new opportunities for yourself in the future. 6 min read

Best Personal Loan Rates in North Carolina If you live in North Carolina and are looking for a personal loan, your local First Bank can help. We have over 100 locations in North Carolina that offer highly competitive personal loan rates. We make choosing a personal loan easy with flexible terms and personalized service. Personal Loans from First Bank Just as personal loan rates can vary, so can the options associated with the loan. First Bank is proud to offer a variety of personal loan options with competitive rates, such as: Personal line of credit Home equity lines of credit (HELOC) Personal credit card with rewards Auto loan Boat loans Learn more about First Bank’s personal loan options. How are Personal Loan Rates Determined? As you shop around for the best personal loan rates in North Carolina, you might begin to wonder why the rates can vary from one place to the next. So what gives? As illustrated by Loan.com, there are four primary factors that affect personal loan rates. In North Carolina, there are scores of First Bank locations that offer personal loans so your options are plentiful. Here are three things that affect personal loan rates. Credit score. Simply put, the better your credit score, the better personal loan rate you are likely to get. Loan options. There are a number of different types of personal loans and each come with their own factors of interest rates. National prime rate. Set by the Federal Reserve to control the supply of money in the economy, this rate can have a direct affect on your personal loan rate. The best way to find the most competitive personal loan rates with some of the most flexible loan options is to simply locate your nearest First Bank and speak to one of our friendly loan representatives. Loans subject to credit approval. 2 min read

The Startling Cost of College

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