Westmark Credit Union
We are a full-service financial institution, owned by our members & committed to the development of their financial future. We have 12 convenient locations.

How to Prepare to Apply for a Loan

Businessman

Applying for a loan requires patience and preparedness. Whether you’re applying for a mortgage loan or a car loan, there are certain things you can do before sitting down with your lender to prepare for the process. Keep reading to learn more about preparing to apply for a loan.                                    

  • Get Your Credit in Order: Your credit score takes into account your history of making timely payments, how much you currently owe on loans, how recently you’ve applied for credit, how long you’ve had credit, and the type of credit you’re using. These factors combine to create a number between 300 and 850 that impacts your chances of receiving a loan. It’s important to check your score well ahead of time because it takes time to improve it. You can improve your score by making timely payments on your existing bills and loans and paying off small debts.
      
  • Have Collateral On Hand:  Lenders need to know that they won’t lose all their money when they offer you a loan. Collateral loans are secured by an asset you own—such as investments, real estate, automobiles, and collectibles—that you will hand over if you’re unable to satisfy the terms agreed to on a loan.  From there, the lender will be able to cover what they would have otherwise lost by selling the collateral.
      
  • Prepare Necessary Paperwork: You will need to provide your lender an array of paperwork, including bank account numbers, stock investment paperwork, credit card information, loan information, pay stubs, tax returns, and much more.  The idea behind providing these documents is that your lender can evaluate whether you’re trustworthy or simply too risky to approve.  The less late payments on your record and the more income and collateral on hand, the better shape you’ll be in.

Let Westmark Credit Union help simplify your loan process. Visit one of our ten convenient Idaho locations (Pocatello, Blackfoot, Idaho Falls, Rigby, Rexburg, Eagle, Meridian, Nampa) or call us at (208) 523-1071 or 1-800-574-5626 to speak with one of our friendly representatives regarding our home and auto loans services.

10th Annual Credit Unions for Kids Golf Tournament

8-14-2012 4-50-43 PM

Westmark Credit Union is hosting our 10th Annual Credit Unions for Kids Golf Tournament on September 7, 2012. The golf tournament will include a putting contest for cash, mulligans, magic putts, a hole-in-one contest, and much more! Prizes include various raffles, hole prizes, cash, and even a 2010 Malibu!

All proceeds raised will be donated to Children's Miracle Network and more specifically to our region's children's hospital, Primary Childrens Medical Center. 

To enter or for more information on Westmark Credit Union's financial services visit us online or call us at (208) 523-1071.

 

For More Tips on Building Your Credit, Visit These Webpages

House standing on a heap of coins.

It's important for young people to build their credit when starting out on their own, and it's never too early to start. Youth savings accounts are great places to start, as are monthly budgets to save up for concert tickets, electronic gadgets, or designer accessories. Some adults also have to work hard to build or rebuild credit following job losses, divorces, or other tough times. No matter your circumstances, your Idaho Falls credit union can help. Credit unions work together with their members to help members improve their financial standing.

Contact Westmark Credit Union at (208) 523-1071 to find out how we can help you get started building your credit. And check out the resources below for more information on credit unions.

  • This page from MyCreditUnion.gov explains how money in a credit union is safe and insured.
  • This article from CBS News talks about credit union customers receiving better rates than those at banks.
  • Consumer Reports offers advice on buying cars, homes, and credit. This article talks about the history of the publication.
  • Making sure you establish good credit means paying bills on time. And that means following a sensible budget. The FDIC offers this sample income and expenses worksheet.
  • Read this article from Forbes.com for more information on how to establish credit.

Access your Westmark account…anytime, anywhere with Mobile Money!

With Westmark Credit Union you can access your account anytime, anywhere with our Mobile Money feature. Mobile  Money makes sure your information is fully secure by using multiple layers of authentication. It is the ultimate on-demand service. With it you can monitor your accounts away from your computer by using your mobile phone where ever it is you might be. 

Mobile Money is free and is available to anyone currently enrolled in Personal Branch. To get started, signup or login to your Personal Branch account. Call Westmark Credit Union today for more information on Mobile Money, checking and savings accounts, loans, credit cards, and other services at (208) 523-1071.

Then and Now: A Look at the History of Credit Unions

Isolated Dime - Heads High Angle

Members of credit unions feel secure in the fact that their credit union always has been there when they needed it for a mortgage, auto loan, savings account, or investment planning. And that's true, because credit unions have been around for 80 to 100 years. The Federal Credit Union Act was signed into law by President Franklin Roosevelt in 1934 to make credit more available and to promote nonprofit credit cooperatives. After nearly 80 years, credit unions still are going strong here in Idaho and around the country.

European Roots

A few credit unions had already cropped up in the United States even before President Roosevelt signed the Federal Credit Union Act. St. Mary's Cooperative Credit Association opened in Manchester, N.H., in 1909.Most of America's not-for-profit credit cooperatives were modeled after German financial institutions dating back as far as the middle 19th century. These cooperatives were governed democratically, with equal representation no matter the size of a member's deposits, and had a volunteer board of directors.The German credit cooperative, or "people's bank," was based on a cooperative mill and bakery. England can boast financial cooperatives even earlier in the 19th century.

U.S. Acceptance

After a 1900 Quebec cooperative formed in response to loan sharks charging exorbitant interest rates, word spread to New Hampshire and St. Mary's formed. Soon, Massachusetts created a credit union law that formed the basis for the national law.  In 1936, an article in Consumer Union Reports (modern-day Consumer Reports) explained why credit unions were better than banks. The credit union movement really boomed during the 1940s and 1950s, and there were more than 10,000 credit unions in the United States by 1960.

Today

Though some credit unions have merged—there are about 8,000 credit unions in the country today—their membership is strong. More than 92 million people are members of U.S. credit unions. Federally-insured credit unions back their members' deposits and offer a range of services.

Westmark Credit Union was established in 1954 and our first official office opened in Idaho Falls in 1964, which was followed by the opening of offices in Blackfoot, Pocatello, Rigby, Rexburg, Eagle, Meridian and Nampa.  Originally formed to serve Idaho National Engineering Laboratory workers, Westmark eventually merged with several other area credit unions to become one of the largest credit unions in Idaho providing services to 34 Idaho counties.  Find out why our 45,000 members appreciate our decades-long history of personal service by calling (208) 523-1071 to learn more about our mortgages, loans, savings, and other products.

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2520 Channing Way
Idaho Falls, ID 83404

Hours of Operation:

  • Closed Sunday
  • 9:30 AM to 5:00 PM Monday
  • 9:30 AM to 5:00 PM Tuesday
  • 9:30 AM to 5:00 PM Wednesday
  • 9:30 AM to 5:00 PM Thursday
  • 9:30 AM to 6:00 PM Friday
  • 9:00 AM to 1:00 PM Saturday