The holiday season has arrived, bringing with it the joy of gift-giving and festive celebrations. However, it’s also a time when fraudsters are more active, seeking to take advantage of the hustle and bustle of the holiday season. At Wolf River Community Bank, we’re committed to helping you safeguard your finances… that’s where My Credit Manager comes in.

What is My Credit Manager?

My Credit Manager is an innovative, free financial management tool offering a credit score tracker, alerts, credit score simulator and debt analysis tool – all housed within your Wolf River Community Bank online or mobile banking app.

How does Monitoring Your Credit Protect You Against Fraud?

1. Spot Unusual Activity: Keeping a close eye on your credit score can help you spot any unusual activity. If you notice a sudden drop in your score, it may be a sign that someone is misusing your personal information. My Credit Manager makes it easy to track these changes, giving you peace of mind during the holiday season.
2. Protect your Identity: Regularly reviewing your credit report through My Credit Manager allows you to see all accounts associated with your name. If you find accounts that you did not open, it could be a clear indication of fraud. Addressing these issues promptly can help mitigate potential damage to your credit profile.
3. View Alerts: One of the key features of My Credit Manager is the ability to view alerts for any significant changes to your credit report. This allows you to take immediate action to protect your financial identity.

Tempted to Open Store Credit Cards?

During the holiday season, it can be tempting to open a new credit card to take advantage of promotional offers or rewards points. While this might seem like an easy way to manage expenses, it’s important to consider how it can affect your credit score. With My Credit Manager, you can use the Credit Simulator tool to see how opening a new credit card would affect your score before making any decisions. Items to consider before opening a new card:

1. Hard Inquiry: When you apply for a new credit card, the lender conducts a hard inquiry (or hard pull) on your credit report. This can temporarily lower your score by a few points.
2. Credit Utilization: Your credit utilization ratio—the amount of credit you’re using compared to your total available credit—can be affected. If you increase your total credit limit by opening a new card but keep your spending the same, your utilization ratio improves, which can positively impact your score.
3. Average Age of Accounts: Opening a new credit card can decrease the average age of your credit accounts, which may lower your score, especially if you have few existing accounts.
4. Credit Mix: Having a variety of credit types, like credit cards and personal loans, can benefit your score. Adding a new credit card may improve your credit mix.
5. Payment History: If you manage the new card responsibly by making on-time payments and keeping balances low, it can positively affect your credit score over time.

Enjoy the Season Responsibly

The holidays should be a time for joy and celebration, not for worrying about financial fraud. By utilizing My Credit Manager, you can monitor your credit and stay one step ahead of potential threats. Remember, the best gift you can give yourself this holiday season is the security of knowing your financial identity is protected.

Already have a Wolf River Community Bank account? Self-enroll now within your online or mobile banking.

Want to bank with us & take advantage of My Credit Manager? Stop by or schedule an appointment to open an account.

Navigate the holiday season with confidence with My Credit Manager.

Learn more about My Credit Manager