Capital Area FCU Providing Comfort Bags to Maine Cancer Patients and their Families

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Last June, Capital Area Federal Credit Union in Augusta, Maine started a special campaign to gather comfort “to go” bags to provide to Maine cancer patients who are undergoing treatment.  With a small goal of putting together 30 comfort bags, CEO Diana Winkley and the credit union staff quickly began to see an outpouring of support from local businesses and vendors with donations of comfort items. Over the past 6 months, the credit union has provided over 300 comfort bags to those in need and, with the help of a local credit union member, the bags are now available at Maine General Hospital in Augusta, ME.    “When I started this program the plan was to have these bags available at the hospital for those going through treatments, but it has grown into a bag for not only patients but for the family members that spend countless hours at the hospital while their loved ones are there. It’s the simple things that can make a huge impact.  We have now provided over 300 “To Go” comfort bags and the requests keep coming.” -Diana Winkley The credit union is asking for your help in continuing this wonderful cause by donating comfort items.  Below is a link to the “To Go” Comfort bag wish list.  Please keep in mind that these bags are going to men and women, and children as well. Anything you could donate would be greatly appreciated. COMFORT BAG WISH LIST All items can be delivered to: Capital Area Federal Credit Union 2010 N Belfast Ave. Augusta, ME 04330 Contact Diana at...

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Why Does Credit Score Affect the Cost of Auto Insurance?

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There used to be a time when auto insurance carriers did not consider your credit score when quoting auto insurance rates.  Though for the past 20 years or so, it has become common practice for insurance carriers to pull your credit score as part of the evaluation for providing an auto insurance quote. If you have ever wondered why, you are not alone.  Many have asked the question, why does credit score affect the cost of auto insurance?  Here is a brief look into credit scoring and why it affects what you pay.   Credit Score in a Nutshell A credit score is an indicator of your financial wellbeing that falls somewhere between 500 and 900. Financial institutions and companies use this number to determine how likely you are to repay your debts based on past credit history, among other factors. When creditors look at your credit score, they’re assessing whether you are a low-risk or high-risk borrower.  A low-risk borrower is someone who most likely would repay their loans, while a high-risk borrower is someone who most likely will be unable to repay their loans on time.  Traditionally, high-risk borrowers are charged higher interest rates because creditors are taking on a greater risk of losing their money.    Credit Scoring and Auto Insurance  A car insurance carrier considers many factors when evaluating the risk of insuring a new customer that can include: age, gender, location, vehicle type, marital status, accident history, driving record, annual mileage and credit score. Insurance companies have found a statistical correlation between credit score and how likely a driver is to file a claim.  They have found that those with poor credit scores are more likely to file a claim than one with the good or better rating.  Insurance companies also perceive that having a low credit score could be an indication that the person has missed payments or has the habit of making late payments on credit accounts and thus believe that they are more likely to follow this pattern.  In essence, insurance carriers think that a good score reflects a customer’s ability to make on-time payments as well as maintain safe driving habits which can lead to fewer claims in the future.  Because there is a lower risk of claims, the customer is more likely to receive a discounted rate.    Need Insurance Options? Equinox Can Help  Equinox represents a wide variety of insurance carriers which helps us to offer many options for our customers.  As an insurance agency, we don’t set the pricing, claims procedures, underwriting guidelines or discounts.  Each insurance company we work with establishes their own rates and rules for doing business with them.  Equinox works as a trusted advisor...

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