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Your lifestyle changes over time and so can your Mortgage loan. Save money, improve your term or borrow a little extra to increase the value of your home by refinancing your current loan with Beacon.

Beacon Mortgage Lenders can walk you through the steps to...

lower your payment.
shorten your term.
get a better rate.
refinance quickly.
obtain a loan that fits your lifestyle.

You can apply online or call us at 434.237.1566 to get started.

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Woman holding shopping bags while smiling.

The credit card offers are endless when you're out shopping. Every store wants you to have their card, but are you really saving money? Here are a few pros and cons of opening a card with a department or retail store.

PRO: Sign Up Discount

This is how they hook you... right? 20% off... 30% off... 50% off... free socks.

It's easy to fall into the instant gratification of the money you would save on your first purchase, but be sure to weigh in all the factors when signing up for any credit card offer.

CON: High Interest

Always check the interest before opening any credit card account. Despite the recent decrease in rates, a survey by creditcards.com found that the average APR on store specific credit cards rose to 27.52%.

PRO: Birthday Discounts, Holiday Discounts, Rewards and the Kitchen Sink

One benefit of a store credit card is additional discounts throughout the year, but how much are you benefiting from these savings?

The average shopper tends to pay their balances off over time. Carrying a balance means that you're paying interest monthly. When looking at the savings and discounts you earn from having a department store credit card, don't forget to add in the interest that you pay monthly into the equation.

If your interest is higher than what you earn with your coupons, you're only whittling away at the savings that you're potentially earning from having that credit card.

CON: How it Affects your Credit Score

An important factor in the calculation of your credit score is your credit card utilization. Credit card utilization is the amount you have borrowed compared to your credit limits. A healthy credit card utilization percentage is 30% of your total credit limit.

Many store cards start you off with a low credit limit, which causes your utilization percentage on that card to go up quickly. If you have a retail credit card with a $500 balance and buy a new television for $300, you've already used 60% of your utilization on that credit card.

Scam Alert

You get a phone call from the Social Security Administration (SSA)… or at least that’s who they claim they’re from. “Your social security number has been linked to a drug money laundering scheme in Florida and your social security number is now blocked. Please pay a fee to reactivate it.”

🚩🚩🚩 Red flags should be waving! 🚩🚩🚩 HANG UP THE PHONE IMMEDIATELY.

Warning signs to look for…

Caller asking you to pay a fee!!! 🚩 Any money request over the phone should be a big warning sign that it's a scam.
Urgent language from caller.
High risk scenario from caller.

Ways to avoid this scam…

Hang up and call the SSA directly. Click here for their contact information and more info on this scam.

Never give your Social Security Number or any personal information to anyone who contacts you by phone, email or otherwise.

Know that the SSA will never call you to ask you for your Social Security Number.

Be wary of caller ID... it may show that it's the SSA's real phone number, but you can't always trust what shows on caller ID.

Anyone who asks you for money by wire transfer, cash or gift card IS A SCAMMER! A legitimate company will never request money by these methods.

Each week, Beacon will share a #BeatFraudFriday tip! We’ll share an example of how scammers attempt to snag your information and offer ways to avoid becoming a victim. Stay tuned to all of our social media pages to learn how to protect yourself.

Scam to be on alert for…

It’s alarming when you see these words. “Payment Failed! Your Netflix subscription will end if you don’t update your payment information now!”

Whether it’s Netflix, Amazon, Hulu or your Mortgage company, the message is the same and just as scary. This type of scam is called “spoofing,” where the scammer impersonates a legitimate company and attempts to claim information from a customer.

Warning signs to look for…

Unusual “from” email addresses.
Unusual “reply” email addresses.
Urgent language asking you to act quickly.
Attachments or links within the email... NEVER CLICK OR OPEN THESE!

Ways to avoid this scam…

Never click a link in an email. Always go directly to the website for the service and log in to see if you have a notification from that service. Even if you know the warning is legitimate, it’s safer to go directly to the service or company’s website rather than clicking a link or opening an attachment.

If it’s a company that you make payments to such as a Mortgage loan or Auto loan provider, call the company directly to confirm if a payment update is needed. Talking directly to a representative of an organization you do business with will help clear up any confusion before you take any actions.