Being Credit Clever.
CHECKING UP ON YOUR CREDIT.
One of the hardest jobs that many farmers & ranchers face doesn’t happen in the field or the pasture, it usually happens at the kitchen table. We’re talking about managing the finances of your operation; keeping the books in order, the GST up to date, and the banker happy can be frustrating. But it’s all an important part of keeping things going and growing.
We know how important it is to manage credit closely and effectively. That’s why we sat down with Jason Ewanchuk, our Customer Finance Manager, to get a handful of tips and reminders to help you.
Did you know that UFA now offers Pre-Authorized Debits for your monthly statement and Direct Deposit for payments like patronage? Sign up today.
How To Manage Credit.
Managing credit can sometimes seem like a bit of a puzzle. Here are a few of the key pieces to make sure your credit fits your needs.
Establishing credit: Responsibility is key. To build a positive credit history, it’s important to establish credit by opening credit accounts, such as a credit card or a loan, and using them responsibly. With UFA, once you are approved for a credit account, maintaining your account is critical to keeping your credit healthy
Paying bills on time: We know you’re busy and sometimes things get missed. But late payments can negatively impact your credit history and make it more difficult to obtain a credit limit increase, if necessary, in the future. Remember, depending on how you pay your balance, it may take the bank several days to process the payment. Keeping your account current, including any special deferred financing offers, helps you avoid unnecessary interest charges.
Determine the right amount of credit needed: This is a question that comes up a lot, how much credit is enough? A good rule of thumb is to approximate your charge purchases per month and double it. This’ll help ensure that you have enough credit to carry you through to your upcoming due date, without the risk of running out of available credit. When putting pen to paper to figure out your monthly spend, consider all purchases you intend to make at our Farm & Ranch Supply stores and Petroleum agencies. Consider crop inputs, bulk fuel deliveries, Cardlock fuel, and lubricants when determining this amount.
MyUFA or Cardlink
Did you know that you can use myUFA to track your purchases, print reports and manage how your account is used? And, with Cardlink you can easily manage your cardlock cards, especially if you have a fleet or several employees. You have the ability to monitor transactions, print usage reports and suspend, activate, or cancel cards if lost or no longer in use.
By managing credit effectively, you can build a positive credit history, maintain good creditworthiness, and access credit when you need it.
If other individuals are going to make purchases on your behalf on your account, make sure to list them on your original application. If not, they won’t be able to charge purchases to your account. If you do need to add users, you can do it by calling Customer Service at 1-877-258-4500
Need More Credit? Here’s How.
Are you a current member or customer with UFA and your business or farm is growing? Is the limit you originally applied for no longer getting the job done when it comes to managing your monthly purchasing requirements?
We’re here to help. Just go to UFA.com to download a Credit Limit Increase form. Our credit professionals can normally provide you with a decision within 48 hours.
By carefully managing your credit and cash flow you’ll make it easier to continue to grow your business, farm, or ranch. And, if you need some helpful advice along the way, we’re here to help.
