Tag Archives: loans

Why Checking Your Credit Score Matters

Personal Finance

Across television ads, online banners, and even chit-chat among relatives, the phrase, “Check your credit score,” seems to be popping up everywhere. If something so important needs constant reminders, why does it have such a key importance in your personal finances? Well, the truth is that it doesn’t, your financial actions do.

A credit score is comprised of five different measures which indicate how you as an individual are perceived in terms of repayment and risk. Individuals who pay their bills on time, have been utilizing loans and credit cards, and don’t maintain too much debt, typically have a higher score. While the score itself is seen by potential lenders as a positive or a negative, the true meaning it portrays is to showcase whether you as an individual are a promising person to repay any funds you are lent. This score can be changed for the better or the worse depending on the actions you take.

This is why checking the report itself can be beneficial for your personal financial reputation. By reviewing your history on a recurring basis you can quickly identify any mistakes or missed payments that need correcting and do so in a timely manner.

For those who do not check their score scenarios like the following could occur:

Say you accept a job in another town, and after moving, you realize you still need to forward your mail. After a week or two in the new place, you go online and make the switch. However, unbeknownst to you, there was one last utility bill that was mailed to your prior address after you moved away. Weeks go by, even months, only now you’re connected with a new utility company, and you have new bills to pay. Behind the scenes, however, your credit score could be declining, because that one last bill has now be reported to collections. Your credit history will now note that a payment has been missed, and the longer it is missed the more it could damage your credit score.

Situations like this happen to many Americans, and while sometimes they can’t be prevented, the damage they cause can be minimized by checking your credit score on a monthly basis. Instead of allowing a payment like this to retain a balance for over 120 days, you can catch it in under 90 and minimize any potential negative effect on your score.

This is just one example in how checking your credit score can impact your financial health for the better. Other benefits include fraud prevention, better financial negotiation, and more accurate personal financial records.

If you’re ready to get started checking your credit score and are unsure what service might be best for you, our team at Timberwood Bank would be happy to help, and is always available to answer any questions you have.

Planning for Spring – Dairy Farming 101

Dairy Farming

Did you know that Wisconsin produces nearly 300 million gallons of milk per month! As one of the largest dairy producing states in the country, Wisconsin’s agriculture industry is a powerful force for the economy. Like many other businesses, the agriculture operations we work with utilize our flexible financing to help make the most out of their hard-working long hours. If you’re curious what all goes into a glass of milk, see the journey below, courtesy of Timberwood Bank.

Rearing – The first stage in the process involves raising the cow. Feeding, sheltering, and caring for the animal until it reaches the appropriate age to produce milk.

Harvesting – Back before the milking machine was invented farmers would hand milk their entire dairy herd twice each day! With the average Wisconsin dairy farm raising over 132 cows… that’s a lot of milking! Now that farmers have new milking technology they can cut that time more than half, while still milking their herd twice a day!

Storing – One of the most important factors when storing milk is temperature. Milk vats of all shapes and sizes are built with refrigeration in mind, generally keeping the milk around 39 degrees. Once the transportation comes to collect the liquid, about every 1-2 days, the tanks are cleaned and sanitized before fresh milk is stored again.

Transportation – Since the milk needs to keep consistently cold, each of the tanks for transportation is heavily insulated to retain the constant cold. These tank drivers also double as accredited milk testers, ensuring that each batch received is of the appropriate grade.

Testing – Once back at the lab samples of the milk are further tested for quality and temperature before entering the processing system.

Processing – After moving through the testing, whole milk is then pumped into an automated system of pasteurization, homogenization, separation, and additional processing.

Pasteurization – Heating the milk to a consistent temperature for a period of time.

Homogenization – Using an atomizer this process forms tiny particles evenly dispersing fat throughout the milk.

Separation – Separating the milk from the cream, later mixing to the desired content.

                Whole Milk: 3.25% fat    Low Fat Milk: 1% fat        Skim: .05% fat

Packaging – Various companies package milk differently. The one thing that all of them have is the date showing when the milk will expire.

Selling – Once packaged the milk is then ready for consumers. Time for milk and cookies!

Next time you see a farmer be sure to say thank-you!

We are proud to work with so many incredible agricultural operations in the area. If you’re getting ready for work this spring, be sure to give us a call at Timberwood Bank, we’d love to help get you started!