Congratulate New and Promoted Staff

Please help us welcome the following new team members to Merchants Bank.

BeardsleyHeatherHeather Beardsley has transferred from her role as a Credit Operations Representative to Retail Lending Assistant in Winona. Heather has been in the Credit Operations Department since 2014. Previously she was a Personal Banker at Minnesota First Credit and Savings and a Sales Associate/Assistant Manager for Sherwin Williams. Heather spends a lot of her time with her family and her pride and joy is her four year old son.

 

 

LawrenceJessiJessi Lawrence has joined Merchants Bank as a Teller in La Crescent. Jessi is a full-time student at Viterbo University with a major in Liberal Studies. She lives in La Crescent and has a two year old Golden Retriever named Bodi. Jessi previously worked at Onalaska Care Center and Flowers by Guenthers. She loves being outside and spending time with family and friends.

 

 

LivingstonCaitlynCaitlyn Livingston has joined Merchants Bank as a Teller in Rosemount. Caitlyn previously worked at Cub Foods in Customer Service and Carmike Cinemas. She is currently attending Inver Hills Community College, loves animals and traveling.

What You Should Know about Credit Utilization

PayingwithCreditCardBlog

While the actual formula for calculating a credit score has never been revealed by the Federal Trade Commission, we know credit scores are based primarily on credit report information from the credit bureaus. One piece of this puzzle is your outstanding debt, which includes your credit utilization.

What is credit utilization?
Credit utilization is how much credit you are using compared to how much you have available on your credit card accounts. This amount is typically expressed as a percentage and may also be referred to as your credit utilization ratio. For example, if you have a credit card with a $10,000 limit and your current balance is $5,000; your credit utilization ratio is 50%.

Keep in mind that your credit utilization is comprised of the revolving credit card debt on all of your cards and not influenced by other types of loans you may have, for example a home or vehicle loan.

How much does it impact my credit score?
Most experts agree that your credit utilization ratio accounts for 30% of your credit score. Being almost a third of the potential calculation, your credit utilization can have a significant impact on your score and is something you should keep an eye on.

Is there a perfect formula for managing my outstanding debt?
Perfect? No. But, it’s generally advisable to keep your credit utilization ratio at no more than 30%. This means you’re using no more than 30% of your available credit lines across all of your credit card accounts. In addition, keep these tips in mind:

  • Track how much you charge each month to get a handle on your credit utilization.
  • In addition to tracking how much you charge, know your current limits for each of your credit cards so you can properly calculate your own ratio.
  • Set up automatic balance alerts on your cards so you know when you’re getting close to the 30% ratio.

If you’re looking for a great rate to help you manage your credit card balances, consider a Merchants Bank Visa ScoreCard Credit Card.* We offer 0% APR for the first six months on all balances transfers and purchases and an everyday low rate of 9.99% after that. View disclosures and apply now.

For more credit score education, visit our website or view our video series.

*Subject to approval.

3 Key Features of the New Merchants Bank Website

In the first quarter of this year, we’ll be launching the new and improved merchantsbank.com. Thanks to your feedback we’ve made a number of improvements including easier navigation, a cleaner and clutter-free look and much more. Here are three important changes:

1. Menu Navigation
To access any page on the Merchants Bank website, you’ll click (from a desktop or laptop computer) or press (from a mobile device) on the menu button, located at the top right of the new homepage.

Once clicked, the menu will expand to show topics.
ExpandedMenu
Click the green plus button next to a specific topic, such as Personal, to see pages for personal customers.
ClickPersonal

Click on a sub-topic, such as Bank, to see pages for personal banking services.
ClickBank

To access a page, click on the page name.
ClickBankChoosePage

2. Online Banking Login Box

To sign in to your Online Banking account, use the gold box in the middle of the home page.
OnlineBankingLogin

Simply type your username and password in the appropriate boxes and click the Login button.
OnlineBankingBox

3. Find a Branch or ATM

To find the nearest Merchants Bank location, phone number or ATM, follow the directions above to find the Menu and then select Find a Branch or ATM from the top of the menu.
FindABranch

Our branch and ATM locater will now allow you to search for a location by zip code. In addition, locations will automatically load based on your current location.

Watch our website for more tips and updates on the new merchantsbank.com, coming in the very near future.