Resources

Why Is Credit Accessibility Important?

Admin — Mon, 31 Aug 2026 19:59:47 GMT

Cash may be king, but credit is crucial to navigating everyday life. It can be a lifeline to owning a home, buying a car, starting or growing a business, getting insurance, and even renting an apartment or car. Whatever your needs, having access to credit is often a necessity. You may not realize how important credit is until access becomes limited.

Types of credit
Credit is an arrangement to borrow money for what you need now, with a promise that you’ll pay it back later. The two major types of credit? Revolving and installment. With revolving, you borrow and reborrow for as long as you continue to pay down your balance (e.g., a home equity line of credit). Installment credit is a fixed sum of money that you borrow upfront and then pay back (with interest) in fixed payments over a set number of months.

Your credit profile
Every time you borrow money from a lender, such as opening a credit card, or taking out a loan for a car, your lender checks your credit report to see your borrowing history. If you’ve made your payments on time in the past, you most likely have developed good credit with a high credit score. If you’ve defaulted on a loan in your past, made late payments or didn’t follow the terms of the agreement, you may have developed bad credit with a low credit score. If you’re considered a risk, lenders will be cautious about lending to you; if they do, it’ll cost you more.

Credit invisible
Finding a lender to approve you for a loan (think mortgage or car loan) can be extremely difficult if you have bad credit or haven’t yet established a credit history. Having a “thin” credit file may impact other goals as well such as renting an apartment, opening utility accounts, buying insurance, and possibly applying for a job.

Building credit
Building credit takes time. That’s why it’s a good idea to start working on your credit before you actually need it. Be intentional about the loans you take out and how you pay them back. Slow and steady wins the race. If you keep your account balances low and pay on time consistently every month, you’ll attain the credit you need to make progress toward your financial goals.

Here are some tips for building your credit so that you can easily access credit, according to Experian, which is one of the three major credit bureaus.

Become an authorized user on a family member’s or friend’s credit card. Be selective with whose credit history you decide to piggyback on. Make sure they have an excellent payment history and they keep the balance low.
Try using a credit-building debit card.
Apply for a secured credit card.
Apply for a store card.

Having access to credit is important in creating opportunities, such as pursuing an education, building a career, starting a business, owning property, and building wealth. Credit access is also essential during times of financial struggle. (Who doesn’t need a little breathing room in the budget from time to time?) With access to credit, you can have peace of mind that when an opportunity or challenge presents itself, you’re prepared and ready.

If you’re looking to build your credit through smart financing, Centreville Bank offers a variety of solutions from loans and lines of credit to debit cards and credit cards. Our bankers are here to support you as you make progress toward your goals.

Contact A Loan Officer

Easy Ways to Build Credit

Admin — Mon, 31 Aug 2026 19:59:46 GMT

Building your credit is like putting extra money in your pocket, because the better your credit (aka, the higher your credit score), the more likely you are to secure loans, credit cards and financing options with better terms and lower interest rates. Your FICO credit score is based on the following five factors.

Timely payments (35 percent)
No. 1 tip for building good credit fast? Make your payments on time, every time. Your history of on-time payments is the most important factor that makes up your score. Even if you’re only making the minimum payment, do it on time.

Amounts owed (30 percent)
Try to keep the amounts you owe below 30 percent of your available credit. For instance, if the credit limit on your credit card is $1,000, try to keep your outstanding balance below $300. We know it’s not easy, but if your balance gets any higher, try to pay it off as quickly as possible.

Length of credit history (15 percent)
If you are new to credit, your credit history isn’t going to be very long—but it’s only a matter of time.

Credit mix (10 percent)
The different types of credit accounts under your name also play a key role. Your credit score could improve if you have both revolving debt (like credit cards) and installment debt (like loans) in your credit history—but don’t worry if you haven’t taken out any loans yet. You can still establish a good credit score with just credit cards.

New credit (10 percent)
How often do you apply for new credit? Try to wait three to six months between credit card applications to avoid lowering your credit score with too many new credit requests.

If you are new to credit, you may want to check your own credit score before you start applying for credit cards or loans. Many banks, such as Centreville Bank, give you access to free credit scores.

If you’re a customer of Centreville Bank, log into your free online banking service or download our mobile banking app to access SavvyMoney®. It’s an online tool to help you understand your credit score, get notified of changes, and get tips for improvement.

Get Credit Savvy

Do You Know The Best Mortgage For You?

Admin — Mon, 31 Aug 2026 19:59:45 GMT

When it comes to shopping for a home, you’ll do your research until you get it just right. Maybe you’ll search online, attend open houses, speak with realtors, drive through neighborhoods, talk to builders, and ask your friends and family for advice.

But what about shopping for the mortgage? (Where do you go? Who do you ask?) After all, you’ll most likely be financing your home for a good many years, maybe for as long as you live in your home. Your mortgage is with you for the long haul; it needs to be just right too.

There’s no one-size-fits-all mortgage solution. So when you’re thinking of buying a home, it’s equally important to be purposeful about choosing the right mortgage—one that fits your unique needs, budget, and goals.

Centreville Bank, which has been guiding many homeowners since 1828, offers a wide range of loans, from first-time homebuyers to construction and renovation loans. Here’s a look at our mortgage programs so when it’s time for you to buy your first—or next—home, you’ll have a good idea of which mortgage you’ll need.

Fixed-rate mortgage. This is our most popular mortgage. It’s designed for homeowners who want stability and assurance in their mortgage payments. These loans have a set payment throughout the life of the loan, regardless of the length of term. The shorter the term, the higher your monthly payment, but you’ll pay your loan off faster. The longer the term, the lower the payment.
Adjustable-rate mortgage. Many of our customers take advantage of this mortgage as interest rates fluctuate. This is a great solution for buyers who either plan to pay off their mortgage quickly or don’t plan to stay long-term. If you make auto draft payments from a Centreville checking account (plus or premium), you may qualify for a reduction in the interest you pay on the loan. These loans often start at a lower percentage than a fixed-rate mortgage and can offer increased savings.
FHA mortgage. There are more flexible lending parameters around this mortgage, so if you think you wouldn’t be able to qualify for a mortgage, this solution might be for you. Insured by the Federal Housing Administration, this mortgage is designed to help first-time homebuyers who may have lower credit scores or less money for a down payment.
Construction-to-permanent loan. Building your dream home? Start with this loan. To keep costs down, this one loan takes you from the construction phase to permanent financing with only one closing. Often, this type of loan may feature interest-only payments during the construction phase.
Renovation loan. You’ve always seen the potential in your home. Now you can realize that potential, thanks to this competitive financing solution that helps you add value to your home and increase your quality of life. Now that’s progress.
First-time homebuyers. If you’ve never bought a home, be sure to ask about this loan program that offers assistance and low-cost home loans specifically for first- time buyers. Buying a home is easier than you think, and we’ll be at your side the entire process to ensure your success.
PASO™ Loan Program. If your salary is low to moderate, consider this financing solution that’s designed to help you become a homeowner. Being a homeowner enriches our community and provides a better quality of life for you and your family. Together, let’s get you home.
Jumbo loan. If you’ve set your sights on a property that is too expense for a conventional conforming loan, this loan may be of help. The maximum amount for a conforming loan in 2023 is $726,200 in most counties, as determined by the Federal Housing Finance Agency (FHFA). Homes that exceed the local conforming loan limit require a jumbo loan.

Home Equity
When you’re a homeowner, you have a source of funding at your disposal in the form of your home’s equity. Home equity is the amount of home you actually own. We can help you figure out how much equity you’ve built up and how best to withdraw it—either in the form of a loan or line of credit.

Home equity loan. Withdraw the equity in your home as one lump sum payment. This loan is often used for substantial home improvement projects or to help you pay for other large expenses such as student debt or a new vehicle. Enjoy the security and stability of fixed monthly payments, competitive rates, low closing costs, and fast turnaround times.
Home equity line of credit. Prepare for the unexpected or just live day-to-day with a little breathing room in your budget with help from a home equity line of credit (HELOC). This smart borrowing solution gives you the flexibility of a credit card without the elevated interest rate. Only pay interest on the funds you use.

To find out the best mortgage for you, reach out to one of Centreville Bank’s loan officers. We’re experts at matching the people of Rhode Island and Connecticut with a mortgage that fits their individual needs.

Contact A Loan Officer

Top 10 Financial Tips For Students

Admin — Mon, 31 Aug 2026 19:59:44 GMT

The financial moves you make today can have a major impact on the rest of your life. Accumulate a lot of credit card debt, and you’ll spend years paying it off. Save/invest early on, and you’ll enjoy more abundance. As a student, now is the time to be more purposeful about your finances. The habits you establish today can set you up for a lifetime of opportunity. Here are some tips to get you on the right path.

B is for Budget
Basically, a budget is you telling your money what to do. (It’s you taking control of your money rather than your money controlling you.) Imagine you have a classroom with 15 desks. When you create a budget, you give each desk a label. Think car payment, tuition, gas money, clothing, cell phone bill, food, insurance, etc. Your job when creating a budget is to assign a certain amount of money to each desk with the goal being that you have enough funds to cover all your expenses, plus have a little extra left over for savings. You can create a budget using pen and paper or track everything from your phone with an app.

Spending? Write it down.
Write down everything you spend, from your morning coffee to late-night movie streaming. This helps you see how much you spend—and on what—so you can make adjustments as needed to meet your goals. For instance, if your goal is to save more each month, you’ll have a good idea of where you can cut back. Like that daily coffee, for example. It might seem like a small expense but over the course of a week or month, it adds up.

Make saving a habit.
When you make saving a habit, it stays with you for life, enabling you to work toward your future goals. It matters more that you save, not how much you save. So set aside whatever amount you can toward a savings account—and start manifesting a more abundant future. Aim to have three to six months’ worth of expenses saved up in case of an emergency.

Automate your savings.
A good way to make saving easy is through automation. You can have funds automatically deducted from your paycheck and placed in a separate, interest-bearing savings account, so you don’t even see it. (Out of sight, out of mind!) Start small. For instance, you can save $100 or even just $50 per month. Soon you’ll have a special savings fund that can help you through an emergency or toward a big purchase.

Automate your bills, so you’re never late.
When you forget to pay your bills, or you pay them late, it can hurt your credit score and lead to late fees or higher interest rates. By automating your bill payments, you’ll be on time, every time—which shows creditors that you are financially responsible. Hello, higher credit score.

Learn to invest.
Investing is crucial for growing your money. Even as a student, you can invest part of your paycheck in retirement accounts. Or you may want to open a high-yield savings account to earn a more competitive interest rate but also have easy access to your money if you need it quickly. The earlier you start, the more you’ll be able to take advantage of the power of compounding—which helps you generate greater returns over time.

Be smart about credit.
Credit can be a great tool to help you achieve financial security. Without credit, it’s hard to buy a car or a home. While credit can be useful, it can also be detrimental if you aren’t careful with it. Know the terms of the credit cards or loans you take out and be careful about going too far into debt. If you are in serious credit difficulty, seek help from a reputable credit counseling service.

Take inventory on recurring fees.
Be sure to look through all your bills for recurring fees, such as streaming services, subscriptions, gym memberships, etc. These can add up and eat through a big chunk of your money. If you aren’t getting enough bang for your buck, cancel them ASAP.

Pick up a side hustle.
As a student, you have the flexibility in your schedule that allows you to earn side income with jobs such as dog and house sitting, tutoring, dorm cleaning, work study, freelance writing, making deliveries, etc. Look at job boards, ask around. There are plenty of ways to earn money.

Eat at home.
You’re a busy college student and probably don’t want to cook meals at home, but you’ll save lots of money doing it. Eating out gets expensive especially when you add up the cost of the meal, tax, gratuity, and delivery fees. You could set aside one day of the week to buy groceries and prepare and freeze meals to last all week. There are plenty of cooking sites online that cater to the needs and budget of students.

At Centreville Bank, we offer a variety of checking, savings, credit solutions, and retirement accounts as well as tools to help you automate your savings and your bills. Whatever your goal, we have an account to help you achieve it.

Choose the best account for you

College Grads: 3 Tips To Improve Work Readiness

Admin — Mon, 31 Aug 2026 19:59:43 GMT

You may have just received a college degree, but that doesn’t mean you’re prepared for the workforce. There’s a lot to be learned in the transition from graduate to professional, including some important skills that can set you up for a successful and fulfilling career.

Soft skills
In a classroom, you gain valuable knowledge, but some qualities that make a person competitive in the workforce aren’t taught in a classroom; rather, some behavioral skills (aka, soft skills) are either intuitive, or learned and developed over time. It could be an ability to communicate and interact well with other people. It could be an ability to have empathy, showing an understanding of other people’s views and feelings. Maybe it’s adapting to different roles, solving problems, managing time, and being organized.

Here are some tips to help you become more prepared for the workplace, gain the attention of potential employers, and perform well wherever your purpose takes you.

Practice communication skills (speaking and listening)
Your ability to communicate, whether through speaking or writing—or even body language—will greatly impact your success. It’s the first impression a potential employer will have of you (hello, resume), followed by over-the-phone or in-person interviews. Practice public speaking, research best practices for crafting a resume, attend professional workshops, and ask for guidance from mentors. There are plenty of opportunities to hone your communications skills.

Strong communication also involves listening. Practice being an active listener. While someone speaks to you, focus on what they are saying (not on how you’ll reply). Pause after they speak. Ask them to clarify something if you don’t understand. Let them know you understand what they said to you. Don’t rush in to respond or interrupt someone who is speaking. If you’re in a meeting, take notes. Be intentional about learning what others are communicating to you. Active listening helps you understand, learn, identify problems, resolve conflict—and build trust and strong relationships.

Develop your work ethic.
Employers want employees who work smart—and hard. A strong work ethic will take you far. To develop good work ethic, try to always be on time or early to your workday, appointments, meetings, etc. Be professional in the way you dress and in your attitude. Be positive. Respect others and yourself. Practice self-care, such as getting enough sleep and relaxation in your off time so you can bring 100 percent to work. Use your time wisely so you can get tasks done quickly and efficiently. (It may help to set alarms and create reminders.) Stay focused on your long-term goals, train yourself to be persistent and follow-through on projects. Strive for excellence in everything you do.

Be adaptable.
“The measure of intelligence is the ability to change.” This famous quote from Albert Einstein is a great reminder of the importance of adapting to change. When you’re able to learn new skills, new processes, and adjust to new ways of doing things, it allows you to deal with difference situations quickly and efficiently. The workplace is always evolving to stay competitive. The quicker you can adapt, the easier it’ll be for you to face any change that comes your way. Try to make optimism your default; you may even find that instead of worrying about change, you look upon it as exciting. After all, change leads to innovation.

Many employers, such as Centreville Bank, offer mentoring, internships, and other programs to students who are entering the workforce.

Start your career here

3 Tips For Buying A House During A Shortage

Admin — Mon, 31 Aug 2026 19:59:43 GMT

When the housing market is tight, you’ve got to know what moves to make—and when—to land the house you want. Let’s go over some things you can do to make yourself (the buyer) more appealing in the eyes of the seller, as well as some options to consider when there’s a shortage of homes in the area you want to live.

Get pre-approved.
First step is to get pre-approved. (Do this even before you start browsing online for your dream home.) During a housing shortage, being able to prove to the seller you are a serious buyer makes all the difference. That’s why you’ll want to get a pre-approval letter from your mortgage loan officer. Unlike a pre-qualification letter, which provides an estimate of what you could borrow, a pre-approval letter shows exactly what you can borrow under a specific mortgage program. This letter tells the seller you have what it takes to purchase their house, adding weight to your offer, and making the seller more likely to pick you.

Be ready to make an offer.
If you view a home and decide you want to buy it, be prepared to make that offer right away. With multiple buyers competing for the same house, you’ll miss out if you don’t move quickly. To that end, it’s important you know exactly what you want in a house, and what you’ll settle for as well, before going in. If you are clear with what you want, you’ll spot it right away when you see it.

Use a real estate agent.
Often real estate agents know of homes going up for sale before they are posted online. Also, in tighter markets, homes are often sold before they are even listed. Some sellers never post their home publicly, opting instead for something called a pocket listing, which is an off-market listing, or a property marketed to potential buyers through private channels rather than on the multiple listing service (MLS). Real estate agents have the inside scoop and can be a great ally in helping you secure a home in the middle of a shortage.

If you’re ready to buy a home, your first step is to get pre-approved. At Centreville Bank, our experienced team of loan officers can get you pre-approved quickly and ready to shop.

Contact A Loan Officer

Budgeting Your Paycheck

Admin — Mon, 31 Aug 2026 19:59:42 GMT

Budgeting is being intentional about what to do with your money—instead of letting your money (and the impulse to spend) take charge.

When you put a budget into place, you give your money a specific purpose, which makes it easier to make progress toward your financial goals. To be budget-smart (and money wise), just follow these steps.

1. Track all the money you spend.
This is pretty easy. All you need is an old-fashioned paper and pen. Or an excel spreadsheet. Or an online service or app. Every time you buy something, jot it down. Start at the beginning of the month and track everything for that entire month. Then add up everything you spent. Add up all the income you brought in that month too. This gives you the big picture of what you make and where your money goes; also, it’s the starting point for deciding where you want your future money to go.

2. Figure out where you want your money to go.
Maybe you spent more than you should on coffee and concert tickets last month, and this month can’t afford a much-needed oil change. This is where you have an important conversation with yourself about needs vs. wants, and then set your spending goals accordingly. You should have a column of necessary, fixed expenses like rent, utilities, groceries, car payment. (Hello, needs!) Make sure there’s enough money to cover your needs before indulging in wants.

3. 50-30-20 rule.
There’s a formula called the 50-30-20 rule. It recommends putting 50% of your money toward needs; 30% toward wants, and 20% toward savings. If you’re about to go off to college or living on your own for the first time, it’s important you learn to budget so you can make your way successfully, while developing good money habits that will guide you through your entire life.

4. Create a savings plan.
Get into the habit of setting aside money toward savings every month. Even the smallest amount can make a huge difference in helping you avoid going into debt. Think about upcoming expenses such as new tires on the car, a spring break trip with friends, or cell phone upgrade. To prepare, open a savings account and have a portion of your paycheck automatically deposited into it. By automating your savings, you get to set it and forget it. Best part is when you don’t see it, you resist the temptation to spend it. Storing your cash in a high-yield savings account can help your money grow even faster.

Centreville Bank offers interest-bearing savings accounts to help you grow your money quickly. We partner with the people in our communities to help you manage your money better and make progress toward your goals.

Open A Savings Account

What Lenders Look For When Loaning You Money

Admin — Mon, 31 Aug 2026 19:59:41 GMT

When you’re ready to shop for a car (or house) or any other big-ticket item that requires you to take out a loan, you’ll want to make sure you are prepared so that you can get the best financing deals available. For many borrowers that may mean the lowest interest rate possible with the longest terms. You want the money you borrow to be as affordable—and as easy to pay back—as possible.

Here's what lenders look for when deciding the terms of your loan.

Your history of managing borrowed money. To find this information, lenders will pull up your credit report and score. Your credit report and corresponding score tells lenders how likely you are to pay back your loan with them. If you’ve been late on payments, or defaulted on prior loans, your credit report shows it. Typically, a credit score ranges from 300 to 850; the higher the number the better. To get the most affordable financing, you’ll want your score in the 700s or 800s. Of course, those are generalities and lenders will take into consideration other factors, such as:

Your income and employment history. Basically, can you comfortably afford your monthly payments? And will you have the means to pay back the loan in its entirety? Having a job with a consistent salary goes a long way in proving to lenders that yes, you can make the monthly payments over the long run until the loan is paid off. Perhaps you got into a financial jam in your earlier years and had credit issues. A lender will take into consideration your holistic financial profile. Where you’ve been is important, but where you are now matters too. Lending money is always a risk. But if you have steady income all year long (as opposed to seasonal employment or someone just getting started in their career), lenders will see that as a big plus.

Your debt-to-income ratio. This ratio compares how much you owe each month to how much you earn. While having a good and steady income can be a big plus in the eye of your lender, high debt may negate that. If you’ve got other loan payments every month (e.g., car, student loan, rent or mortgage, credit cards), lenders may turn you down if your debt-to-income ratio is too high. For example, if you are trying to get qualified for a mortgage, lenders generally prefer a debt-to-income ratio at 35 percent or less.

To calculate your debt-to-income ratio: add up all your loan payments, including rent or house payment, monthly alimony or child support payments, student, auto and other monthly loan payments, credit card minimum monthly payments, and any other debts. Divide that number by your gross monthly income (pre-tax income). The result is your debt-to-income ratio. The lower that ratio, the more confident lenders will be to loan you money.

Your collateral (this applies to secured loans). Loans, lines of credit and credit cards may be either secured or unsecured. With a secured loan, you promise to give the bank something you own of value (aka, collateral) if you default on your loan. Common items to pledge as collateral include a car, house, or a savings account. A big advantage to secured loans is they usually feature lower interest rates than unsecured loans.

It's important to find a lender who you trust will support you. A partner who will guide you on the best path forward. At Centreville Bank, we support customers and communities in making progress toward their goals using responsible financing solutions. If you are looking for a loan and are unsure whether you would qualify—or if you have questions about your financing needs—reach out to us.

Contact A Loan Officer

Beyond the Branch: Have You Considered a Career in Banking?

Admin — Mon, 31 Aug 2026 19:59:40 GMT

Many of us are searching for a purposeful career—one in which you can use your skills and talents to do meaningful work; grow personally and professionally; and make a real difference. The path to the career of your dreams could very well take you to your local bank.

Maybe you have a passion for sales, computer systems, or creative projects. You can put that passion to work at a community bank, such as Centreville Bank, which offers a variety of career paths for diverse backgrounds and skillsets such as:

Business intelligence
Commercial lending
Finance
Fraud and security
Human resources
Information technology
Marketing
Project management
Residential lending
Risk and compliance

Many career paths offer growth opportunities without a college degree, including:

Contact center
Loan servicing
Operations
Retail banking

Since community banks are vested in supporting neighbors and local businesses, they often recruit locally, offer personal and professional development, respect work-life balance, offer competitive compensation and benefits, and mentor staff to eventually take on leadership roles.

Founded in 1828, Centreville Bank is one of the region’s most stable and well-capitalized banks, with a growing presence that reaches into every corner of Rhode Island, Connecticut and nearby Massachusetts. Join a team that’s committed to making progress on purpose and empowering each other to grow with intention and purpose—while being inspired to do great things.

If you are unsure what you want to do, consider starting with an internship or part-time role while you’re still in school so that you can gain experience in different departments and figure out the roles that best fit your talents.

A Purposeful Career Starts Here

Do You Know How Much House You Can Afford?

Admin — Mon, 31 Aug 2026 19:59:39 GMT

You know what’s fun & exciting? Shopping for your first home.You know what’s not as glamorous? Figuring out your finances and choosing a home that fits within your budget. It’s easy to get swept up in the search for perfection. But a home that fits within budget—a home that allows you to live comfortably and without daily financial stress—is truly a dream home. So, before you start curb shopping, let’s figure out how much house you can afford.

The 28/36 Rule
As a general guideline, it’s recommended you spend no more than 28% of your monthly gross income on your mortgage payment. (Your mortgage payment is made up of principal, interest, taxes, and insurance.)

Debt-To-Income Ratio
Another guideline to keep in mind is the 36% rule, which suggests 36% be the maximum percentage of gross monthly income you spend on all of your debt, including housing. (This is also known as your debt-to-income ratio.)

Use Centreville Bank’s mortgage loan calculator to help you figure out the numbers, including a loan amount that fits your budget, and total interest you would pay over the life of the loan.

Now let’s do your numbers:

For starters, calculate how much you (and your partner/co-borrower if that applies) earn each month, including job income, alimony, investment profits, rental earnings, etc.
Next, calculate your estimated housing costs and your total down payment. Include annual property tax, homeowner’s insurance, estimated mortgage interest rate and the loan terms (or how long you want to pay off your mortgage).
Finally, calculate your expenses. This is all the money that goes out on a monthly basis. Be as accurate as possible.

Your lender will help you determine what you can comfortably afford and ensure that the final number fits well within budget and aligns with your goals. By shopping wisely and working with a lender who cares about your success, you can truly enjoy home sweet home.

Contact A Loan Officer