Maybe you have no credit history, or maybe unexpected events have caused you to miss some loan or credit card payments, and your credit score is not where you would like it to be. With poor credit, you may have difficulty in getting a loan or pay higher premiums on auto insurance or have difficulty in renting an apartment. At WRCU, we have a way to help you build your credit.
WRCU will work with you to build your credit through our Credit Builder Loan Program. It’s a very simple concept, but effective at building your credit, because it shows creditors that you can and will make payments on a loan as agreed upon, and this raises your credit score.
Unless you know your credit needs serious help, (check your credit score for free at www.annualcreditreport.com, the only authorized free credit report) you should apply for a conventional loan first at WRCU, if you are approved, great! If you are not, then the Credit Builder Loan might be for you. Our loan officers can help you through deciding your next step.
The way our Credit Builder Program works is that when you are approved for a Credit Builder Loan, the amount you borrow goes right into a share savings account at WRCU, with a hold on it for the amount of the loan, which to begin with is all of it. As you pay off the loan, with interest, the amount of principle you pay is freed up for you to use or keep in the savings account. Your prompt payments become part of your credit history and improves your credit score.
Interested? Call WRCU at 767-333 and ask to speak with a loan officer about our Credit Builder program. Or, you can complete an on-line loan application For purpose of the loan put “credit builder” in the online application. We will contact you and take it from there.