As a member of Partner Colorado, regardless of your credit score, you may be eligible for one of three Credit Builder borrowing options to help establish or repair your credit:
- Credit Builder Auto Loan
- Credit Builder Share Secured Loan
- Credit Builder Share Secured Visa Credit Card
Credit Builder Share Secured Visa® Credit Card
Designed for first-time credit card users and those wanting to repair their credit, our Share Secured Visa Card is easy to obtain. Your credit limit will be determined by the amount of savings you pledge as collateral. The Credit Builder Share Secured Visa Card comes with:
- The minimum credit line is $250 and the maximum is $5,000
- Rate will be 1% higher than our traditional Share Secured Visa Card
- A Credit Builder Savings Account with a balance equal to your approved credit limit required
- You will continue to earn dividends on your savings account, even while the funds are secured against your loan
Automatic Payments Are Key
Credit Builder Loans require automatic payments as a method to help you manage your monthly budget. This is important, as well, in both building your credit and establishing and/or raising your credit score. With your on-time payment history reported to all three major credit bureaus, you will immediately begin improving your credit score automatically!
To apply for any Credit Builder Loan, you must meet the following requirements:
- Be a member of Partner Colorado Credit Union
- Have a Partner Colorado checking account in good standing for 12 months or more
- Submit a letter to us explaining the reason for your loan request
- Have only one "life event" issue with credit
- Provide proof of income that shows your ability to repay your loan
- Agree to set up automatic loan payments from either a Partner Colorado account or another financial institution
- You must not have caused any checking or loan losses to Partner Colorado
Free Credit and Financial Wellness Counseling
Financial counseling is a vital part of our Partners in Financial Health program. We joined forces with GreenPath, Inc., a non-profit, financial wellness organization. A GreenPath Financial Wellness Expert will work directly with you to review your financial situation and help you develop a personalized plan to meet your needs and circumstances. Most services are available free to Partner Colorado members.
- Debt Counseling
- Debt Management
- Housing Services
- Student Loan Counseling
- Credit Report Review
- Financial Education
- Bankruptcy Counseling
To learn more, visit www.greenpath.com or call 877.337.3399. Be sure to let them know you're a Partner Colorado member!
Check out our blog for more details on how to build good credit.