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 Loan
Borrowers with no credit or credit history can use funds on deposit at Partner Colorado to secure a Credit Builder Share Secured Loan:
- Loan amount is $250
- The loan is repaid over 12 months
- Rate is 1% above the current rate for a Partner Colorado Signature Loan
- A Credit Builder Savings Account with $250 is required to secure the loan
- You will continue to earn dividends on your savings account, even while the funds are secured against your loan
Once your Credit Builder Share Secured Loan is paid in full, you may apply for a new loan with a higher dollar amount, as long as you have an equal amount of funds in your savings account for security.
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 Wellness program. We joined forces with GreenPath, Inc., a non-profit, financial wellness organization that provides support and education for everyone, regardless of where you are in your life. A GreenPath Financial Wellness Expert will review your financial situation and 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
Learn more about the dos and don'ts of credit repair by reading our blog here.
To learn more, visit www.greenpath.com or call 877.337.3399. Be sure to let them know you're a Partner Colorado member!