Build Credit While You Save
Better Credit Starts Here
With BCU’s Credit Builder, every on-time payment is reported to the credit bureaus to help you build payment history — an important part of your credit score. If an emergency comes up, your saved funds can be accessed to pay off the loan early. Credit Builder may be a good fit if you’re new to credit, have limited credit history, or are working to rebuild your credit with consistent, on-time payments.
By scheduling an appointment, you acknowledge you have read and agree to the BCU Coaching Agreement of Understanding and Disclosure.
How it works:
Select "Schedule An Appointment"
You’ll receive an email to schedule an appointment with your Financial Coach immediately, to begin.
Pay Your Way
Start making your monthly payments. Reporting to the credit bureaus begins after your first successful payment.
Enjoy Your Savings
Once you've made all your payments, your hard-earned savings are yours!
Build Your Savings, Build Your Credit1
With BCU’s Credit Builder account, your monthly payment is reported to the credit bureaus.
Designed for members new to credit
$5
Month
for 24 months
Total Payment: $120
Get Back: $114
Final Cost: $6
Designed to help build payment history
$25
Month
for 24 months
Total Payment: $600
Get Back: $572
Final Cost: $27
Designed to build credit while saving more
$50
Month
for 24 months
Total Payment: $1,200
Get Back: $1,146
Final Cost: $55
Interest Rate: 4.50% Annual Percentage Rate: 4.50%. The above figures are approximations; exact amounts will depend on the final terms. An example of payment terms are as follows: an amount financed of $1,000 with an APR for 4.50% and a term of 12 months would have a monthly payment of $85.38
Build your credit with confidence.
Strengthen Your Credit Profile
Establish or improve your payment history — one of the most important factors in your credit score.
Access Your Savings In An Emergency
If unexpected expenses arise, we can unlock your funds and close the account for your peace of mind.
Know If It’s Right For You
Already making on-time payments on current loans? You may not see much additional benefit from a Credit Builder account.
We love helping members build their credit. Here's what they're saying!
“The coach gave me doable actions to pay off debt and even get the best mortgage loan possible. I am so hopeful and feel energized to take control of my finances. Thank you!”
Frequently Asked Questions
-
What is a Credit Builder Loan?
Whether you’re starting fresh or picking up where you left off, our Credit Builder loan is a great way to establish or restore a positive credit history and build your savings at the same time!
-
When do I receive the funds?
Your funds and earned dividends are held in a secured savings account while you make monthly payments on your loan. Loan funds are then made available when your loan is paid in full.
-
Can I pay off the loan early?
Regular monthly payments are important to building a positive credit history. If you secure a Credit Builder Loan, you should plan to make consistent payments through the loan’s scheduled completion date.
-
How much will the loan improve my credit score?
There's no guarantee as to how much a Credit Builder Loan will improve your credit score because there are many different variables that can impact your credit score. However, your credit report will reflect your successful completion of on-time, scheduled payments – an important factor in improving your score.
-
Is there a fee to get the loan?
There are no application or origination fees for the loan.
-
Once I pay off the Credit Builder Loan, will I qualify for another loan with BCU?
Completing a Credit Builder Loan doesn’t automatically qualify you for additional loan products, but our underwriters do consider several factors when reviewing your loan request - including credit history and financial standing. Therefore, successful completion of your Credit Builder loan can provide evidence of your financial responsibility.
-
What's the difference between Credit Builder Loan and a Personal Loan?
A Credit Builder Loan is designed to establish a positive credit history while building savings for the future. Loan funds are placed in an account for safekeeping while you make scheduled payments.
A personal loan provides funds that are available immediately for your use.
-
Disclosure
1Results are not guaranteed and the improvement in your credit score is dependent on your financial behavior. Even if you are paying your loan, credit problems on other accounts you own such as late payments, missed payments and other defaults may impact your credit score. This loan will not remove negative credit history from your credit report.
2APR is Annual Percentage Rate. APR is subject to change. The rate listed assumes a loan term up to 24 months. The rate is subject to credit certification and approval. An example of payment terms are as follows: an amount financed of $1,000 with an APR for 4.50% and a term of 12 months would have a monthly payment of $85.38.
3The minimum loan amount of $500 is required to earn dividends. The dividend rate and annual percentage yield (APY) may change at any time. Dividends are calculated by the daily balance method which applies a daily periodic rate to the balance in the account each day. The dividend period for this account is monthly. Dividends will begin to accrue on the business day loan proceeds are placed into the account. If the account is closed before accrued dividends are credited, accrued dividends will not be paid. No withdrawals are allowed during the repayment of the loan. Loan funds and dividends earned will be moved to a regular savings and become available for use after full repayment of the loan.