As you make plans for your future, an important piece of your financial health is your credit score.
Wait. You’ve never had a credit card or a loan? With a credit history consisting of nothing, it can be almost impossible to get a loan or credit card to start growing your credit history. Sounds like a Catch 22? It doesn’t have to be.
Here at WCCU, we know the challenges that face people who are just starting out in the financial world. We have products that are perfect when you’re new to the credit experience!
- Share-secured loan: Apply for this loan and bring the funds to cover the amount you’re seeking to borrow. We have a low minimum of $500.00, and we lock that money in your account (we secure your funds in your share, i.e., savings, account. We then give you a loan for that exact amount. You make monthly payments and we report positively to the credit bureaus every month, and you will see your credit score go up!
- Share-secured VISA: This credit card works much in the same way as our share-secured loan, but with a lower minimum. You apply for our WCCU VISA and a credit limit as low as $300.00. You bring us $300.00 to secure your $300.00-limit VISA, and we issue you the credit card. As you make payments on time, the amount you pay becomes available again, and WCCU reports your positive payments to the credit bureaus, ensuring you have a positive credit history recorded.
Don’t wait to be surprised by your credit when you buy a car, apply for student loans, or try to rent an apartment. Take charge of your financial well-being now!