What is a Credit Re-Builder?
FSUCU's Credit Re-Builder Loan Program was developed to allow members with a colorful credit history to access credit and demonstrate their
ability to repay, thereby rebuilding a positive credit rating.
Who is eligible for a Credit Re-Builder Loan?
The program is made available to those members who have demonstrated loyalty to our organization and their employer by requiring that in order to
receive this loan, applicants must have been members for 3 or more years AND employed with their present employers for 3 or more years.
How do I apply for a Credit Re-Builder Loan?
- Pick up a Credit Re-Rebuilder package from either FSUCU location.
- Take loan packet home and read it thoroughly. Answer the 25 questions on the Credit Re-Builder questionnaire.
- Complete and sign the Affidavit of Employment form. Remember that this form must be signed by your supervisor.
- Complete and sign the Loan Application. Loan MAXIMUM limits are as follows:
- *3 years on the job, 3+ years FSUCU member = $1,000
- *4 years on the job, 4+ years FSUCU member = $1,500
- *5 years on the job, 5+ years FSUCU member = $2,000
*Other restrictions may apply as governed by FSUCU lending policy. If you have borrowed unsecured money within the last eight months, you are not eligible for the credit re-builder at this time.
- Your packet must contain a pay stub no older than 30 days.
- Return the packet to either of our locations.
FSUCU's Credit Re-Builder Program is designed to benefit members in four ways:
- Providing a source of credit that may not be available elsewhere without the member's paying extremely high interest rates.
- Providing a way to correct current or past credit problems, thereby re-establishing a creditworthiness over time, through a specific, step-by-step process.
- Reducing the member's interest expense through time, by helping the member re-establish a favorable credit score.
- Allowing the credit union to help you help yourself.
