Can Credit Unions Help Build Your Credit?

Wednesday, June 16th, 2021
brown wallet full of credit and debit cards

There are a lot of great reasons to join a credit union, including lower loan rates and more personalized service. It is actually the goal of these institutions to help you build your credit and enhance your overall financial health as well! Here is how they can help you reach your financial goals.

The staff WANTS to help you

Sometimes, this can make all the difference in service. Credit unions are member-owned, and the staff is most often members themselves. This means that they have more stake in the success of EVERYONE because it means that credit unions will also be more successful.

You will see lower fees

If you are a member of a credit union, you will most often see lower rates on lines of credit, loans, and other areas. This is because they are not trying to serve the needs of stockholders. Whether you are improving or building credit, lower (and fewer) fees mean more money to put towards your goals.

You’ll get lower rates on loans

Getting small or specialized loans with lower fees AND lower rates is a great way to start building your financial health. Many people lower their scores by having too much debt and missing payments just to keep up with necessities. In order to repair or build credit, you must be able to pay off your loans and debts on time.

Credit unions offer a variety of options like personal, vehicle, and RV loans, as well as credit and debit cards. Not only will they provide you with the best rates you can qualify for, but they will also provide education to make sure you are prepared. Understanding debt is vital for having a healthy score.

Education is a big part of financial stability

You can’t build credit without first knowing how to do so. Credit union staff know that if everyone has healthy finances, everyone can do better. This is just one reason they are willing to make sure you understand what healthy credit looks like. They can teach you about how to build your score, what to avoid, and how to get started.

When you join a credit union, or even when you think you may join one, ask about their services. See if they will provide counseling and education, as well as what products they have that can help you build or repair your score. You can also ask them for help with financial basics like saving, budgeting, and more.

How Borger Federal Credit Union is here for you

At BFCU, our goal is to make sure our members are in good financial standing. Your membership truly matters to us, which is why we offer a variety of services like education, loans, and resources. Visit our Services page to learn more and give us a call at 806-273-9506 to speak with a Team member. We’d love to answer any questions you may have!