Credit Building Products in San Antonio, Texas

Bad credit can significantly impact your financial well-being and financing opportunities, especially since a poor credit report signals to lenders that you’re not the most trustworthy person when it comes to financing.

However, there’s a way to improve your credit score with the Credit Bureau and gain access to better interest rates and more favorable loan terms next time you’re searching for financing offers. 

Institutions like River City Federal Credit Union offer various credit building products and services that assist customers in improving their credit scores over time.

How Credit Building Products Work

Most people are familiar with how traditional loans and credit cards work. A financial institution lends you a specific amount of money or provides an open line of credit. Over time, you can use money from those financial products to cover expenses. However, you’re required to pay the money back plus interest. 

Credit building products, on the other hand, operate a little differently. Since these financial products are aimed at helping improve your overall credit score, most have a lower value and require the borrower to make monthly payments into a savings account before having access to the funds. 

The most common type of credit building product is a credit-builder loan, and it can be an excellent way to demonstrate to other lenders that you’re a reliable borrower.

What Types of Credit Building Products are Offered by River City FCU?

One of River City FCU's main missions is to provide affordable financial services to everyone through cost-effective and comprehensive solutions. Since many people experience poor credit at some point in their lives, it’s important that there are options available to help those customers get back to a good credit standing. 

Below is a look at some of the most popular credit building options available at the credit union.

Fresh Start Checking Account

The Fresh Start Checking Account provides customers with the chance to rebuild their financial background with a $25 minimum opening balance. Once the account is open for 12 months, funds can be transferred to a traditional checking account if the original account is in good standing.

Secured Classic Visa

Many customers with poor credit history have a difficult time securing a credit card or loan to start the credit building process. However, the Secured Classic Visa has no annual fees and is secured by the customer’s own funds making it a great place to start the credit building journey.

MyCash PAL

Many institutions take advantage of customers with poor credit. However, River City's MyCash PAL provides borrowers with a safe lending option for lower amounts ranging from $300 to $1,000.

Préstamo Paso a Paso

The Préstamo Paso a Paso is a great tool for customers looking to improve their credit scores through safe lending. This loan goes directly to the customer’s savings account and is fully accessible once the note has been paid-in-full.

Get Credit Building Products in San Antonio Now

River City Federal Credit Union offers some of the best financial products to both its physical and business customers, including access to the FS Financial Empowerment Center, where customers can speak with a certified financial counselor.

If you’re looking for ways to improve your credit through a credit building product or financial guidance, call our team today — 210-225-0708.