Trying to build your credit can be a class catch-22 scenario. You don’t have credit, so you can’t get credit. Because you can’t get credit, you don’t have a credit score. This can be even more difficult if the only items on your credit report are derogatory, such as a medical collection. This can lead to a low credit score, which may be even harder to correct.
The good news is that you can build a credit score even if you don’t have one. You also can recover from a poor credit score.
Building your credit score WITH a credit card?
It may seem counter-intuitive, but the easiest and quickest way to get a good score is with a credit card. If used correctly, a credit card will provide a constant stream of positive information to the credit bureaus. This will help your score increase. In fact, it’s very difficult to have a decent credit score WITHOUT having a credit card.
We find that credit cards intimidate some people. They are worried that a credit card will hurt their credit score. This is not true! If you use your credit cards the RIGHT way, it will have a positive impact on your credit score.
REAL FREEDOM Secured Visa Card from Natco Credit Union
Natco Credit Union is conveniently located in Richmond and Connersville, Indiana. As a credit union, Natco operates as a not-for-profit organization, prioritizing the interests of their members. They are significantly different from banks, which are driven to operate at a profit to their stakeholders. That means Natco clients gain many more benefits than they would as a client of a bank.
The REAL FREEDOM Secured Visa card is the perfect solution for individuals without a credit score or with a low credit score. As a secured credit card, the REAL FREEDOM Secured Visa requires a cash security deposit that becomes the credit line for the account. You will secure your new Visa card with a $500 deposit, which means your credit line on the account will be $500.
This card reports to all 3 credit bureaus, showing up on your report just like a regular credit card. As long as you use the card correctly, it will help to build and improve your credit score!
It’s important to note that your deposit will be held until you close the card or convert it to a standard credit card. The deposit is not used to pay off any charges that you make. Instead, it is simply there as a security deposit in the chance that you become delinquent and cease making payments to the account. This allows Natco to offer cards to consumers with lower scores since they have the security deposit available to cover their losses if the individual does not pay their bill.
*Learn more about the REAL FREEDOM Secured Visa from Natco – https://www.natcocu.org/secured-visa/
*“By accessing this link you will be leaving KTL Performance Mortgage’s website and entering a website hosted by another party. Although KTL Performance Mortgage has approved this as a reliable partner site, please be advised that we do not have an exclusive relationship with this vendor, we do not control or provide any warranty as to the website or services offered by this vendor. Also, you will no longer be subject to, nor under the protection of the privacy and security policies of KTL Performance Mortgage’s website. The privacy and security policies of the partner may differ from those of KTL Performance Mortgage.”
How to use your REAL FREEDOM Secured Visa Card
Once you get your new Natco Visa card, it’s important to use it the RIGHT way. Charge something small, no more than $20. Put the card away and do not charge anything else until your first bill comes. When you receive your bill, pay it in full. Wait 3 days, then charge a small purchase up to $20 once again. Put the card away and do not charge anything else until the next bill comes. When you receive the next bill, pay it in full. Wait 3 days, then charge a small purchase up to $20 once again. Continue this cycle and watch your score climb!
Do you have questions about your credit or the pre-approval process for buying a home? Contact us today! We’ll look at your credit and financial situation and prepare a personalized plan for what you need to do to become a homeowner.
Membership in Natco Credit Union is open to anyone who lives or works in the following Indiana counties – Wayne, Fayette, Randolph, Henry, Rush, Union, and Franklin. Membership is also available to any industrial worker within a 25-mile radius of Richmond and family members of an existing member.
Natco is located at 582 S. Round Barn Rd. in Richmond, with branch locations at 4 Glen Miller Parkway and 240 E. 30th St., Connersville. You can reach Natco at 765-962-2561.