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improving credit score

The Credit Score Builder Program

The Credit Score Builder Program is specifically designed to help you build or rebuild your credit history as you build up to $3,000 in savings (plus dividends) toward your downpayment, safety net or emergency fund.

Here’s your opportunity to safely build or rebuild your credit while building up your personal savings.  We know it can be tough to build credit when you’ve never had credit, and we know that life can take turns that might leave you with some rough spots in your credit history.

Our Credit Score Builder Program gives you the opportunity to prove yourself and improve your credit, and have a nice pool of savings or a down payment at the end of 12 to 24 months.

Here’s how it works:

  • We agree to lend a specific amount of money that is deposited into an account the credit union controls for the term of the loan.
  • You make regular payments* on the loan and we report those payments to the three major credit bureaus. As long as you make payments on time, you establish a positive payment history.
  • Once the loan is paid in full, you may access the full balance in your account, including any dividends earned.

Your credit history plays an important role in your day-to-day life. It can affect everything from renting an apartment, getting a mobile phone, getting insurance and what rates you will pay, or even qualifying for a job. That’s why it’s important to build credit responsibly, and CES Credit Union offers you a route to build credit.


Here’s some of the features and benefits of the Credit Score Builder Program:

  • A loan made to build or rebuild your credit, not bury you in debt.
  • Flexible Terms: Borrow from $600 to $3,000 for 12 to 24 months.
  • A Low, Fixed Loan Rate:  The Credit Score Builder Program uses a loan rate of fixed at 2% plus the dividend rate on the Certificate securing the account. That will determine the Annual Percentage Rate (APR¹ ) for the term of the loan.
  • Earn while your Credit Score Builder is working for you:  Certificate account funds earn dividends at the respective published rates. The loan proceeds will be deposited into a Certificate and placed on hold as collateral for the loan.
  • When the loan is paid in full, you will have access to your funds.
  • Because late payments can radically worsen your credit, credit builder loans are generally recommended for members who have a good financial standing and can commit to timely repayment*.

*Regular payments are those received on or before the due date for a minimum of the scheduled payment amount.

In the end, the Credit Score Builder Program gives proof to lenders that you’re careful with your credit, helping you establish or rebuild your credit profile.

• ¹APR = Annual Percentage Rate. EMP = Estimated Monthly Payment.  The EMP Per $1,000 for a loan at 24 months at 5.00% is $43.87 - (Maximum Loan Amount $3,000, Minimum Loan Amount $600 and Minimum Monthly Payment is $50/month.) Loan rates may vary based on credit score (if any), term and current dividend rates at the time of the loan closing. Rates listed are for this product only and are subject to change at any time.
• Loan amount cannot exceed the certificate balance and loan term must be equal to or less than the certificate term.
• The granting of a Credit Score Builder Program loan does not guarantee future loans.
• All loans are subject to credit approval.
• Must be 18 years old or older to apply. ​Repayment of a loan requires that the borrower make a monthly payment to the lender. With each monthly payment, you pay down a portion of the loan principal, as well as monthly interest on the outstanding balance. Loan payments are amortized so that the monthly payment remains the same throughout the repayment period, but during that time, the percentage of the amount that goes towards principal will increase as the outstanding loan balance decreases.
• A loan fee will apply.

Tips and steps for healthy credit card use

  • Choose your credit cards wisely. Look for low interest rates that last beyond an introductory period, and low or no fees.
  • Limit the number of cards you have. Too many cards may mean you’ll use too much credit.
  • Keep track of your monthly credit card spending, and budget appropriately.
  • Don’t spend more than you can afford to pay each month.
  • Pay all of your bills on time every month.
  • Keep balances low on credit cards, well below the credit limit.
  • Only open new credit accounts as needed, and don’t open a lot of new accounts too quickly.
  • If you’ve missed payments, get current and stay current.
  • If you can’t make payments, contact your creditors to work out a payment plan.

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