The Credit Builder Program was developed by the Asset Recovery Department for Alamo FCU members to establish a secure future.

• Provide a source of credit that may not be available without extremely high interest rates.
• Offer a way to correct current or past credit problems by establishing credit-worthiness over time through a step-by-step process.
• Reduce high interest expense on loans.
• Establish and maintain a high credit score.

A good credit rating is essential for borrowing the money you need for personal loans, mortgage, new/used auto financing, and all your financial needs. The more you understand your credit score, the better you will be able to improve upon it and keep it positive. If you are just getting started establishing credit, AFCU can help you earn and maintain a good credit score.

What hurts your score:

• Missing payments – regardless of the amount. It takes 24 months to restore credit with one late payment.
• Credit cards at capacity (or maxed out).
• Closing credit cards out (lowers available capacity).
• Shopping for credit excessively.
• Opening numerous trades in a short period of time.
• Having more revolving loans in relation to installment loans.
• Borrowing from finance companies.

Gain Control. How to improve your score:

• Pay down on credit cards.
• Do not close credit cards because capacity will decrease.
• Continue to make payments on time (older late payments will become less significant with time).
• Slow down on opening new accounts.
• Acquire a solid credit history with years of experience.
• Move revolving debt (credit cards) to installment debt (fixed loan).

It is never too late to start improving your credit. If you have questions about how you can improve your credit, contact the Asset Recovery Department or Loan Department at 210-554-8770.

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