Using a consumer credit union may be your resource to helping rebuild your credit. The most important part about rebuilding your credit is to establish new credit.
One of the best places I have found and used to start when building new credit was my local credit union.
Since consumer credit unions are local, they are less stringent when applying for things such as auto loans, credit cards and second mortgages. However, credit unions do require you to join and have certain criteria that must be met.
These financial institutions rarely advertise, so if you want to join one you will probably have to do some legwork of your own.
It is not that difficult and the pay off will be well worth the time and effort. Consumer credit unions are non-profit, cooperative financial institutions, owned and controlled by its members. If you join, then you become one of those members.
Other examples of the criteria to be a member are: working for a certain employer, living in a particular region, school, religious or professional affiliation or community.
We currently belong to 2 credit unions. The first credit union required that we belong to one of the Christian churches in the area and the other required that we reside in a certain county.
You will have to ask to find out what the criteria is for being a member at the credit unions you are looking to use for your credit repair. Not everyone is eligible to take part in a Credit Union since it is made up of people drawn together by a common bond.
When you step in the credit union make sure you see the National Credit Union Administration (NCUA) logo displayed somewhere. This lets you know that your funds are federally insured up to $100,000, just like a bank.
Secured loans and secured credit cards through credit unions have fewer fees and requirements then they do at a bank.
There is a credit union for everyone. You just have to check around some sources to find one that will work for you.
Using credit unions has been an instrumental part of helping us rebuild our credit so I am sure it can do the same for you.
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