For first time home buyers, growing families, or those with less than perfect credit
Many cell phone providers and auto insurance carriers now routinely run credit reports on prospective customers, too. Our Credit Score Analysis and Credit Builder are perfect tools for establishing or improving your credit score.
Credit Score Analysis
Would you give 30 minutes of your time if you knew you would save thousands?
How about if you knew those 30 minutes would save you TENS of thousands of dollars over your borrowing lifetime… And… you walk away with a plan to raise your credit score?
How it works
- You provide us with your basic information, then we can get a copy of your credit report with your FICO credit score.
- One of our credit specialists will then contact you to make an appointment.
- They will go over your report with you line by line and let you know what you are doing well and what could use improvement.
- Then we’ll help you make a plan to raise your score.
How it helps
- Our Credit Score Analysis program educates Members on core elements of the credit score and how a healthy credit score can impact their life.
- Cove FCU Member, Doug Kirk, participated in the program and was able to raise his credit score from 586 to 809 in one year. He was then able to buy a house and two automobiles with excellent credit terms—and his wife was able to raise her credit score, too!
I give all the credit to the credit union. I just did exactly what Cove FCU told me to do and it worked. The CSA program can make a tremendous difference in people’s lives. I had gone through a hard time, and this got me back on track.
*Credit Score results may vary.
Credit Builder (loan)
Does your credit score need a boost?
How it works
- You get a loan for $909 that will be paid in 12 months*.
- The funds are placed in your Choice Savings account and are secured to back to the loan.
- We automatically transfer each payment from the funds held in your Choice Savings account.
How this helps
- You now have a year’s worth of on-time, reliable payment history which counts towards ⅓ of your credit score.
- Your credit reflects an installment loan that was paid in full and on time.
- Your improved credit score will save you money in the future.**
*Funds are not available for withdrawal for any purpose other than repayment of the Credit Builder loan. The loan rate is 17.99% APR over 12 months. A payment of $83.33 covers principal and interest.
**Credit score results may vary.
Helping Hand Short Term Loan (Alternative to Payday Loan)
Have you ever needed a little help to cover unexpected costs like:
- an emergency room visit.
- replacing a broken stove or home appliance.
- critical car repair needed in order to get to work.
Although the products offered by alternative lenders – such as payday or car-title loans – can be a quick fix to help you weather a financial storm, the eye-popping interest rates can be even more devastating than the emergency itself.
How it works
- The Helping Hand loan is a $500 line of credit.
- You can withdraw the funds in the event of an emergency or when needed.
- The funds will be paid back automatically whenever your direct deposit is posted over the course of 30 days.
- Once paid in full, the funds are available for withdrawal again when needed.
How it helps
- You get a better interest rate, 17.99% APR compared to 400% APR at Payday lenders.
- You have more time to pay the balance than payday lenders, which keeps you from getting stuck in an endless cycle.
*Must have a minimum of $600 in direct deposits per month to qualify. Service may not be combined with courtesy pay on any checking account.
Trinity Debt Management
As a non-profit agency, Trinity provides counseling and debt management services for individuals and families who are experiencing debt problems. Whatever the form of debt, their agency is here to help avoid bankruptcy and get you back on the right financial path.
One Cove Member had $6,400.00 in credit card debt with an interest rate of 18.99%. The minimum amount due was $150.00 each month with only $48.88 going towards the principal balance.
We were able to negotiate the rate down to 2% reducing their monthly payment to $141.00 with $130.35 going to the principal! Now, the debt will be paid in full 18 months sooner than before, saving more than $3,220.00 in interest!
To learn more about Trinity Debt Management,
go to our Preferred Partners page.
First Time Home Buyer
With so many things to consider when buying your first home, we understand that even getting started can be overwhelming. Not to mention the vast array of home loan options. How will you know which one will be the best fit for you?
Contact us today to schedule a First Time Buyer consultation. We’ll answer your questions and debunk mortgage myths such as:
- MYTH – You have to have near perfect credit to get a loan.
- MYTH – You always have to make a 20% down payment.
- MYTH – The amount you can afford to spend is about 3 times your yearly household income.
- MYTH – A 30 year fixed rate mortgage is always the best choice.
Our experienced team can guide you through the mortgage maze and get you on your journey to homeownership. From that first phone call to getting the keys to your new home, we are here to help.
As a first time home buyer I didn’t know what to expect the process to be. Ken Jones and Teresa Wright made the entire experience easy and painless. Cove Federal Credit Union was there for me every step of the way.
To learn more,
go to our Mortgages page.