Options For Members With Low Or No Credit Score

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Options For Members With Low Or No Credit Score

If you have a low credit score your financial options are vastly limited. But here at HTFFFCU we offer a range of products that will help you both, borrow money that you can use towards any financial goals or obligations you might have, and to build your credit score at the same time (if you make regular payments in full).

And the best part is: we don’t pull your credit history to approve any of them so if you have no credit score at all, you can still take advantage of them!

Certificate Secured Loan

Do you currently have a term share certificate with HTFFFCU? If so, the Term Share Certificate Secured Loan is available to you. With the interest rate only 2% over your existing Term Share Certificate rate, this loan allows you to borrow against 100% of the balance of your Term Share Certificate. And you are not losing any dividends you have already earned - you can continue to earn them.

Share Secured Loan

No term share certificate? That’s no problem. All HTFFFCU members must have savings accounts and you are allowed to borrow against 100% of the balance of your saving account (minus the initial $5 deposit) at only 3.25% APR. The funds are secured by the money in your savings account but you will continue to earn dividends.

Co-Maker Loan (up to $5,000 at 5.9% APR)

If you don’t have enough money saved up either in a term share certificate or in your savings account to make borrowing against them work for you, there is another option that might be just right up your alley. Co-Maker loans allow you to borrow between $1,000 and $5,000 at a competitive 5.9% APR. This signature loan must be co-signed by a minimum of 4 and up to 20 active or retired Houston Firefighters depending on the loan amount. Both you and your guarantors must be members of the credit union in good standing.

Secured Credit Card

Another option to help in building your credit score is applying for a secured credit card. Secured credit cards allow you to borrow money up to the limit you set for yourself by depositing the set amount into a dedicated HTFFFCU account. This sum essentially secures your future borrowing on the credit card. After some time (we recommend 12 months of perfect payment history) you can move to an unsecured credit card* and you will get your initial deposit back in full.

* Any unsecured credit limit you qualify for will depend on your ability to repay the periodic payments.

Any questions? Talk to a loan officer! Call us at (713) 864-0959!

APR=Annual Percentage Rate. Borrowers must be in good standing. Some restrictions apply. Contact a Loan Officer for more details.