Why is Credit Important to Me?
Credit is a rating based on how trustworthy you are to pay back debts. It’s important to build your credit score, and to do so early, for many reasons:
- Better chance of getting approved for credit cards and loans
- Lower interest rates on those credit cards and loans
- Ability to have higher limits
- Easier approval for apartments or other rental houses.
- Lower or no security deposits on utilities
- Approval for major purchases such as cars and homes
Why Finex Credit Union?
Finex's new Excel 24 account will not only help you get the head start needed to strenghten your credit record, but there are also additonal benefits specifically geared towards young spenders. For ages 18-24, Finex is offering:
- A Student Credit Card or a Credit Builder Secured Credit Card
- Personal loan rate of 1.99% WITH NO CREDIT HISTORY
- Credit score updates and advice
- $200 cash rebate for your first auto loan
- Rate of 3% on savings up to $3000
- $50 gift cards for each referral
- 55,000 surcharge free Allpoint ATM’s, Free Mobile Banking, and 2 free over drafts per year.
With low rates and free add-ons, it gives young adults the power to spend without being so constricted by fees and high interest, so you won't be getting robbed on payments on that new car you just drove off the lot. The only requirements for a checking account are: a minimum direct deposit of $200 per month, 3 debit card transactions per month, and an email address.
Here are a few more tips for building a credit score from scratch
Feel free to email Cindy Berger anytime at cberger@finexcu.org or call at 860-282-0001, x:110.
