Rebuilding Your Credit

Steps you can take to rebuild your credit

Rebuilding your credit after a financially-difficult time takes time and patience. We encourage you to be proactive and take steps that can help rebuild your credit.

Tips to improve your credit score:

• Check your free credit report for errors
• Pay your bills on time. Set up payment reminders through bill pay or an online calendar to remind you. How well you repay your debt represents 35% of your score.
• Reduce the amount of debt you owe; and reduce the amount of revolving debt (like credit card) However, do not close unused credit cards as a strategy to raise your score.
• Contact a BALANCE counselor if you are having trouble making ends meet
• Open and apply for new loans only when absolutely necessary, reducing the number of inquiries and new accounts to your credit file.

BALANCE Financial Fitness Services

Through this partnership you have access to free financial counseling services including a toll-free InfoLine, money management counseling, debt management planning and credit report review. This service is confidential and anonymous.

BALANCE financial counselors work with you to help avoid or resolve financial distress and establish personal financial control.

Getting a loan at OUCU with less than perfect credit

We work with all types of credit and will consider your application in light of your circumstances-you're more than just a number to us. In addition to your credit score, we consider:

• If you'll be making a down payment on an auto loan
• If you have documentation of paying on accounts sent to collections
• If you are currently making on time payments
• If you have a long term history with your employer

Contact us at memberservices@oucu.org or (740) 597-2800 to work with a membership services representative who will consider your needs and do what they can to help. If you've had some difficult times and your credit score is less than perfect, we have some options for you.

Share Secured Loans

These loans are secured with funds you have in your savings or certificate accounts. If your deposits are greater than the amount you wish to borrow, your loan rate will be equal to 3.00% above the deposit rate on your account. The credit union will hold these funds as collateral. As you pay down the principal balance of your loan, the secured funds will be released.

Consolidation Loans

Making payments to multiple high interest rate credit cards or loans can make it difficult to pay down your debt quickly. Consider refinancing your loans in to a fixed term unsecured loan. In many cases you can reduce your interest rate, make one affordable payment each month and get your debt paid off more quickly. This will save you time managing payments to multiple companies and save you money on your finance charges.

Auto Loans

If you need a new vehicle don't let the dealership take advantage of your current credit status by charging you a high interest rate. Get pre-approved with the credit union before you go shopping.

Credit Cards

If you keep your balance low, a revolving line of credit, like a credit card, can improve your credit by giving you a good ratio of credit used to credit available. It also can provide you access to funds quickly when you need them for a short time period. Our cards have no annual fees and reasonable interest rates.