Welcome to Community at BECU, a place for anyone who wants to talk about money, saving, investments and everything in between. Have a question or just want to get the community’s opinion on something? This is the place. It’s a great resource for peer-to-peer advice, access to the latest BECU news and behind the scene’s insights from BECU’s experts.
Many people want to build credit and they also want to save money. When they are first establishing credit it can be hard to put away $500 for a secured card or secured loan. Create a credit builder/savings loan; how it works: Member applies for a loan (ie $1000) it funds similar to a personal loan but is then put on a hold in the savings account or a CD (just like a secured loan) and the member makes payments towards that $1000 once the loan term is up they have built their credit by making a monthly payment that has been reported to the credit bureaus and they now have $1000 in their savings account. It helps members save money and build their credit at the same time!
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