Building or Rebuilding Your Credit: Steps Toward a Stronger Financial Future

Your credit score is more than just a number—it’s a key to unlocking financial opportunities like affordable loans, credit cards, and even housing. Whether you’re starting from scratch or trying to recover from financial missteps, Lion’s Share Credit Union is here to help you build or rebuild your credit with confidence.

With the right steps and tools, like our Roaring Start Loan, you can achieve a healthier financial future. Let’s explore how.

Why Your Credit Score Matters

Lenders, landlords, and even some employers use your credit score to gauge how you manage your finances. A strong score can save you money through lower interest rates and better terms, while a weak score can limit your options or make borrowing more expensive.

Whether you’re starting out or starting over, building credit is a journey that requires consistency, planning, and the right tools.

1. Understand Your Credit Score

Your credit score is determined by several factors:

• Payment History (35%): Pay bills on time—it’s the most important factor.
• Credit Utilization (30%): Use less than 30% of your credit limit.
• Credit History Length (15%): The longer you’ve had credit, the better.
• Credit Mix (10%): A healthy mix of credit types (e.g., loans and credit cards) boosts your score.
• New Credit (10%): Opening too many accounts at once can lower your score

2. Building Credit for the First Time

If you’re new to credit, start with these strategies:

• Open a Credit Builder Loan: Lion’s Share’s Roaring Start Loan is perfect for first-timers. It allows you to establish credit while saving money.
• Apply for a Secured Credit Card: A secured card requires a deposit and helps you build credit with responsible use.
• Become an Authorized User: Ask a trusted family member to add you to their credit card account.

3. Rebuilding After Bad Credit

Recovering from financial setbacks takes time, but it’s absolutely possible. Here’s how:

• Pay Off Outstanding Debt: Focus on clearing high-interest debts first or using the “snowball method”. 
• Make On-Time Payments: Even small, consistent payments can significantly impact your score.
• Dispute Errors: Check your credit report for mistakes and dispute them with the credit bureau.
• Use the Roaring Start Loan: Designed to help rebuild credit, this loan allows you to make regular payments while setting money aside. At the end of the loan term, you’ll have improved credit and a savings boost!

4. Stay Consistent and Patient

Credit building is a marathon, not a sprint. Avoid shortcuts like payday loans or “credit repair” scams. Focus on developing good habits, such as budgeting and monitoring your credit regularly.

Introducing the Roaring Start Loan

At Lion’s Share Credit Union, we understand that everyone’s credit journey is unique. That’s why we offer the Roaring Start Loan—a credit builder loan designed to help you create or repair your credit history while saving money.

Here’s how it works:

• You borrow a set amount, which is held in a savings account.
• Make monthly payments that are reported to the credit bureaus.
• At the end of the loan term, you receive the funds in your savings account, plus a better credit score!

Take Control of Your Credit Today

Whether you’re looking to build your credit from scratch or rebuild after challenges, Lion’s Share is here to help you succeed.

Apply for the Roaring Start Loan today and take the first step toward a brighter financial future. Visit your local branch or apply online to get started.

With the right tools and support, a strong credit score is within reach. Lion’s Share Credit Union is here to help you roar into financial success!