GreenPath

The best way to establish good credit is to make your payments and to make them on time. To establish good credit, you need a steady work record and continued residence at the same address. If you do not have a checking account, open one, and be careful not to bounce checks.

If you have low or no credit or are looking at improving your credit but are having trouble getting approved for a loan, but have a small amount of money saved, you can improve your credit by opening a share secured loan or a share secured VISA credit card and making consistent payments. This is where your own funds are used as collateral in order to obtain the loan or credit card. The interest rates for these are often much lower than a personal loan. If interested in this, feel free to contact us or apply here.

Maintaining low balances as well as paying more than the minimum on your payments, especially on credit cards, will also help.

Additionally, we've partnered with Greenpath which can also assist you with building credit and removing debt. As a member of CommunityWide you can  contact them for a free consultation at 1-877-337-3399.

 Click here for more information on how to improve your credit score.

Our partnership with Greenpath Financial Wellness offers a variety of services including budgeting assistance. As a member of CommunityWide you are able to contact them for a free consultation by calling 800-550-1961. They will provide you advice on improving your financial health and help you improve your budget. If your not quite ready to take that next step, this resource will give you more information about budgeting to point you in the right direction.

It might be tempting to view your 401(k) as a source of emergency funds, but before you dip into your retirement account for cash, explore alternatives. As a general rule you want to avoid borrowing or withdrawing funds from your 401k unless there is absolutely no other option. If you take cash out of your 401k before reaching the age of 59 ½ you will face a 10% penalty as well as pay taxes on the withdrawal. You will also miss out on the potential growth that those funds would have had if left in the 401k until retirement. Learn more about this option here.

Members with CW Checking accounts can get a free copy of their credit report with their ID Protect membership (enrollment required).

Additionally, if you do not have a CW Checking account, but would like access to your credit report,  the federal government requires that each of the three national credit-reporting agencies—Experian, Equifax, and TransUnion—gives you a free credit report every year. You can request a free copy of your credit report by visiting AnnualCreditReport.com.

According to the Federal Trade Commission, consumers should be aware that there are many sites out there that claim to offer “free” credit reports but often charge you for another product if you accept the report. To request your credit report by phone, call (877) 322–8228. To request your credit report by mail, write to Annual Credit Report Request Service, P.O. Box 105281, Atlanta, GA 30348-5281. Do not contact the individual credit-reporting agencies.