Credit Build

New ways to grow savings with Credit Build

Credit Build helps Indiana foster youth establish and build credit scores through guided savings.

  1. Foster Success works with national partners to open a $300 credit-building loan.
  2. Participants contribute a modest amount of money each month into a locked savings account.
  3. Each successful payment is reported to all three credit bureaus, increasing credit scores each month.

After the loan is paid, up to $300 can be used to pay down other debt or open a secured credit card.

Who is Credit Build for?

Anyone 18-25  who has lived in foster care in Indiana on or after their 14th birthday and:

  1. Has limited or no credit history and very few existing loans or debts.
  2. May previously have been denied loans or financial services.
  3. Demonstrates a willingness and readiness to save money and improve financial health.
  4. Has not had any foreclosures of late payments in the last 90 days.
  5. Demonstrates income or an ability to make the monthly payments (about $29/month)

“I made a few early mistakes with loans and couldn’t repay them. With Credit Build I had enough savings for a down-payment on a new car with a lower interest rate. It’s saved me nearly $500!”

Get individualized financial coaching

Throughout the year-long program, participants will meet with their financial coach 2-4 times. During these sessions, participants will get support with:

  1. Organizing and prioritizing paying down debt
  2. Monitoring and managing credit
  3. Assessing their current financial state and creating a budget 
  4. Establishing financial goals

Foster Success

Foster Success

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