Credit Build

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?

Any Indiana foster youth who is 18 years or older and:

  1. Is “credit invisible” or has a “thin file” of credit. Meaning you have no credit score or very few existing loans or debts.
  2. May have previously been denied loans or financial services in the past.
  3. Demonstrates a willingness and readiness to save money and improve financial health.

What is required to join Credit Build?

To join Credit Build, applicants must:

  1. Talk with a financial coach at Foster Success
  2. Be an Indiana foster youth over the age of 18
  3. Demonstrate income or an ability to afford monthly repayments
  4. Have no foreclosures or late payments in the last 90 days

“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!”

What happens during financial coaching?

Foster Success will help establish financial success by

  1. Discussing financial goals
  2. Establishing a realistic budget
  3. Reviewing existing credit reports
  4. Assessing readiness
  5. Creating a Credit Action Plan

Foster Success

Foster Success

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