New ways to grow savings with Credit Build
Credit Build helps Indiana foster youth establish and build credit scores through guided savings.
- Foster Success works with national partners to open a $300 credit-building loan.
- Participants contribute a modest amount of money each month into a locked savings account.
- 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:
- Is “credit invisible” or has a “thin file” of credit. Meaning you have no credit score or very few existing loans or debts.
- May have previously been denied loans or financial services in the past.
- 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:
- Talk with a financial coach at Foster Success
- Be an Indiana foster youth over the age of 18
- Demonstrate income or an ability to afford monthly repayments
- 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
- Discussing financial goals
- Establishing a realistic budget
- Reviewing existing credit reports
- Assessing readiness
- Creating a Credit Action Plan