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?
Anyone 18-25 who has lived in foster care in Indiana on or after their 14th birthday and:
- Has limited or no credit history and very few existing loans or debts.
- May previously have been denied loans or financial services.
- Demonstrates a willingness and readiness to save money and improve financial health.
- Has not had any foreclosures of late payments in the last 90 days.
- 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:
- Organizing and prioritizing paying down debt
- Monitoring and managing credit
- Assessing their current financial state and creating a budget
- Establishing financial goals