{"id":1533,"date":"2020-11-11T12:33:00","date_gmt":"2020-11-11T17:33:00","guid":{"rendered":"http:\/\/formationcu.com\/?p=1533"},"modified":"2025-04-26T00:52:09","modified_gmt":"2025-04-26T05:52:09","slug":"credit-builder-loans-here-to-improve-your-score","status":"publish","type":"post","link":"https:\/\/formationcu.com\/?p=1533","title":{"rendered":"Credit Builder Loans: Here to Improve Your Score"},"content":{"rendered":"<div class=\"wpb-content-wrapper\">[vc_row][vc_column][vc_column_text]<span style=\"font-weight: 400;\">Everyone knows how important a credit score is. Although it\u2019s only three digits, it holds a lot of power, especially if your score is low. <\/span><span style=\"font-weight: 400;\">Creditors use it to assess how likely you are to repay your loans, and a high score helps you qualify for low interest rates while also giving you the ability to borrow more money for purchases.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Your score is determined by five main factors: payment history (35%), accounts owed (30%), length of credit history (15%), new credit (10%) and types of credit in use (10%). But, b<\/span><span style=\"font-weight: 400;\">uilding and maintaining a healthy score can feel unattainable or overly difficult for younger people and those with previous financial trouble.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">At Louisiana USA, we have loan options specifically designed to help with these problems. Credit builder loans, also known as short-term solution loans, are perfect for building or rebuilding credit. These loans were granted by the NCUA to prevent members from going to predatory payday lenders and serve as a great helping hand.\u00a0<\/span><\/p>\n<p><strong>So, how do credit builder loans\u00a0 work?\u00a0<\/strong><\/p>\n<p><span style=\"font-weight: 400;\">We initially loan members a small amount for six months to a year &#8211; this will help to establish installment credit. We recommend keeping the loan open for the full amount of time so the length of the credit history is longer. After this, we\u2019ll issue a credit card with a small limit to help improve revolving credit.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">After six to eight months, members should be getting a balanced credit report and score. From then, we can increase limits or loan amounts as needed.\u00a0<\/span>[\/vc_column_text][\/vc_column][\/vc_row][vc_row][vc_column][vc_cta h2=&#8221;Ready to apply for a credit builder loan?&#8221; style=&#8221;custom&#8221; add_button=&#8221;right&#8221; btn_title=&#8221;Reach out to our team&#8221; btn_style=&#8221;outline&#8221; btn_color=&#8221;white&#8221; btn_link=&#8221;url:http%3A%2F%2Fformationcu.com%2Fcontact%2F||target:%20_blank|&#8221; custom_background=&#8221;#e03a3e&#8221; custom_text=&#8221;#ffffff&#8221;][\/vc_cta][\/vc_column][\/vc_row]\n<\/div>","protected":false},"excerpt":{"rendered":"<p>[vc_row][vc_column][vc_column_text]Everyone knows how important a credit score is. Although it\u2019s only three digits, it holds a lot of power, especially if your score is low. Creditors use it to assess how likely you are to repay your loans, and a high score helps you qualify for low interest rates while also giving you the ability&hellip;<\/p>\n","protected":false},"author":17,"featured_media":1536,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[16,29,28],"tags":[],"post_series":[],"class_list":["post-1533","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-loans","category-more-than-a-credit-union","category-video","entry","has-media"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.1 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Credit Builder Loans: Here to Improve Your Score - Louisiana USA<\/title>\n<meta name=\"description\" content=\"At Louisiana USA we have credit builder loans, also known as short-term solution loans, that are perfect for building or rebuilding credit.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"http:\/\/formationcu.com\/credit-builder-loans-here-to-improve-your-score\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Credit Builder Loans: Here to Improve Your Score - 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