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APGFCU - Repairing Credit

Posted at 1:53 PM, Nov 06, 2023
and last updated 2023-11-06 13:53:21-05

You need good credit to secure a loan - but what if you need the loan so you can build or repair your credit?

Building or repairing credit can be a daunting task, but Aberdeen Proving Ground Federal Credit Union (APGFCU) has some practical tips to help.

  • Always start with a budget of what you can truly afford for monthly payments
  • Open credit with moderate limits, and not to use the entire limit unless paid off monthly
  • Don't open too many accounts at one time. The number of inquiries has an adverse impact on credit and is a red flag to lenders
  • Pay bills on or before the due date

APGFCU also offers the Credit Builder program to help rebuild credit. The prgram was designed to help members who experienced a change in their financial situation due to things such as job loss, divorce, or medical expenses but who demonstrate a willingness and commitment to repay their loans on time. It offers secured and unsecured loans with reasonable interest rates and manageable repayment periods.
Learn more here.