First thing’s first – we need to start establishing credit!

What is credit, you ask? Credit scores are used to determine how likely a person is to make payments for debts, goods, and services. Scores range between 300 and 850 – the higher the score, the better. Generally, a score above 700 is considered good. Most service providers (landlords, car dealerships, insurance companies, utility companies) will look at your credit prior to giving you any services. It’s important to build a strong credit history early on and maintain it throughout your life. Click here for more information about establishing and and understanding credit.

Once you turn 18, you become an eligible borrower – this means you can apply for credit cards, auto loans, etc. However, as a new borrower, you’re faced with one major road block: You don’t have any credit history! Without an established credit history, it’s challenging to get a lender to agree to giving you credit. This is where Family First comes in! We offer a variety of products and services that are designed with our new borrowers in mind, so that you can start building healthy credit right away. Check out these 5 products and services Family First offers to help you get your account campus-ready!

1. Student Loans 

Family First has partnered with LendKey to provide low-cost private student loans that are designed to meet your education needs! Students can borrow as little as $2,000 all the way up to $120,000 for undergraduate loans. In graduate loans, you can borrow up to $160,000! Once you’ve exhausted all of your Federal Loan options, this is a great solution to cover any remaining education costs such as tuition, books, room and board, and more. These loans do require borrowers to make a minimum monthly payment of $25, but the advantage to this is you start building your credit history right away! The application process is quick and easy, with fast turn-around times. Visit www.familyfirstny.com/student-loans for more information!

2. Secured Credit Cards

Secured credit cards are a great option for new borrowers with limited or no credit history, looking for a low-risk credit opportunity. Family First’s Secured VISA Classic uses your funds as collateral, allowing even the newest borrower to start establishing credit. Have some leftover graduation money? We’ll put it on hold in your account, and after 6-8 months of on time payments you can apply for the standard VISA Classic. At that time, we remove the hold on your funds, it becomes a regular credit card, and you’ve officially started establishing credit!

3. First Time Auto Buyer Program

The First Time Auto Buyer Program is designed for new borrowers who have never had an auto loan before. This program rewards new borrowers when they make on time payments, with added incentives and lower interest rates. To qualify for this unique program, borrowers must have:

• At least 18 months of consistent work history to show steady income
• At least 20% down payment on the vehicle

After closing, our loan officers keep track of your payments to make sure they’re all made on time. After 12 months of on time payments, if your credit score has increased, you have an opportunity to refinance at no cost (this could get you a reduced interest rate and lower monthly payment or give you an opportunity to put the vehicle in your own name if you had a cosigner previously). At this time, you are also pre-approved for a VISA Classic with a $1,000 credit limit. And after 24 months of on time payments you earn a $50 VISA gift card!

4. Bill Pay

Bill Pay is a service available within your Online Banking at Family First. This allows you to set up one time or reoccurring payments to different companies, so that you can ensure that your payments are received on time every month! It’s 100% free and setting up payments is quick and easy. There’s enough to stress about and remember when you’re away at school – there’s no need to worry about whether you remembered to send your payment in anymore when you set up Bill Pay!

Have a loan with Family First? You can set up automatic payments for that too! Ask a representative for details!

5. Shared Branching

As you prepare to head off to school, you’ll want to do your research and find a local credit union near campus that participates in Shared Branching. Shared Branching is a network of credit unions that allows you to access your funds anywhere in the country at participating locations. By taking advantage of shared branching, you can avoid ATM fees and handle all your banking while you’re away at school while keeping your accounts with Family First! You can find these locations by using the Family First Free Mobile App or by visiting the website at www.co-opsharedbranch.org and searching by zip code to find the closest branch and ATM.