LA CROSSE, Wis. – With January the traditional time for New Year’s resolutions, especially related to finances, Marine Credit Union is reminding members of a program it has in place to help its members save more money.
In 2019 Marine Credit Union launched what it described as it’s exclusively digital Get Credit program, which “provides a safe and simple way for members to build credit and save money without the hassle of a down payment, unnecessary fees or additional debt.”
Marine CU said that as participants in “Get Credit” can select any amount of money they’d like to have saved by the end of the program. Each month, members make on-time payments toward that amount, and after 12 months are able to unlock their cash--and have an improved credit score. There is no application fee or down payment requirements for the program.
One Member’s Experience
As part of a statement, Marine CU shared the story of one member who is part of the program.
“At the end of summer 2019, my husband and I started the journey towards rebuilding our credit and purchasing a home,” said Jennifer Weiker, Marine member. “We each enrolled in the Get Credit program which allowed us to make payments to ourselves every month for a year. These payments were reported to the major credit agencies, which helps to increase our score. At the end of the year, our credit scores went up (mine 53 points, my husband’s 104 points), and we saved a bit of money.”
Marine CU reported it also takes the extra steps necessary to help members stay on track with their payments, offer instant access to the financial services and products, and provide ongoing financial education to help the member long into the future, all digitally.
Improved Credit Scores
Since the program began, Marine CU reported more than 2,700 members have entered the program. Members’ credit scores have improved an average of 118 points, with the highest increase being 749 points, Marine CU said.
Moreover, graduating members have qualified for over 350 follow-up loans as a result of improved credit.