Build Better Credit, the Safe and Simple Way
If you're struggling with a low credit score, Visions can help you improve it safely and simply. Our easy-to-use financial tools are designed to improve your credit history, helping you regain peace of mind and financial stability. The concept is simple: You make on-time payments and we report this to the credit bureaus to quickly build up your history and boost your score.
Share Secured Credit Card
Enjoy the flexibility and benefits of a credit card while building your credit with a share secured card from Visions. It functions just like a regular Visa® credit card, so it’s accepted worldwide and packed with perks like cash back, mobile wallet compatibility, instant in-branch printing, and fraud alerts. The only difference is you set your own credit limit with a minimum savings deposit of $500 that we use as collateral. Your responsible use is reported to the credit bureaus to help improve your credit over time.
Credit Builder Loan
Our Credit Builder loan is a secured, closed-end loan created to help improve credit for those with low or no credit history. Here’s how it works: The funds you borrow are placed into your Visions savings account and held while you make monthly payments. As you repay, those funds are released, establishing a positive payment history that’s reported to the credit bureaus.
If you're interested a Credit Builder, speak to a representative at your local branch or by calling 800.242.2120. It's an excellent option if you're struggling with debt or need a boost to your credit score.
More tips for building and rebuilding your credit
What makes up my credit score?
Not all factors are created equal when it comes to your credit score. Some, such as payment history, are influential, while others are less important, like new accounts opened. While everyone’s credit profile is different, there are similarities in what lenders look for in a borrower’s history to make their lending decisions, listed below as components of the VantageScore credit score. Learn how these credit scores determined. Each is ranked from most important to least.
Payment history:
Payment history is important to lenders. If you’ve missed even one payment, your credit score suffers, making it more difficult to open additional credit accounts or access additional funds through the accounts you already have. Do everything you can to stay current.
Total credit usage:
Experts advise that to have credit scores considered “good” or “excellent,” you should use 30% or less of the total credit available to you. For example, if you have a credit card with a $1,000 limit, it’s best to not carry a balance on that card of more than $300.
Credit mix and experience:
A credit mix that’s varied, such as a car loan, a credit card, and a mortgage, demonstrates to lenders that you’re able to responsibly manage different types of credit responsibly over time. Take steps to increase the types of credit you access. Also, the longer you’ve had a credit account, the better—which is why it’s important to establish credit early in adulthood if possible.
New accounts opened:
Too many new accounts opened in a short amount of time can result in denial of credit. To protect and grow your credit score, it’s best to space out your applications for credit cards and other credit accounts.
Balances and available credit:
Paying down credit balances and having a high amount of credit available demonstrates that you have financial flexibility. Whenever possible, pay down balances on your accounts.
Explore how VantageScore credit scores work.
Do you have a low score or no score? Learn how you could build credit.
What are the credit score ranges?
Depending on the credit agency, scores typically range in value from 300-850. Every VantageScore and FICO credit score is designed to predict the statistical likelihood that a borrower will become delinquent on a financial obligation.
Score range and factors
Most VantageScore credit scores range from 300 to 850. Base FICO® Scores, which are intended to be used by any type of lender, also have a 300 to 850 range. However, FICO creates additional, industry-specific scoring models for auto lenders and credit card issuers that range from 250 to 900. Both companies' credit scores broadly consider the same types of information—data from your credit report. However, each scoring model may consider slightly different data points and weight information differently.
VantageScore suggests separating its credit score range (300 to 850) into different groups, with a score of 661 or higher considered a good score. Lenders may have their own criteria for what they consider to be a good credit score.
Plus, you can get a VantageScore credit score if you have a credit report with a credit account, bankruptcy filing, or collection account. There's no requirement for how long you've had a credit account in your credit report or for recent account activity – meaning you could still have a credit score with less than six months of recent credit!
*Visions membership required with $1 minimum deposit for secured credit cards and Credit Builder loans. Certain membership eligibility restrictions apply; ask for details. Applications subject to creditworthiness. Rates are variable and may change. Visit visionsfcu.org/rates for current information. Federally insured by NCUA.
