From newborn to college, we can help the young people in your life reach all their goals.
Give your newborn the gift of saving. It's FREE and easy - just open an account and start saving. The original $25 membership share will be covered by the Credit Union, making it an even better deal!
You're never too young to start saving money. HFCU offers Heritage Hero Accounts for children ages 1-12, with rewards and special events to motivate heroes to stay on their savings path.
Teen Accounts are also available for ages 13-14, who can use share accounts to save money for their future. When they reach age 15, they can take advantage of checking accounts with overdraft protection or even get their own Emerald Visa® Card with low limits to help them build their credit history.
Whether you are just starting and looking to establish credit or need assistance improving a poor credit score, our experienced lenders are here to help! With Student Credit Builder Loans, the amount you borrow will be placed in an interest-bearing savings account and cannot be withdrawn until all monthly payments have been made. Information regarding your payment history is reported to the credit bureau each month to help improve your credit score. Monthly payments can be as low as $40. Upon successful loan repayment, the money is fully available to you.
Student Credit Builder Loans have a combined credit limit of $300 2 and are lent for terms of one year or less. This way, you are not locked into a long-term commitment but can still reap the benefits of regular installment loan payments. They are the perfect option if you're looking to:
Your credit score will soon be as important as your GPA. Start building your credit history with a Student Visa® Card. This card builds good credit scores while teaching students how to budget their finances and manage a line of credit. Your rate stays the same, with no unexpected increases, giving you more control of your money.
With an HFCU Student Emerald Visa, you never need to carry a minimum balance, and our cards are equipped with great features and benefits!
Credit cards establish a line of credit through which you can borrow funds from a lender. By opening a credit card, you agree to pay back any borrowed funds under the agreed-upon terms, including credit limit, the annual percentage rate (APR), and other fees. When you use your credit card, you'll need to make regular minimum payments to the account to cover the purchases. When possible, you should pay your balance off every month to avoid paying interest and other fees.
When you use a credit card and carry a balance, borrowing costs are associated. This cost is also known as credit card interest. Credit card interest is charged if you don't pay your account in full before the grace period or between the billing cycle's end and the payment's due date. This interest is typically set at an annual rate called the annual percentage rate (APR).
Building credit takes time. When developing your credit score with your first credit card, it's essential to remember these things: make regular payments on time and keep your balance low.
Payment history accounts for 35% of your credit score, so making those regular payments (in full if you can) goes a long way in helping build your credit.
The second-biggest impact on your credit score is the amount you owe. On top of the total you owe on a credit card, your overall credit utilization is also considered. Your credit utilization rate is determined by dividing the amount of credit you use by your total credit limit. So, if you have a balance of $250 on your credit card with a $2,500 limit, your utilization rate is 10%. Keeping credit use under 30% of your total credit limit is generally recommended.
1 Phone, internet, carrier rates, and data fees may apply when engaging in any online course, using eBranch or the mobile app, browsing the HFCU website, or engaging in other connectivity that utilizes the internet.
2 The maximum total amount of credit extended to a student account will be $300 across all combined accounts, including Credit Builder Loan, Student Credit Card and Overdraft Line of Credit. Some exclusions and restrictions apply. All loans subject to credit approval. Equal Opportunity Lender.