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Establish or Rebuild Credit

APPLY NOWNeed to establish credit? Or do you need a fresh start in rebuilding your credit?  Southwest FCU has several tools to help.  Our Lending Officers and Financial Representatives are always available to meet with members to review their financial circumstances and help them towards their goals.  A Lending Officer can review your credit report with you and help you map a plan to improve your score, or assure you that you’re doing just fine.  The products below, separately or together, can help you establish good credit and build a history of responsible use of your finances over time.

VISA Secured Credit Card

  • 16.50% APR (or 16.25% for members with two or more active depository accounts).
  • Secured with funds pledged in a Southwest Federal Credit Union savings account.
  • Reviewed every twelve months, after which the card could become unsecured (you’ll have earned a regular credit card).

Southwest Express Loan

The Southwest Express Loan is intended to give our members convenient access to funds to meet an immediate need without becoming trapped in the payday lender cycle.  Repayment history is reported to credit bureaus, so it provides our members with a positive report after only three months.

  • $500 loan amount
  • Easy application, quick processing and funding within one day
  • 6 affordable bi-weekly payments
  • Interest incentive for direct deposit and automatic transfer payments
  • Low application fee

Bring the following information with you to apply for an Express Loan:

  • Express Loan Application (also available at your branch)
  • $20 application fee
  • Identification
  • Proof of residency
  • 2 recent paystubs
  • Names, addresses and phone numbers of two references

Share or Share Certificate Secured Loan

This loan is secured by a member’s savings account or share certificate, and is given in the amount pledged as collateral.  The amount of the loan will be frozen in the account until the loan is repaid, and as the loan is paid down, the funds held are released on the share or certificate.  Not your entire share certificate balance is tied up, only the amount you have currently outstanding on the loan.

  • Simple application, quick approval, and funding within one day
  • No penalty for early payoff (see Lending Officer about how best to establish payment history)
  • .25% discount on interest rate for members with two or more active depository accounts
  • Loans secured with a certificate of deposit cannot exceed the CD’s maturity date.
  • Loans secured with a savings account have a term of one year.
  • Optional debt protection is available at a low cost.

Tumbleweed Account (Free Checking)

A non-dividend paying checking account with direct deposit, online banking and free bill-pay.  Use the Tumbleweed Account to establish a positive history of scheduled deposits into your account and consistent bill payment. We can show you how to set up automatic bill payments to ease the process.

Financial Counseling

We take our motto, “Your best interest is our business” very seriously.  In addition, every Credit Union is a cooperative, and it benefits the entire membership when each member improves his or her financial situation.  Our Lending Officers and Financial Service Representatives – who are not salespeople, but Member Service Representatives who have experience in lending, investing, etc. – are always available to speak with our members about how to help them establish or reestablish good credit.

Call Felix Ruiz at (505) 248-8604 to make an appointment.