When you need money to buy a car, a home, or for a particular project, you have three options:

  1. Save
    Set a goal, figure out how much money you can put aside, and how long it will take you have the amount you need.
    • Example: $5,000 goal – set aside $100 per month and you’ll reach your goal in 50 months (4 years and two weeks)
  2. Use your savings
    If you’ve been saving for a while, consider if this is the time to use your own savings.
  3. Apply for a loan or a credit card
    If you need money, a credit product such as a credit card or an auto loan may help you reach your goal. Nevertheless, having a good credit history is essential. If you don’t have a good credit history, you can acquire certain products that can help you build credit and reach your goals.

To apply for a loan or credit card,
you need a good credit history.

What is credit?

Credit is the money that a bank lends you to buy products or services when you need them.

How do I establish credit?

  • Open a savings and checking account
  • Apply for a credit card
  • Limit your accounts
  • Pay on time

How does your credit score rate?

How do I choose what’s best for me?

Take into account the following factors when selecting a credit product:

  • Interest rate
  • Credit limit
  • Fees and penalties
  • Reward programs

Products that allow you to build credit

Credit cards

Credit cards are a payment method that allow you to buy and pay later. By the end of the month, you have a grace period to pay off your bill without extra charges. If you pay later, you’ll be subject to charges.

Auto loan

If you don’t have credit history, applying for an auto loan might be a challenge. Nevertheless, with a qualified cosigner, you may able to buy a car and start building your credit history.


A loan is an amount of money that the bank lends you. If you don’t have a healthy credit score, you can acquire a loan that allows you to build credit, known as credit-builder-loan. This allows you to put the amount of the approved loan in a certificate of deposit, which you will pay as you go for the chosen term. The certificate of deposit turns into the collateral and during the loan term, it gains interests. Once you finish paying the loan, the bank gives you the money plus interests gained.

When applying for credit, don’t forget to bring

  • Social security number
  • A valid, official ID. It may be a driving license or passport.
  • Proof of income and employment
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