While Working Credit’s goal has always been to help US workers improve financial health by establishing good credit and reaping its rewards, an unintended result of our credit building program is that many participants become regular savers.
For anyone with no score or a thin file, we recommend the CW-3 secured loan to build credit. Participants take a $300 loan, the proceeds of which go into a locked savings account. Their payments of $25 a month report to the credit bureaus, and at the end of one year they’ve not only improved their credit score, but also saved $300. Having proven to themselves that they can save, most want to keep going, be it through a subsequent CW-3 account or a 401K or 403B offered through their employers.