Building Credit

Why is building credit so important?

Your credit history plays an important role in your day-to-day life. It can affect everything from renting an apartment, obtaining a cell phone, receiving insurance, or even qualifying for a job. That’s why it’s important to build credit responsibly, and DMMCU can provide you the steps to build credit.

We can help you build credit: First Step, First Loan: You may qualify for up to $500. You will pay the $500 loan back in a six-month time period. It is very important to make timely payments, and we recommend you don’t pay the loan off early. It takes at least six months of solid payment history to begin establishing credit. You’ve made the first positive step!

Second Step, Second Loan: You may qualify for a second loan of up to $1000, when you pay back the first loan with the guidelines we establish. You will pay the $1000 loan back in a 12-month period. It is very important to make timely payments, and we recommend that you don’t pay the loan off early. You’re on the second step to solidifying your positive credit history. In this second step, you now have a choice! You can obtain another $500 loan for six months, along with a credit card with a $500 credit line.

Third Step and Beyond: When you have completed the first and second step of the Credit Builder Loan program, you should be on the road to a positive credit history. You may be ready for another personal loan, a credit card (existing cards a credit line increase), or maybe even a car loan. You should now be able to borrow for most of the things you need. Remember to look to the credit union first for all your borrowing needs. We’ll be here as a resource when you have questions and need advice.

Use the money from a Credit Builder Loan for:

  • Education expenses
  • Computer
  • Furniture
  • Car repairs
  • Vacation
  • Other necessities


  • Provide proof of two current months’ of employment (tax return, copy of paychecks, proof of direct deposit)
  • Provide name, address, and phone number of your current employer
  • If you have been with your current employer less than six months, please provide your previous employer’s information.


  • Membership with DMMCU for at least 30 days.
  • You must be with your current employer for at least six months or with your previous employer for at least one year.
  • Other qualification requirements may apply. Please see a loan officer for more details.

How you can maintain a high credit score:

  • Paying bills on time
  • Taking care of any collection items on your credit report
  • Avoiding high balances with a lot of different creditors
  • Keeping fewer credit cards and making regular monthly payments
  • Maintaining a mix of credit
  • Avoiding bankruptcy