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Building or Repairing Your Credit Score

By Breann Garfield| Published August 9, 2023

Mobile phone with credit score on it

Managing personal credit can be intimidating, especially if you are just starting out! Since your credit score follows you around like your financial resume, it is important to get started on the right foot. If you have a lower credit score, there are also ways to build it back up!

One solution that we offer is our credit-builder loan. This tool is designed to help individuals who have no credit history or to help repair poor credit. A good FICO score makes approval for credit cards and loans, at better rates, more likely. Having a healthy credit score in today’s environment is not only a necessity, but a must. Good credit allows you to make larger purchases that you may not have been able to achieve using only the cash you have saved.

How Does a Credit Builder Loan Work?

The bank makes a loan in an amount ranging from $500-$2,000. Terms range from 24-36 months, making the monthly payment affordable. All loan proceeds are deposited into a savings account under the borrower’s name and available upon full repayment of the loan. Not only will you build your credit score, but at the end of the loan repayment, you will have a tidy savings account!


  • Who should apply?
    • Anyone who wants or needs to establish good credit. You must be 18 years or older.
  • Do I need good credit for approval?
    • Credit-builder loans do not require ANY credit for approval.
  • Do I need to have an income for approval?
    • You are only required to have enough income to make the payments towards the loan monthly.
  • How long does it take for the Credit Builder Loan to build credit?
    • Typically, 5-8 months are required before a credit score can be calculated.
  • What is the easiest option to make the payments?
    • Setting up auto payments are a great way to never be late (set it and forget it).
Are you ready to start working toward your financially sound future? At First Community Bank, we are here to partner with you to make it happen! Contact your local branch today for more information or to obtain an application.

Breann GarfieldAuthor: Breann Garfield, AVP Consumer Lender