Fresh Start Program

Get a Fresh Start on the path to financial freedom!

Need a Fresh Start on your banking journey? Ready to kick-start your credit? American 1 Credit Union’s Fresh Start program allows you to restart your finances with credit-building options created with you in mind! This full-service program offers truly impactful products and services to those needing a new beginning for their banking journey or small emergency lending opportunities.

 

Take control of your finances with our Fresh Start Program

Financial wellness is just around the corner with the help:

• Fresh Start Savings Account
• Fresh Start Checking Account
• Fresh Start Credit Builder
• Fresh Start Signature Loan
• Rewards Secured Credit Card

Many of these products and services have requirements or recommendations to help boost your credit or finances, like opting into Savvy Money and Online banking, a Fresh Start Coaching plan, and utilizing direct deposit. Other requirements may apply.

 

Fresh Start Account Options

Fresh Start Savings

Fresh Start Checking

No dividend rate on account Required to place funds on hold for the Credit Builder loan *Secure Share Savings is required for and only available for Share Secured and Secured Credit Cards. This account has no dividend rate.

Requires hard credit pull, Savvy Money opt-in, and Online Banking Fresh Start coaching plan required to transition to Simplicity Checking Direct deposit recommended No dividend rate on account 6 months no NSFs Can move to a traditional checking account and opt into courtesy pay AFTER 6 months of no NSFs and Fresh Start Coaching Plan is completed (hard credit pull not required) Check orders and starter checks not available Courtesy Pay not available

 

Fresh Start Lending Options*

Fresh Start Credit Builder

Fresh Start Signature Loan

$1,000 for 18-month term Loan Amount will be fully secured through a pledge Funds will be placed on hold in Fresh Start Savings Only 1 Credit Builder loan per member Rate = 5% + dividend rate on share Eligible for Credit Life and Injury & Illness

Limit up to $10,000 Tiered terms for amount borrowed: Up to 12 months ($1,500 max) Up to 24 months ($2,500 max) Up to 36 months ($5,000 max) Up to 48 months ($10,000 max) Statements required for all debt consolidations Max aggregate limits will remain the same as today for signature lending Direct payments required via certified mail for consolidated debt Signed close account letter required for consolidating revolving lines of credit Rate = 2% lower rate than signature loan C1 with the Fresh Start Coaching plan in place Member cannot qualify through traditional lending to qualify for this loan type Eligible for Credit Life and Injury & Illness

*Fresh Start Requirements for all loans:

• Hard credit pull

• 6 months verifiable employment history
• 2 recent pay stubs or bank statements required
• Online Banking and Savvy Money opt in and usage
• Underwriting team must review all applications to determine abiltiy to repay
• Fresh Start Coaching plan will be valid for 60 days from date of completion

Secured Credit Card

A Secured Credit Card is a great option for those who might be looking for a Fresh Start for their financial journal. Though this is not required as part of this program, consider adding a secured credit card to your wallet to boost or build your credit!

• Limit up to $5,000

• Funds placed in Secured Share Savings to support credit card charges
• Variable Rate of 6.74 + index
• 12-month application review for possible unsecured credit card as option with a hard credit pull
• Minimum $500 and offered in increments of $500
• Fresh Start Coaching Plan recommended
• MSS to review credit card utilization brochure with member
• Eligible for Creid Life and Injury & Illness

Click here to learn more about Secured Credit Cards! (button)