Credit Builder Program

The Coastline Credit Builder Program is designed to support members who are either building credit for the first time or working to rebuild their credit. The program is structured in three stages, each aimed at helping members improve their credit scores and achieve their financial goals. However, it’s important to note that the outcome depends on how the member manages their credit. While an improved score is the intended result, it is not guaranteed. 

Coastline believes that even if a member’s score does not improve elsewhere, their loyalty and responsible participation in the program strengthen their credit standing with us.

Members who successfully complete each stage have the option to progress to the next step, regardless of whether their credit score has increased.

Stage 1 – Credit Builder Loan
The first step is the Credit Builder Loan, which ranges from $500 to $1,000. This is a share-secured loan, where the funds are deposited into the member’s account with a hold placed until the loan is fully repaid. Once paid in full, the funds are released to the member.

To complete this stage successfully, the member must make all payments on time, with no payment being more than 30 days late.

Stage 2 – Secured Visa
Upon successfully completing the Credit Builder Loan, the member can transition to a Share Secured Visa. This type of visa is secured by funds held in the member’s savings account. If the member moves directly from a successful Credit Builder Loan to the Secured Visa, Coastline will waive the additional 10% typically required for a Share Secured Visa.

While a credit report is pulled during this step, it is not used for underwriting. The Visa credit limit is based on the amount of the original Credit Builder Loan.

To complete this stage, the member must make 12 consecutive payments without any being more than 30 days late.

Stage 3 – Unsecured Visa
In the final step, the Secured Visa is upgraded to a Rewards or Traditional Unsecured Visa, and the funds securing the previous Visa are released. Although a credit report is pulled again at this stage, it is not used for underwriting.

Note:
All loans follow standard procedures, with the exception of underwriting.