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Credit Edit

Credit is a valuable tool that can help you reach your goals so it’s important to understand how credit works. Credit is the ability to obtain goods or services you want by promising to pay for them later. This ability allows flexibility in your planning and makes it possible to pay for expensive items over a period of time and is based on your credit history.

Your credit history is a record of your credit accounts, your payment history and the details of how you manage each account. Financial institutions, like 1st Bergen Federal Credit Union, extend credit by lending you money at an agreed upon amount, rate, and payment term which establishes your credit history. Having good credit gives you access to more borrowing options such as paying for a car, a home, or an education at the best possible interest rates and terms.

Employers, landlords, and utility and cell phone providers can all view your credit history when making decisions about you. Good credit takes time to build and establishing good credit habits are essential so that you can build and improve your credit history and credit score. 1st Bergen’s credit builder loan program helps to build your credit while you pay off your loan and show your credit worthiness for future loans, rentals, mortgages and more. The loan is intended for members who do not have a credit score and want to re-establish credit.

For more information or to see if you qualify visit the 1st Bergen branch in Hackensack, NJ or go to

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