Wescom Credit Union | Building Better Lives for Southern Californians

Wescom Introduces First-Time Borrower Program

Wescom is pleased to announce the debut of its First-Time Borrower Program. | Wescom Credit Union

It's the ultimate financial catch-22: you need credit to build credit, but you can't get credit without having credit. However, members approved under the First-Time Borrower (FTB) Program do not need an established credit history to qualify for a Wescom Visa® Credit Card, Wescom Auto Loan, or Wescom Mortgage.

“Wescom has always been committed to building up the communities we serve and part of this is through financial education, health, and assistance,” said Jeff Smrcka, Wescom Vice President Consumer Lending. “Our programs offer safe alternatives to other financial entities looking to take advantage or potentially set a first-time borrower up for failure. Not only do we help qualify and originate loans for members looking to start out their credit journey but do so at competitive rates, which actually change over time based on good payment history.”

First-Time Borrower Program Qualifications

Members with little or no credit history can establish credit by purchasing their first automobile, home, or opening a credit card with Wescom. Additionally, Wescom helps first-time homebuyers overcome one of the biggest hurdles of homeownership: downpayment.

“We help first-time homebuyers by offering zero down to three percent downpayment programs to help achieve the dream of homeownership,” said Maggie Pacheco, Wescom Vice President Mortgage Lending.

However, program participants must meet certain financial qualifications:1

First-Time Borrower Program Perks

Wescom Visa® Credit Card

Wescom Auto Loan

Wescom Mortgage

Mistakes to Avoid for First-Time Borrowers

According to Smrcka and Pacheco, here are five mistakes to avoid as a first-time borrower:

  1. While you are applying and qualifying for a new loan, avoid big-ticket purchase items and/or taking on new debt.
  2. Continue to pay all monthly bills on time and remain employed and/or avoiding disruption from your qualifying income sources.
  3. Do not overextend when first building credit history. Have a personal budget in mind, which should allow you to save funds for future expenses and stick to what fits comfortably in your monthly expenses.
  4. Start slow in opening one or two credit type accounts for the first six to 12 months. More is not necessarily better as the credit agencies are looking for and grading your activity.
  5. On-time payments are always essential but when it comes to the first credit accounts being opened, they rise to a critical level. Setting up automatic payments will help ease a lot of the problems associated with now having debts which require recurring monthly payments.

How to Apply

Complete an FTB credit card, auto loan, or mortgage application by calling 1-888-4WESCOM (1-888-493-7266) or visiting one of our convenient branch locations today!

1All loans are subject to approval. Rates subject to change without notice. Terms and conditions apply.

2A $25,000 loan at 10.99% over 72 months is a monthly payment of $475.85. Rates vary depending on the individual's credit history and underwriting factors.

3The no payment for up to 90 days option is available for qualified borrowers and for loan terms up to 72 months only. Finance charges begin to accrue immediately and are repaid over the life of the loan. As a result, you may pay higher total finance charges on the loan than if repayments began earlier.

4Total discount of up to 2.00% APR applied in increments of up to 0.50% for every six consecutive on-time monthly payments. Maximum discount will never cause the final APR to be lower than the floor rate for the specific loan and term at the time of funding. The monthly payment amount remains constant, with additional money going toward the principal, which shortens the term of the loan and the total amount paid over the life of the loan. Terms and conditions apply.

5All borrowers may not qualify for all loan programs. This does not constitute a commitment to lend. Loan approval is subject to income, credit, and property valuation. Other terms and conditions apply. Ask your Mortgage Loan Officer for details.

6Insurance services offered through Wescom Credit Union, CA Ins Lic #0D64850

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