Save & Boost Credit Loan

The Save & Boost Credit Loan offered exclusively by GPO Federal Credit Union is designed to help you build or improve your credit while simultaneously growing your savings.

Here's a simple breakdown of how it works:

1. Loan Setup: GPO sets aside a loan amount you choose—ranging from $1,000 to $2,500—into a savings account. Instead of receiving the loan money upfront, we set it aside in a savings account.
2. Making Payments: You make regular monthly payments toward this loan. Each payment is reported to Experian and TransUnion credit bureaus, helping to establish or enhance your credit history.
3. Accessing Funds: After you've fully paid off the loan, the money in the savings account, along with any earned interest, becomes available to you.

This process not only aids in building a positive credit record but also results in accumulated savings by the end of the loan term.

Whether you’re starting fresh or picking up where you left off, our Save & Boost Credit Loan is a great way to establish or restore a positive credit history and build your savings at the same time!

Your credit score is one of the most important measures of your financial health. Lenders use your credit score as an indicator of your creditworthiness. The higher your score, the easier it will be to secure new loans or lines of credit at lower interest rates. If you have a low credit score, not only can it be more difficult to secure financing, but you’ll also pay much higher interest rates.

Now, it’s easier than ever to get tips for improving your credit score with the help of GPO’s Financial Counselors and GPO’s financial program, BALANCE. It’s free, secure and available to offer automated, personalized financial advice day or night.

GPO's Financial Counseling

BALANCE Financial Program

What is a Save & Boost Credit Loan?

Our Save & Boost Credit Loan helps you build or rebuild your credit while growing your savings. Instead of receiving the loan money upfront, we set it aside in a savings account. As you make on-time monthly payments, we report them to the credit bureaus, helping to improve your credit score. Once the loan is fully paid off, you get access to the saved funds—plus any interest earned!

When do I receive the funds?

Your funds and earned dividends are held in a secured savings account while you make monthly payments on your loan. Loan funds are then made available when your loan is paid in full.

Can I pay off the loan early?

Regular monthly payments are important to building a positive credit history. If you secure a Save & Boost Credit Loan, you should plan to make consistent payments through the loan’s scheduled completion date.

How much will the loan improve my credit score?

There's no guarantee as to how much GPO’s Save & Boost Credit Loan will improve your credit score because there are many different variables that can impact your credit score. However, your credit report will reflect your successful completion of on-time, scheduled payments – an important factor in improving your score.

Is there a fee to get the loan?

There are no application or origination fees for the Save & Boost Credit Loan.

Once I pay off the Save & Boost Credit Loan, will I qualify for another loan with GPO?

Completing the Save & Boost Credit Loan doesn’t automatically qualify you for additional loan products, but our underwriters do consider several factors when reviewing your loan request - including credit history and financial standing. Therefore, successful completion of your Save & Boost Credit Loan can provide evidence of your financial responsibility.

What's makes the Save & Boost Credit Loan different from other loans?

A Save & Boost Credit Loan is designed to establish a positive credit history while building savings for the future. Loan funds are placed in an account for safekeeping while you make scheduled payments.