We have partnered with Georgetown University to offer an exclusive package for the first 1,000 undergraduate students opening a new account: a free Credit Builder and the $10 minimum savings balance needed to open your free account. You will also receive a free credit report upon the expiration of the Credit Builder to track your credit score. Make the most of this partnership and start building your credit absolutely risk-free and hassle-free.
Open An Account Today and Receive Your Free Credit BuilderOpen a Personal Account Open a Joint Account*
The Credit Builder Loan allows you to build your credit score safely and securely with little to no effort. GUASFCU disburses a loan in your name and freezes the funds in your account. While you cannot touch or modify the funds, GUASFCU makes monthly payments on the loan on your behalf until it’s paid off and reports those payments to the credit agencies each month. Only GUASFCU can offer this kind of student-centered service!
Given that credit scores are affected by a variety of factors, we cannot guarantee what your credit score will be. However, on average, GUASFCU members with Credit Builders go from having no credit score to a credit score in the 700s.
How does it work?
*The funds are frozen in your account.
Is the credit builder legal? Why don’t other banks offer this product?
Yes! A credit builder is just a loan we take out in your name and report to the credit agencies. It’s structured the same way as the other loans we offer, but you cannot touch or modify the funds and we make the payments for you. It is 100% legal and an amazing way to build or repair your credit score.
Unlike us, most banks do not necessarily have your best interests at heart. Higher credit scores mean banks have to offer you better rates. Since we are a non-profit credit union, it is important to us that we prioritize your financial future and help you succeed. We are here to serve you and make sure you start building your credit early.
Will the Credit Builder hurt my credit score?
No! Credit scores are a function of how many successful lines of credit that you have and your timeliness in paying off the full amount. Thus, adding an additional line of credit to your report would only help improve your credit.
Do I need a Credit Builder if I already have a credit card?
Both can help establish your credit history. However, a Credit Builder is much less risky, and having an extra line of credit can help improve your score because it shows you are responsible in paying back credit cards and loans.
If I am a parent, can I open an account? Can my other children open an account?
Yes! We have been proudly serving the Georgetown community for 37 years, and that includes current students, alumni, and their immediate family members! If your non-Georgetown relative would like to open an account, you would have to submit a Letter of Sponsorship, in addition to the regular account application, in order for us to open their account.
If I am a parent, can I have access to my child’s account?
If your child elects, you can be set up as a joint owner on the account. This means you can enroll in online banking for their account, call our member service department to ask questions about their account, and keep an eye on their spending. However, you do not have to be a joint owner to transfer money into their account - just check out our free Quickpay service!
Does GUASFCU have online and mobile banking capabilities?
Yes! Online banking gives you quick, direct access to your account and our mobile app lets you quickly and easily manage your money on the go. Our app features a secure messaging platform, check deposit history, and spending analysis.
How do I transfer money to my GUASFCU account?
With our free Quickpay service, you can transfer funds from external domestic bank accounts into your account at the Credit Union. All transfers will be posted to your GUASFCU account the following business day. You can even set up recurring payments!