Capital One Credit Builder Cards – Capital One’s Credit Building program strives to build financial stability by helping people feel secure and stable in the future.
A low credit score or lack of documented credit history can create a vicious cycle of locking out consumers from credit, housing or employment opportunities. This makes it difficult or impossible to subsequently acquire assets that lead to long-term financial well-being
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Credit history is an indicator of how a person has handled debt in the past, and many companies use it to predict a person’s future financial behavior. A good credit history can improve a person’s ability to get a loan, credit card, mortgage or auto loan, or rent an apartment.
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According to a recent report by Oliver Wyman, about 28 million Americans are credit invisible, meaning they have no credit history with the nationwide credit reporting agencies.
Together with community partners across the US, Capital One’s Credit Building program helps connect people to effective products and resources that empower people to save money, build credit and manage debt.
One such partner is Branch, a Miami, FL-based nonprofit organization that specializes in providing financial wellness services to the families they support, many of whom are immigrants, trying to start the road to rebuilding credit.
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For nearly 50 years, the organization has seen firsthand how protecting community members’ credit translates into the long-term financial well-being of their families.
“Many first-generation immigrants face cultural barriers that prevent them from integrating into the United States credit system, and they have to learn from their mistakes,” says Carla Bachman, the branch’s vice president of financial wellness. Our organization works to raise awareness of available products and tools to help families in our community as they navigate credit and healthy financial initiatives. “
Capital One’s Credit Building program is a bridge between our partners and product solutions that help build financial stability in partnership with Credit Builders Alliance (CBA) and Justin Petersen (JP).
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The program helps nonprofits increase their ability to build credit through loan consolidation programs, such as JP’s Save 2 Build product, in which an individual pays a fixed payment to a lender and then receives the loan amount at the end of the loan term.
Additionally, investing in our nonprofit partners allows us to reach traditionally underserved communities with credit building products like our secured cards. A secured credit card opens up access for those who are establishing, building or rebuilding their credit. Getting credit through responsible use can make people better candidates for mortgages, car loans and other credit cards.
“Capital One was founded on the belief that no one should be locked out of the financial system,” said Kim Allman, Capital One’s senior director of community impact and investment. Decentralize credit through trusted community partners to ensure that credit-challenged individuals are equipped with the tools and resources they need to become financially stable on their credit journey.
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Capital One’s Credit Building program is part of the Capital One Impact Initiative – an initial $200 million multi-year commitment to increase socioeconomic mobility. Launched in October 2020, the Capital One Impact Initiative strives to create a world where everyone has equal opportunities for prosperity by advocating for inclusive communities, building thriving communities and creating financial tools that enrich lives.
Program participants also receive support such as financial education and coaching to best support financial stability.In 2022, a total of 24 organizations across the US are participating in the program and will have the opportunity to share best practices with each other.
This includes Haven Neighborhood Services, a Los Angeles, CA-based organization that focuses on creating programs that address the specific financial constraints and credit needs of its clients. Capital One’s Credit Building program has helped meet the credit needs of this community by improving the credit scores of Haven’s customers, encouraging them to bank and develop good saving habits.
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“Our clients’ chronic financial instability creates high levels of stress on a daily basis and limits our ability to improve our clients’ overall financial outlook,” says Erica Torridge, founder and CEO of Haven Neighborhood Services. This is especially true in our immigrant communities, especially those with moderate to high rates of income volatility, mistrust of banks, concerns about bank account fees, and credit being invisible.
Haven Neighborhood Services strives to integrate effective financial empowerment, housing and support services that develop and improve economic inclusion, mobility and financial security to permanently address financial and housing insecurity for clients.
“As a solution-oriented and inclusive product, the Save2Build loan has helped our customers achieve their credit goals with the help of our financial coaches who provide individuals with a step-by-step process to take control of their financial success,” it said. Erica Torridge. , Founder and CEO of Haven Neighborhood Services “The trust we’ve built allows us to offer these products with financial education that sets our clients up for success as they begin to build credit—many times for the first time. Capital One’s Credit Building program allows us to do just that and aligns well with our mission. Aja is the author of How Mothers Talk to Daughters About Money. Connect with Aja McClanahan on LinkedIn Aja McClanahan and Jason Steele Written by Jason Steele Arrow Right Contributor, Credit Cards Jason Steele is a professional journalist and credit card expert who has contributed to online publications since 2008. Point Guy and his artwork have been on display there since 2011. He has also contributed to over 100 leading personal finance and travel sites. Connect with Jason Steele on Twitter LinkedIn Connect with Jason Steele with Jason Steele on LinkedIn
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Edited by India Davis Arrow Right Editor Credit Cards India Davis specializes in credit cards and renewals. He believes in putting the reader first and realizing the full potential of the brand’s voice. He has lived and worked in three different countries and hopes to do more research post-pandemic. India Davis
. The content of this page is accurate as of the date of publication; However, some of the offers mentioned may expire Terms apply to the offers listed on this page Any opinions, analyses, reviews or recommendations expressed in this article are solely those of the author and have not been reviewed, endorsed or otherwise approved by any credit card issuer.
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