GRAND JUNCTION, Colo. — Colorado State Employees Credit Union wants to give young people credit–the kind of credit that can help them get a good job or reasonable insurance rates.
CSECU's Credit Starter Package offers a standard checking account with no minimum balance and no monthly fee, a Visa debit card with $250 in overdraft protection, and a Visa credit card with a $500 limit. No cosigner is required.
What sparked the idea of a program to help young people build a credit history? Actually, says CSECU President/CEO Terry Leis, "We've been doing it for quite a long time. We decided to formalize it and let people know we are doing it.
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"The reality of it is we're finding a lot of youth aren't aware of the credit union benefits, but also, in some cases they're being taken advantage of by other financial
institutions."
That happens when young people–or other members, for that matter–don't read the fine print to learn details such as fee structures and universal default rates.
Young people are definitely in CSECU's field of membership. In addition to government employees, the charter covers students and alumni of Colorado community colleges, Colorado State University-Pueblo, Colorado School of Mines, Mesa State College and Johnson & Wales University.
A lot of young people, he continues, aren't aware of the importance of establishing credit. In many cases, depending on the employer, credit standing may determine whether they're hired. It may play a role in whether they get preferred rates on their car insurance. Landlords and property management firms will review the credit of someone applying to rent an apartment or house.
Leis says although the program is in the initial stages, he's confident it's impacting young people every day. The big challenge is simply trying to get the word out.
"We've been able to attract people very positively through testimonials, and we're doing that through press releases and things of that nature," he says.
For example, one press release quotes B.J. Sloan of Grand Junction. "CSECU has taught me to really manage my money. I use my new credit card to purchase gas and then I pay it off each month. It's an easy and simply way to build the credit I need to get the loan I want to buy a 4-wheeler."
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