A young man came into our office at Brewster Federal Credit Union. He was a member here all his life and needed a loan without credit experience. Growing up, it was his normal to see the home phone line disconnect and electric turned off for non-payment (small town, we sometimes know more than we should). The loan officer took extra time to explain the importance of making every loan payment on time to establish good credit, that life is easier with good credit, that loan rates are lower and insurance rates are better with good credit, and that he would be able to buy a home someday with good credit. He shook his head in agreement. His family had never owned a home.
Our member paid good on several loans, established excellent credit over the next few years, and then bought his own home. In disbelief, his parents asked him “how can you buy a house?” The son shared what he had learned with his parents. About four years later, they bought their first house. He is still a member today at the age of about 40 and said he will never go anywhere else but here.
