Back to Member Assistance

Loans & Lines of Credit Assistance

Credit

If you suspect identity theft, act quickly by contacting the three major credit bureaus to place a fraud alert on your credit reports. Frequently review your credit reports for unauthorized accounts or transactions, dispute any incorrect or fraudulent entries, and report the identity theft to the Federal Trade Commission (FTC) and local law enforcement. Learn more about how to report identity theft.
Typically, it’s a good idea to check your credit report at least once a year. While working to improve your credit, you may want to check your score more frequently (monthly or quarterly). Regularly monitoring your credit score allows you to quickly identify errors or suspicious activity and ensure your efforts to improve your credit are reflected accurately. Learn more about how to monitor your credit.
To improve your credit utilization ratio, aim to keep your credit card balances below 30% of your available credit limit. You can achieve this by paying down existing balances, requesting credit limit increases (without increasing your spending), and using multiple cards responsibly.
Closing old credit accounts can negatively impact your credit score by reducing the average age of your credit history and increasing your credit utilization ratio. It’s generally better to keep old accounts open and use them occasionally to maintain a longer credit history and a lower utilization rate.
Opening new credit accounts can help repair your credit—but only if you manage them responsibly. If you use the account infrequently and pay down balances immediately, a new credit account can help you improve your credit utilization ratio and diversify your credit mix. However, avoid opening too many accounts at once, as multiple hard inquiries on your credit report can temporarily lower your score.
Debt settlement can help you reduce or eliminate outstanding credit obligations, but it can also negatively impact your credit score. Depending on the time of debt, the amount, and other factors, settling a debt can lower your credit score by as much as 100 points. Debt settlement will also be noted on your credit report, and it can stay there for up to seven years. Learn more about debt settlement and debt consolidation.
If you have a strong history of on-time payments, you may be able to remove a late payment from your credit report. Contact the creditor to request a goodwill adjustment. If the late payment is an error, file a dispute with the creditor and the credit bureaus.
Paying off collections can improve your credit score, especially if the collection account is marked as “paid” or “settled.” However, the impact may not be immediate, and the account will still appear on your credit report for up to seven years. Over time, a paid collection is better for your credit score than an unpaid one.
Yes, it is possible to repair your credit on your own! Strategies like disputing errors on your credit report, paying down debt, and creating a budget can put you on the right track to an improved credit score. However, if your credit situation is complex or overwhelming, you might benefit from the help of a financial counselor or credit counseling agency like GreenPath.
How long it takes to repair your credit depends on the severity of the issues and the actions you take to address them. Minor errors can be corrected within a few months, while more significant issues, like missed payments or collections, may take several months to a few years to resolve.

If you find an error on your credit report, you should:

  • File a dispute with the credit bureau that issued the report.
  • File a dispute with your credit card company or the creditor involved.
  • If you suspect fraud, escalate your dispute to fraudulent claims.

You can get a free copy of your credit report once every 12 months from each of the three major credit bureaus (Equifax, Experian, and TransUnion) through AnnualCreditReport.com.

It’s a good idea to check your credit score regularly. At a minimum, you should request your credit report once a year. If you plan to apply for a loan, you may want to check it more frequently to ensure it’s in good shape.

Many financial institutions like banks and credit unions offer you free access to your credit score, allowing you to keep a close eye on it. You should also monitor your credit by regularly checking your credit report.

A credit report is a detailed record of your credit history that includes information about credit accounts, payment history, and inquiries made by lenders. Lenders and creditors use it to evaluate your creditworthiness, and you can use it to monitor your financial well-being.

There are many ways you can start building, improving, and maintaining your credit score, including:

  • Making your loan and credit card payments on time
  • Spending responsibly
  • Paying down credit card debt
  • Keeping old credit accounts open
  • Limiting new credit applications
  • Regularly checking your credit report

There is no fast fix for building or repairing credit. The best way to improve your credit score is to acquire a solid credit history with years of experience.

A good credit score typically falls within the range of 670 to 739 on the FICO scale. Scores from 740 to 799 are considered very good, and scores of 800 and above are considered excellent. A credit score below 670 is generally considered fair or poor.

There are certain factors do not impact your credit score, including:

  • Income
  • Age
  • Employment
  • Residence
  • Marital status
  • Criminal record and personal information
  • Checking your own credit

Several factors influence your credit score, including:

  • Payment history: Whether you have paid your bills on time and the frequency and severity of any late payments.
  • Amount owed: How much you owe on each of your open credit accounts and the percentage of your credit limits you are using.
  • Length of credit history: How long you have had each of your credit accounts and the average age of your accounts.
  • New credit: How many new credit accounts you have opened recently and the number of recent credit inquiries.
  • Credit mix: The variety of credit accounts you have, such as credit cards, mortgages, auto loans, and installment loans.
Credit is one of the most important topics related to your personal finances. It affects your ability to borrow money and influences the terms of your approved loans. No credit or a poor credit score can hurt your chances of getting a loan. On the other hand, a good credit score can help you secure loans for major purchases like a home or car, get approved for credit cards, and even influence job opportunities or your ability to rent an apartment.
A credit score is a personalized, three-digit number that creditors use to evaluate your history of borrowing money and your likelihood of paying back debt. Scores typically range from 300 to 850.

Credit Score FAQs

There are a lot of factors that go into your credit score and understanding what is a “good” score can be subjective. Learn more about credit scores, including how they are calculated, by visiting the FICO website here.
Between all three credit bureaus, there are many FICO® scores used by lenders. Scores differ based on the data collected and how the information is stored. You can learn more about the different FICO® scores available by clicking here.  
The Marine Mobile Banking app will show you the top two reasons why your credit score is listed as it is. This score is updated every three months, so be sure to check the date of the most recent update to see if it’s recent. Additional information on how credit scores are calculated can be found by clicking the “education link” by your credit score. You can find more information about how credit scores are calculated by clicking here.
We provide updated credit scores every three months on our free mobile app. Download the Marine app in your Google Play store (for Android devices) or the App Store (for Apple devices).
A FICO® score is a 3-digit number that summarizes your credit risk. It is calculated from information on your credit report, which is provided by the credit bureaus. FICO® scores help financial institutions understand the level of risk they would undertake by loaning money to someone. Learn more about credit scores here.
Yes. If you pay each monthly installment on time, that positive payment history will impact your score. Alternatively, if you do not pay on time and let the account stay dormant, that will also be subject to credit bureau reporting and negatively impact your score. If you are unable to make payments, simply close the account by calling 1.800.923.7280.

Get Credit Program

Once you have paid off your Get Credit loan, the full loan amount (minus any fees incurred throughout the program, if applicable) will be transferred to your savings account.
Missing a payment can have a negative impact on your credit score. After 10 days of no payment, a $10 late fee will be added to your account. We know things happen, and our goal is to get you on the right track to a better credit score and financial future. Give us a call if you are having trouble making your payments. Tip: Avoid missed payment blunders by setting up free, automatic payments from your checking account!  
Our team is here for you! If you think you’re going to miss a payment, call or stop into your local branch to talk to a member of our team.
Your due date and payment amount will be provided near the end of the Get Credit enrollment process. The due date is typically 30 days after the enrollment date, but be sure to write down the exact date when you’re completing the enrollment. You’ll also receive this information in the loan documents that will be available to download after you electronically sign your paperwork.
When you enroll in Get Credit, a full credit report is pulled from TransUnion. This happens with all credit inquiries, like opening a credit card or a car loan. When a credit report is pulled, scores can decrease slightly, at first. But don’t worry – with on-time payments, this will bounce back soon!
There are many factors that impact a credit score; making on-time monthly payments to a loan is one way to give it a positive boost. While there’s no way to predict exactly how much your score will be impacted by Get Credit, we do provide free FICO® updates on the Marine Mobile Banking app (which is also free to download and use) so you can periodically check your score. This will include education on the key factors effecting your score. Certain events like late or missed payments on your Get Credit loan, or other bills, can lower your FICO® score quickly, so be sure to keep this in mind when committing to the Get Credit program. The easiest way to avoid missed payment blunders is to set up free auto payments. Talk to a member of the MCU team to learn more!
Members may only open one Get Credit loan per person. We encourage you to select the highest loan option ($1,510) to maximize your savings at the end of the program.
Enrollment in the Get Credit program is available through our Digital Application. Our branch staff will happily assist with completing the application in person, if preferred.
Get Credit is a 12-month program that allows you to build your credit score and your savings all at once. You pick the amount to save, and we’ll set you up for success. Here’s how it works:
  • We lend you money and lock it into a safe account. Each month, you make set payments (based on how much money you borrowed) to pay yourself back.
  • With every on-time payment you make, your credit should improve.
  • After making all your payments on time, you’ll accumulate savings and improve your credit at the end of the program.
It’s that simple. No down payment. No monthly fee. No high-interest credit card debt. Start your Get Credit journey with our short, 3-minute enrollment today.
There are no application fees or upfront payment requirements. During the enrollment process, you’ll select the amount you can afford each month ($45, $90, or $135), set up your account and loan payments, and sign the documents. That’s it! We’ll provide your payment due date during the enrollment process, which is approximately 30 days later.

Kwik Cash Line of Credit

  • You must be in good standing with the credit union
  • No charged-off balances or loans
  • Loan amounts typically range from $500 to $2,000, with a maximum of $2,000.
  • The best rates are offered to borrowers with the strongest credit profiles.

Mechanical Breakdown Protection

Yes. If your vehicle is in the shop for a covered repair, Route 66 will reimburse you for a rental car:
  • $50 per day (for every four hours of covered repair time, up to $250 total)
  • Rental receipts are required for reimbursement
No, Mechanical Breakdown Coverage has zero deductibles—so you’ll never have to pay out of pocket for a covered repair.
Yes, coverage is available for:
  • ATVs, UTVs, motorcycles, golf carts, and fish houses
  • Terms range from 18 to 40 months
  • Vehicles must be 10 years old or newer
  • No mileage limit
No, boats, campers, and RVs are not eligible for coverage.
The following vehicles are not covered under the Easy Street and Main Street plans:
  • Audi
  • BMW
  • Corvette
  • Hummer EV & HI
  • Jaguar
  • Land Rover
  • Mercedes and Mercedes AMG
  • Porsche
  • Saab
  • Tesla*
  • All Exotic/Limited Production Vehicles
The vehicle types listed above may qualify for the First Street Plan. *Tesla vehicles are not covered under the Easy Street or Main Street Plans, but other electric vehicles are eligible.
Mechanical Breakdown Coverage is an extended warranty offered through our partner, Route 66 Warranty. It helps cover the cost of unexpected vehicle repairs so you can avoid large out-of-pocket expenses.

Mortgage Loans

Yes, we do! Get started online to begin the loan application process. It only takes 3 minutes to complete.
We typically do recommend re-evaluating your home to get an updated snapshot of how much equity you’ve built up with all your hard work, but we do have other methods to evaluate what your home is worth.
Yes. You can set up automatic loan payments in just a few minutes. Contact us to learn more.
Yes! You can make loan payments via Online Banking or the mobile app.
A mortgage payment is calculated using four components.
  1. Home purchase price
  2. Down payment
  3. Monthly Homeowner Association (HOA) dues
  4. Mortgage escrow (annual property tax and home insurance costs)
Wondering what you can afford? Check out our Mortgage Calculators.
A mortgage escrow account is a savings account that your loan servicer will place a portion of your loan payment into each month to pay property taxes and insurance premiums.
You can begin the application process online, and it only takes about 3 minutes to complete. Get started on your application now.
We have flexible options with credit score, income, and creative ways to help with your down payment. Marine Credit Union supports conventional, USDA, FHA, VA, WHEDA and ITIN loans. Our lending team will assist in finding you the best loan fit.
Usually, the buyer is responsible for paying closing costs, and the amount will vary from transaction to transaction.
The amount you pay in closing costs will vary but commonly depends on three key factors:
  • The price of the home
  • The location of the home
  • Whether you’re buying or refinancing
Marine Credit Union offers a variety of free budgeting and financial planning tools. Learn all about closing costs and use our free online calculator to calculate your home closing costs.
Your closing date can be pushed back (by days or weeks) if you encounter unexpected issues. Some things that might delay closing on a house include:
  • Changes to your credit. If your credit score has been impacted by a significant change in income, making large purchases, or taking out other loans to affect your debt-to-income ratio (DTI), your credit may need to be re-evaluated by the lender, and this may delay closing.
  • A low appraisal. If your appraisal comes in lower than the contracted sale price, you may need to renegotiate with the seller, which may delay closing.
  • Title issues. If the seller of the home has unresolved liens, judgments, or ownership disputes on the home and these issues are uncovered during transfer of the house title, closing can be delayed.
  • Home sale contingency. If your contract dictates that you can’t close on a new home until your previous home sells, your closing date may be delayed.
In some cases, the sellers will hand over the keys on the same day as closing. Generally, however, sellers have 7 to 10 days to vacate the home after the closing date.
Closing day is the day you sign the final paperwork on your loan. Expect to set aside 1.5 to 2 hours for the closing meeting. Buyers usually attend the closing meeting in person, but sellers can sometimes sign the paperwork ahead of time and don’t need to be in attendance. During the closing meeting, you’ll sign documents and make your down payment; then, your lender will wire the balance of the sale price. Here’s how to prepare for your closing meeting: What you’ll sign at closing:
  • The promissory note, which commits you to repay the loan.
  • The mortgage (may also be called the Deed of Trust or security instrument).
  • The escrow disclosure detailing the fees incorporated into your monthly payments for taxes and insurance.
  • A right-to-cancel form, allowing you three business days to back out of the deal.
  • Other disclosures, disclaimers, and government-mandated documents.
What to bring to closing:
  • Your government-issued ID, such as a driver’s license or passport,
  • A cashier’s check for the amount of your down payment,
  • Proof of homeowners’ insurance, and
  • The purchase and sale contract.
One of the first questions many homebuyers ask is, “How long does closing take?” Closing on the purchase of a home can take anywhere from 7 to 60 days, and the timing depends on multiple factors. According to the Ellie Mae Origination Insight Report, the average time to close a home in 2021 was 50 days.
Especially if you’re a first-time homebuyer, you might be wondering exactly what it means to close on a house. When you buy a home, closing is the last step in the process. It is when you finalize all the details of the transaction and sign the final paperwork on your loan.

My Fast Cash

Loan eligibility is based on the following:
  • Must be a member of MCU for 6 months or longer
  • Minimum loan amount is $500; maximum is $4,000
  • Minimum term is 6 months; maximum term is 42 months**
  • Underwriting based on relationship and history with MCU
My Fast Cash is best for members who:
  • Have been members of MCU for six months or longer (non-members are not eligible)
  • Are active members of MCU (such as those with direct deposit, a transaction history, or on-time loan payment history)
  • Don't want a credit pull; this loan does not pull credit, but it reports on-time payments to credit bureaus so it's an opportunity to build if needed

Personal Loans

No. There is no penalty for paying your loan off early. Please call our staff and we can provide final payment details at 1-800-923-7280, Monday-Friday 7am-5pm and Saturday 8am-1pm.
Yes! Contact us to learn more about setting up automatic loan payments.
Sure do! Our online application process takes 3 minutes to complete. Get started online.
Yes! You can make loan payments via Online Banking or the mobile app.
Loan eligibility is based on the following:
  • A good-to-excellent credit score (640 and above preferred)
  • Experience with fixed installment loans
  • Willingness to consolidate other unsecured balances
A Marine Personal Loan is best for members who:
  • Know exactly how much money they need to have
  • Want a fixed rate over the life of the loan
  • Prefer to work directly with a lender
  • Don’t want to dip into savings
  • Don’t want to do an appraisal for a home equity loan
Members should have a solid credit history and be able to handle fixed installment loans.

Student Loans

Marine Credit Union does not offer this loan product.

Vehicle Loans

Of course! Our online application process takes 3 minutes to complete. Get started online.
Title/lien releases are processed within 30 days after the loan is paid in full. If Marine Credit Union holds your title, it will be mailed to the address listed on your account. If you hold the title, MCU will mail the lien release to the address listed on your account. If another financial institution or a dealership paid off the loan and have requested the title/lien release it will be mailed directly to them.
We have flexible options with credit score, income, and creative ways to help with your down payment. Our lending team will assist in finding you the best loan fit.
Yes! You can make loan payments via Online Banking or the mobile app.