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Bad Credit? Simple Tools At Pearl Hawaii To Help

If you don’t have a credit history, it’s hard to get a loan, a credit card or even an apartment.

Having bad credit is not always the easiest to manage through. Finding the right formula to build great credit can be tricky for some…  To establish credit, you need at least one account that has been open 6 months or longer and you need at least one creditor that reports your activity to the credit bureaus within the last six months. Luckily, Pearl Hawaii has several tools available to you.


Savings & Certificate Secured Loans

Pearl Hawaii’s Savings and Certificate Secured Loans are secured by the amount available on deposit. The funds are kept in your account for a specific period of time, which is based on the terms of the loan. The money collects interest while it will offset the interest charged on the loan. Most importantly, you begin to build a good score while getting a low rate that won’t break the bank. It works much like a personal loan and is available to help people with a variety of expenses. In essence, it’s like a forced savings plan. You have money in your savings and you receive a loan. Additionally, you are building credit in the process.

Secured Credit Card

Getting a credit card with bad credit isn’t always easy. Oftentimes, you are not approved or your interest rate is high. If you’ve ever experienced credit problems like building your credit score from scratch or trying to recover from a bad credit mishap, a good tool to help you build your credit is Pearl Hawaii’s Secured Credit Card.  In order to obtain the card, you agree to keep a certain amount in your savings ($500 or more).  As a result, your limit will be the same as the amount that agreed to keep in your account.

Become an authorized user on someone else’s credit card

A family member with good credit may be willing to add you as an authorized user on his or her card. As an authorized user, you’ll enjoy access to a charge card and you can build a good history.

Be a co-borrower on a loan

If there is a close family that you trust, they may add you as a co-borrower on their loan. Consequently, if your family member does not pay their loan payment, you will be obligated to make the payment.

Banish Bad Credit with Good Habits

  • Make all of your payments on time (including your medical, loan, and utility bills). Bills that go unpaid may go to a collection department, which could seriously hurt your score.
  • Keep your charge card usage low. If you do carry a balance, don’t let it exceed 30% of your limit.
  • Avoid opening too many new accounts at once. New accounts lower your average account age, which makes up part of your score.
  • Keep accounts open for as long as possible unless one of your unused cards has an annual fee.
  • Check each of your reports annually for errors and discrepancies. You can get your free credit report yearly from Annual Credit Report.


Overall, repairing bad credit will take time and planning. If you want more help, consider talking to Pearl Hawaii’s loan officers who are trained in helping you. Remember, improving your standing won’t happen overnight. To learn more about credit reports and scores, check out Credit FAQs.

Pearl Hawaii | A trusted lender for loans on Oahu

If you’re still not sure about what to do next, call us at 808.73.PHFCU (737.4328) or visit one of our locations on Oahu (Waipio, Waianae, Ewa Beach, Honolulu,  Airport, and Pearl Harbor). Our team is ready to look at your financial situation and recommend the best option for you.


If you are ready, let’s get started: Apply