Success Stories
Helen: Unbanked Single MomA Safe, Stable Life for her ChildrenAfter leaving her husband, Helen was an unbanked single mother of two when she came to Mission Asset Fund. An immigrant from Guatemala, Helen had no assets and no checking account, making her living situation less than ideal. Denied apartments because she didn’t have a deposit or a credit score, Helen and her small children rented rooms in three different apartments over the course of a year, some so full that even hallways became bedrooms.Riddled with excessive moisture and mold, these apartments left Helen’s daughter with a persistent cough. While working part-time at local nonprofits, Helen continued her search for a stable apartment for her children. In May 2011, she joined the Cesta Populares – Lending Circles program to build her credit and save for a deposit. "For me, MAF is part of my life now because I know how to start to create a budget and know my credit scores, making me be more responsible by participating in the Cesta. The Cestas have been a great benefit because it has helped me with housing, health, and manage expenses in my family," Helen says. But when her mother got sick, Helen sent the money home to help her get the eye surgery she needed. A year later, with one-on-one coaching and financial classes, a new credit score of 673 and $4,100 in zero-interest credit-building peer loans, Helen landed an apartment her kids love. The cough is even starting to fade away. |
|
 |
FINANCIAL TIMELINE: |
 |
Maritza: Dreaming of a Home
From Underbanked to Pre-Approved Loan
An immigrant from El Salvador, Maritza was underbanked when she came to Mission Asset Fund. With no credit score and no savings, she felt invisible to the mainstream financial system. Maritza had distant dreams of owning her own home, but she didn’t think it would be possible.
Maria: A Homeowner
Recovering from Foreclosure
In 2008, Maria, an immigrant from El Salvador, opened an Individual Development Account (IDA) at Mission Asset Fund (MAF) so she could start her own computer café. “At the beginning I wanted to start my own business, but the economy wasn’t good for businesses, so I thought I would invest in a house instead,” she says.
Jessica: A Housecleaner
Building credit and expanding business
Working as a house-cleaner for several years, Jessica had no assets, no credit score and no checking account when she decided to open her own house-cleaning business. New small business owners lay awake at night hoping they can drum up enough business to be successful. But that was never Jessica’s problem.
Alicia: A Food Entrepreneur
My tamales are stuffed with love and the best people are stuffed with my tamales
In June 2010, unemployment hit Alicia’s family hard. Using credit cards for basic necessities, her credit score was damaged. This mother of three from Mazatlan, Mexico has a big heart and gives giant hugs when you first meet her. But between a family courier business and selling tamales on the side, they were struggling to make minimum payments on their credit cards.
Micaela & Bruno: The Screen Printers
From seed money to credit history
Micaela & Bruno came to the United States 10 years ago from Mexico. They soon realized that they’d exchanged their financial health for their new country. The American financial system was so daunting and confusing, especially without a credit history. They had dreams of owning a business but feared it wouldn’t happen.
Pablo: A Future Filmmaker
Investing in Education
Especially for those who aren’t born in the United States, building a credit score can be trickier than it seems. Many think that staying away from loans and debt automatically gives them a good credit score.
Johana: A Cultural Performer
Getting out of credit card debt
Johana is a talented dancer and cultural performer in the Bay Area. When we met her in 2009, Johana could only make the minimum monthly payments on 4 credit cards and 2 student loans. With paying for living expenses each month, but she couldn’t figure out how to get out of debt.
