Announcement
When Khatima first approached the International Rescue Committee (IRC) in Utah’s financial capabilities team, she was unfamiliar with credit-building loans and their potential long-term benefits to settling into life in the U.S. It wasn’t until she started working with Ateeq Bahaduri, financial capability program coordinator, that she discovered the credit-building program. “Honestly, it was a real eye-opener,” she admits.
The IRC in Utah’s Financial Capabilities program offers a variety of personal finance supports and products to help refugees, new Americans and low-to-moderate income community members integrate into mainstream services and work toward financial independence. For individuals like Khatima, navigating the financial systems in the U.S. was just one more challenge to overcome as she worked alongside her family to rebuild her life here.
"Life has knocked me down many times, but I've found a way to get back up each time. I'm not one to give up easily, no matter how often I've been hurt or faced challenges. I always find a way to keep going," Khatima confirmed.
When Khatima first saw her credit report sitting alongside Ateeq at one of their one-on-one financial coaching sessions, she was shocked to see she had a score of zero due to not having any credit history in the U.S.
“At the time, I wasn’t familiar with how the U.S. financial system worked, and the idea of building credit felt overwhelming,” Khatima reflects. “But the IRC’s program made it so much easier. I didn’t have to worry about not having a job or money in the bank to start building my credit. Instead, I was able to take a step forward and build the trust I needed to achieve more in life.”
Financial coaches at the IRC in Utah help refugees, new Americans, and low-to-moderate income community members access resources, financial products and expert guidance fit to meet their unique needs.
Photo: Andrew Oberstadt/IRC
Khatima was fascinated by the process and worked hard to understand the process. By accessing a Credit Building Ladder Loan through the IRC’s Center for Economic Opportunity, she was able to apply for a no fee, no interest micro-loan that immediately gave her a financial foothold in this new, complex system she was working to navigate. Throughout the process, Ateeq was able to answer questions and guide her efforts.
“Building good credit is a big part of life in the U.S.,” she explains. “A strong credit score can make everything from buying a home to getting better interest rates on loans and credit cards easier.”
A year after enrolling in the IRC’s financial capabilities program and diligently meeting the requirements, Khatima was thrilled to see her credit score had risen to an impressive 750 points. Khatima believes that programs like this can be life-changing for those new to the U.S. or unfamiliar with the financial system.
“They provide a way for people to build a solid financial foundation, and that can make a world of difference when it comes to achieving long-term financial goals,” she reflected.
Although the process of building credit was initially challenging for Khatima, she learned that with the right resources, friendly support and determination, the rewards are well worth the effort: “It’s all about using the resources at your fingertips and having the strength to keep going, no matter what.”
The IRC in Utah works to support refugee and new American communities, including offering expanded services for low-to-moderate income households in need of gaining a foothold in a fast paced, complex system. We are grateful to receive diverse funding support for our efforts, including generous grant funding from Wells Fargo. You can learn more about the IRC in Utah’s Financial Capabilities program & eligibility requirements for enrollment here »
If you would like to offer direct support to individuals just like Khatima working hard to rebuild their lives in Utah, get started at Rescue.org/SupportSLC.