EmpowerRent Opens New Doors
When 43-year-old Ric moved into Richard F. Salyer House, one of VOA-GNY’s permanent supportive housing residences, he had recently lost his job.
“I was out of work, and I just wasn’t able to keep up with credit card payments, so it did some damage to my credit score,” he explains.
Originally from Arkansas, Ric moved to New York City after college more than 20 years ago seeking an outlet for his creative passions of singing and acting. Like many young adults, he lacked financial literacy. He maxed out two credit cards and co-signed for a vehicle with a friend. Delayed payments over time affected Ric’s credit score.
Years later, Ric realized his low credit score was holding him back from future housing and loan applications and knew he had to improve it.
Noticing a flyer in the lobby of Salyer House, Ric enrolled in VOA-GNY’s EmpowerRent program, our credit-building pilot designed to help residents of VOA-GNY housing sites build their credit scores by reporting their on-time rent payments to credit bureaus.
After six months, Ric’s credit score climbed 30 points — pushing him into the 600s, a score that could start to open doors.
Now living in his own apartment in Harlem with his Yorkie, Ric can’t imagine where he’d be without the support of Salyer staff and wealth-building opportunities like EmpowerRent. “It would have been much more difficult and probably a longer time to get my score to where it is without the program.”