Are you a young person trying to establish credit, or maybe an adult whose experienced a few blemishes on your credit report? Success Credit Union has the answer.
Open a Share Secured Loan or Share Secured VISA Credit Card tied to a share account and build or rebuild your credit.
To begin the process, do the following:
- Make a deposit into a regular share account (or begin saving small amounts that will add up quickly)
- Apply for a share-secured loan or share-secured VISA Credit card
- Borrow your own money and make timely repayments through auto pay
Setting up a share-secured loan or credit card can assist you by:
- Building credit over time
- Demonstrate to credit bureaus and lenders your commitment to repay your loan
- Leave money in your savings when a loan is paid back, allowing you to continue good savings habits
Other important tips:
- Pay your bills on time
- Shop for the best rate on loans
- Try to make additional payments or increase the amount you pay on loans to reduce length of repayment – Success Credit Union does not penalize members for early payoff.
You are entitled to FREE credit report each year!
Check your credit reports every 6 months or at least once a year. You are entitled to a credit report from Experian, Equifax and Transunion annually.
Get more information at annualcreditreport.com
Share and CD Secured
Regular Shared Secured
|2% above current share savings rate, 90% LTV||2% above current pledged certificate rate, 90% LTV|
|> 12 Months||As low as||10.25% APR*|
|24 Months||As low as||10.75% APR|
|36 Months||As low as||11.25% APR|
Annual Percentage Rate. Rates are for qualified borrowers dependent upon credit score. Other restrictions may apply. See a loan officer for details.