Credit Builder Loans
A credit builder loan is designed to help people build or establish credit and help those who may have imperfect credit rebuild their credit. There is no minimum credit score for our Credit Builder Loan.
Our credit builder loan is just the thing for anyone who…
- Needs to establish credit
- Has had little or no previous credit
- Needs to rebuild credit
- Has a stable income
How it works…
- Borrow $500-$2500 to purchase a Certificate of Deposit (CD) account
- Loan proceeds are deposited into a Certificate of Deposit at First Bank of Manhattan & New Lenox
- Interest rate of the loan is 2% over the rate being paid on the Certificate of Deposit
- Make on-time monthly payments for 24 months-building a positive payment history which is reported to the credit bureaus
- When the loan is paid in full and the CD matures, you will receive the amount you invested -plus interest!
Call or apply now to find out if a Credit Builder Loan is right for you!
Secured Platinum Credit Card Visa®
- A credit card to help build or re‐build your credit.
- Amount of security deposit equals the credit limit and serves as collateral
- 13 months after opening the account a cardholder “could” be eligible for an unsecured card and get the deposit returned1
- Annual Fee: $292
Features and benefits
- Online account management at MyCardStatement.com
- View Your FICO® Score for Free3
- Cell Phone Protection4
- Email and Text Fraud Alerts
- Mobile payments
- And more
1In as little as 13 months of responsible use, you become eligible for an account review for graduation to an unsecured credit card. In order to graduate, you must make on-time payments, spend within your credit limit, have a credit score of at least 660, and have no delinquencies in 12 months. If your account becomes 30 days delinquent, we will close the account and use your security deposit to pay any outstanding balances. Any remaining funds will be returned to you within 90 days of account closing.
2See the card application’s Important Disclosures for current terms, rates and fees. This card is issued by TCM Bank, N.A. Subject to credit approval.
3FICO is a registered trademark of Fair Isaac Corporation in the United States and other countries. FICO® Scores are updated monthly. You may not see your FICO® Score right away. Some exclusions apply. Cardholders receiving employee pricing are not eligible.
4 Certain terms, conditions and exclusions apply. In order for the coverage to apply, you must charge your eligible cellular wireless bill to your covered TCM Bank-issued card. To learn more about
this benefit or to file a claim visit the FAQ section at www.cardbenefitservices.com or call 1-866-894-8569.
