Jun 11 2017

Credit Builder Information. myFICO® Forums #credit #check #canada

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I have received numerous requests about information about the Credit Builder accounts offered by M I/BMO bank, Unfortunately M I is only out of 6 states (Arizona,Florida,Milwaukee,Wisconsin, Indiana and Florida) fortunately several of you have sent me information about the credit builder that is offered by other banks, Credit Unions and websites that provide additional information about the Credit Builder.

To recap:

You borrow an amount between $1000 and $5000 that is saved in your name in and interest earning Certificate of Deposit.

You select the desired length of time to repay the loan with regular monthly payments (minimum 24 months maximum 60 months)

You EARN interest through the CD during the course of the loan and receive the principle and interest when the loan is repaid.

On time consecutive payments are reported to the credit Bureau, helping you establish a positive repayment history.

* be advised the above info is for M I/BMO only, it may be different for CU.

For M I/BMO the payment is .44% of the chosen amount (I went with 2k, my payment is $88 a month)

I was approved with a EX score of 597. It is listed as an “installment loan”

Credit Builder loans are a way to do a couple of things: get something good on your credit report and set aside some money for future use.

I was advised NFCU has a “shared personal secure loan” and if you Google “Credit Builder NY times” there is a great article to read about Credit Builder accounts.

Also, “asmarter choice. Org”provides you with the option to find a credit union in your area that offers the Credit Builder.

Written by CREDIT