If you’re just establishing your credit or trying to re-build your credit, here are 2 quick and easy options:
Shared or CD Secured Loan

Secured loans let you place cash into a savings account, which is then held.  You receive a loan for the amount of cash you deposit, with fixed payment amounts that you feel comfortable with.  As you make regular payments on your loan, your credit is built and you only pay interest on the rate difference between your savings and the loan. Interest rates are fixed for secured loans and the interest rate match the loan term on CDs.  As a recap, here are the benefits of shared or CD secured loans:

  • No Pre-Payment Penalties
  • Fixed Interest Rates for Share Secured Loans
  • Variable Interest Rates for CD Secured Loans
  • Credit-Life/Disability Insurance Available
Secured Credit Card

A secured credit card is great for those trying to build their credit because it is secured with a deposit. This works similar to a shared loan. You put in cash (security deposit) and then you are given a line of credit, usually for the amount of the deposit. Each financial institution can vary with their terms and agreements. The secured card can give you the experience of using a credit card, can help you improve your credit profile, and in return, give you availability for more rewards or a higher credit limit.

When using a GO2 Secured Visa with Ascent Credit Union, you get all the benefits of using a VISA card and competitive interest rates. Here are some of the additional benefits of using the GO2 Secured VISA:

  • Control how, when, where and who uses your cards with the MyCardRules app.
  • Competitive, low variable rates
  • Instant issue available at all branches
  • Each card is equipped with chip-enabled technology as a security benefit. Activity is monitored for fraudulent transactions, taking a proactive step to prevent unauthorized purchases

Establishing credit and re-building credit takes patience and accountability.  Make your life easier by taking advantage of these two great options.

To get more information and to apply online for a Shared/CD Secured loan, click HERE.

To get more information and to apply online for a Secured Credit Card, click HERE.

Please contact us if you have any questions or need more information.