Rebuilding Your Credit

[jmcmillan]

Navy offers both.

[mjm6711]

This might be a dumb question, but is there any kind of penalty for "paying of early?" I know you said minimum 24 months, but just as paying off an unsecured loan early will save you interest, will paying off a secured loan COST you interest earned?

[Legions36]

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mjm6711 wrote:
This might be a dumb question, but is there any kind of penalty for "paying of early?" I know you said minimum 24 months, but just as paying off an unsecured loan early will save you interest, will paying off a secured loan COST you interest earned?

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Pay ealry but make sure u have at least 6 months of payment history unless u defeat the purpose of what your trying to do. 

[Lasardo]

The only thing about the credit builder is it is a CD and generally CD's have a minimum of 24 months regardless of  what you are trying to do. I would  call the bank. 

[hopeful23]

I would love information on where to get a cd as a credit builder.

[angeltimes3]

Spire Credit Union also offers this and, of course, it is with a credit union!

[Lasardo]

I am glad you advised. M&I only offers for certain states, thanks for additional info .

[jleak]

Hi, Jennifer here. I am interested in knowing the name of the bank. I'm trying to rebuild my credit also...Thanks for the information.

[Lasardo]

M&I/BMO Bank has  the credit builder that was mentioned but it is limited to certain states. I understand Spire Credit Union offers something similiar but have not recearched. 

Good luck 

[Lasardo]

Researched M&I/BMO they are located in AZ,FL,IN,MO,WI,IL, and spire is out of Minnisota but they may allow you to do the account even if you are out of state.. I know M&I you have to reside within one of their states.