The "Credit Builder" as it is called is exactly that.. a credit builder. It is most heavily reflected as POSITIVE on your credit report with on time consecutive payments. ~You borrow an amount between $1000.00 and $5000.00 that is saved in your name in an interest earning Cretificate of Deposit (CD) ~ you select the desired amount of time to repay the loan with regular 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 all three bureaus ~ As I stated above I went with $2000.00 available to me in 2 years at $88.00 (.44%) a month. Not a bad way to earn credit. I know my bank offers this account but I have mentioned it before and understand a lot of banks offer them now. I would ask a local credit union or bank if they do, if not I can pm you the info. Goo luck..
CS 728- 01/13 from 554-12/11
Goal: 800
