Building and Rebuilding Credit

Building or rebuilding credit can seem like an insurmountable task. You can’t qualify for credit without a credit history – and you can’t build a credit history without borrowing.  So, what do you do?

Here are some options to consider:

  • Secured Credit CardWith a Secured Card, you deposit a certain amount of money into a savings account, which sets your credit limit. The money stays on deposit while you use the credit card and pay it back each month. Make your payments on time and once a stellar payment history is established, ask your financial institution to convert your Secured Card to a conventional Credit Card Account.
  • Savings or Certificate Secured Loan – Similar to a Secured Credit Card, a secured loan, using Savings or a Certificate of Deposit is a good option. Take out a loan using the Savings or Certificate as collateral. Your money will stay on deposit, you’ll earn interest on your savings and you’ll be on your way to establishing credit.
  • Credit Builder Loan – A Credit Builder Loan is a great way to establish credit if you don’t have established savings and you don’t need the money right away. With a Credit Builder, the loan proceeds are deposited into a savings account.  The money stays on deposit for the length of the loan.  Once the loan is paid in full, the funds in the savings account are released.  You now have your money and a credit history.

At Russell Country, we understand that building or rebuilding credit can be challenging.  We’re here to help you get started with any of these loan options.  So, give us a call at 1.406.761.2880 and let’s get started today!