A good credit score is the first step toward financial empowerment. It’s one of the deciding factors when you look to buy a house, purchase a new car or get a new credit card. The Sunrise Banks Credit Builder Program can help you build your credit while establishing a strong payment history.1
Benefits of the Credit Builder Program
- Opportunity to establish or increase your credit score
- Establish a savings account and earn interest
- Helps you get into the habit of saving money
- Connects you with a banker for an introductory lesson to credit and ongoing guidance
How it Works
Apply for a $500 12-month (21% APR) or $750 18-month (15% APR) Credit Builder loan2. You may have up to 3 Credit Builder loans at one time.
You will not directly receive the loan funds. Instead, we will place the principal loan amount in a Certificate of Deposit (CD) savings account, and you will make an estimated monthly payment of $46.81 following your repayment schedule. Your account will earn interest while you repay the loan3.
We will report your monthly payments to all four major credit bureaus: Experian, Equifax, TransUnion, and Innovis.
The funds in your Credit Builder Account will be deposited into your Sunrise Banks Checking or Savings Account4 once you make your final payment.
What do you need to apply?
- A government issued ID
- A Social Security or ITIN number
- Address verification
- No proof of income needed
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The Credit Builder Loan does not guarantee credit score improvement. There are many variables that factor into your credit score. The best way to build credit with this loan is to make on-time payments every month.
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APR = Annual Percentage Rate. Loan Rates are subject to change at any time without notice. Credit Builder loans are subject to credit approval. Fees may apply. SSN or ITIN required for loan application. Individuals using an ITIN must apply in person, click here to find a location.
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Certificate of Deposit and loan rates may vary. See a Sunrise Banks Relationship Banker for full details.
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If you do not have a Sunrise Banks checking or savings account, we will provide you with a check.