A good credit score is one key towards a healthy financial outcome. The Sunrise Banks Credit Builder Program may help you improve your credit score. The Credit Builder Program is a combination loan and savings program that may help you establish a good payment history, which is an important step in building a better credit score.
Here's how it works:
- Apply for a loan and borrow $500, $1,000 or $1,500.
- The loan funds will be placed in a Certificate of Deposit (CD) for you and will earn interest while you work to repay the loan. The CD funds will not be available for withdrawal until the loan has been paid back in full.
- You make monthly loan principal and interest payments following the repayment schedule.
- When you make your final loan payment the funds in your CD will be credited to your Sunrise Banks checking or savings account1 for you to use.
By the end of the Credit Builder Program, if you made all your monthly payments on time, your credit score may increase. Sunrise Banks will report your Credit Builder loan payment history to Equifax, Experian and Transunion.
Subject to credit approval. Fees may apply. SSN or ITIN required for loan application. Certificate of Deposit and loan rates may vary. See a Sunrise Banks Relationship Banker for full details.
1 If you do not have a Sunrise checking or savings account, we will provide you with a check.