Centra Blog

Increasing your Financial IQ

Two ways to help build great credit

One way to build credit

One of the challenges of adulting is building and maintaining good credit. You’ve probably heard you need to build good credit, but that can be difficult if you have a low credit score, or don’t have any credit at all. So, what can you do? Here are two options that could help you out!

Get a secured credit card

A secured credit card is one like our Visa Secured Platinum. This card’s maximum credit line is $2,000, so it’s a great way to start. When you get the card, you “secure” it with a cash deposit equal to your card’s credit line. If you can’t make your payment as expected, there’s already money in your account to cover your bill. It’s a safe way for us to let you build your credit!

The big difference between an unsecured credit card and a secured credit card is the required deposit. Secured credit cards let you build credit without the chance of spending beyond your means.

Apply for a Credit Builder Loan

A Centra Credit Builder Loan could be a great option for you if you don’t have much credit, but also don’t have the cash you need for a big life expense. You can apply for a Credit Builder Loan between $1,000 to $5,000 with fixed monthly payments. Sounds like a win, right?

If you want to talk to a Centra Team Member about your options for building great credit, visit your nearest Centra location or call 800-232-3642.

*The Credit Builder Loan (CBL) may be a loan for any amount between $1,000 – $5,000 with a 12.99% annual percentage rate and fixed monthly payments. The maximum term for a CBL between $1,000 – $2,500 is 18 months. The maximum term for a CBL between $2,501 – $5,000 is 30 months. Monthly payments include single life and disability debt protection. This coverage is optional. No modifications will be made to the loan amount, rate, or repayment terms. Use of funds is unrestricted. A $35 processing fee applies. Proof of at least six months at your current job is required. Individuals may hold only one CBL at a time. All loans are subject to credit approval. This is a limited time offer subject to change at any time.