Having an open and active credit card account that you pay every month is a big part of having a good credit score. If you don’t have much credit history, one thing our Credit Services team frequently recommends is to open a secured credit card. This can help you quickly build credit or improve your credit scores.
What It Is:
Credit Builder is a program that makes it easy for NOVA clients to build credit by opening a secured credit card. The card quickly reports to all 3 credit bureaus and helps you build your credit score.
How it Works:
Your New Account will appear on your Credit in as little as 1 Week!
Build Credit by Making Purchases With Your Credit Builder Card
You can enroll through an easy, online enrollment process. You can choose to either put down the entire $200 deposit today to open the card or save up the $200 deposit through a series of installments. Once you have fully funded the deposit and applied, you will receive the credit card in around 2-3 weeks.
There’s a $29 annual fee on the card and the interest rate is 19%.
The $29 annual fee reports as an on-time payment onto your credit report within a week of being approved for the card. Most clients will have the $29 annual fee reported as an on time payment to all 3 of their credit reports before they even receive the card in the mail. This helps you quickly start to build credit. The card reports to the credit bureaus every week ensuring that any balance update or payment will be reported onto your credit reports within a week. No need to wait 30 days for balance updates!
You will be approved for the card as long as your identity can be verified and you do not have any active bankruptcy proceedings in the courts.
How to Enroll:
Enroll online at www.creditbuildercard.com/nova
Home on the Horizon is NOVA Home Loans’ in-house Credit Services department. This is a free service we offer to help our clients qualify for the best rates and programs available!