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Build Your Credit Score with a Secured Credit Card

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Embarking on financial success begins with understanding your credit score, the North Star of your fiscal journey. As your military bank, we’re here to break down the essentials and offer clear guidance through the twists and turns of credit-building. Whether you're looking to boost your credit standing or exploring the benefits of a strong credit score, we have effective solutions. One strategic approach is the use of secured credit cards, designed to assist you every step of the way. Ready to march towards a stronger credit future? Let the journey begin!

Apply for our Secured Credit Builder Card Now

Basics of Credit Scores

By understanding the basics of credit scores, you are setting yourself up to make informed financial decisions down the road. Your credit score is like a financial calling card, ranging from 300 to 850, that reflects how well you manage your finances. This three-digit number is calculated from information in your credit reports, and it provides lenders insight into your ability to manage credit responsibly.  By paying your bills on time, keeping tabs on your credit balances, and nurturing a consistent and positive credit history, you can build a strong credit score. So, lock and load for financial success!

Advantages of a Strong Credit Score

Securing a good credit score isn’t merely a badge of honor. Instead, it unlocks positive financial opportunities for you. Here are some key advantages:

1. Higher Approval Odds for Loans and Credit Cards:

A stable credit score means smoother sailing when applying for loans, credit cards, and other forms of credit. Lenders are more willing to extend credit to individuals with a proven record of financial responsibility.

2. Low Interest Rates:

One of the primary benefits of a good credit score is the ability to secure lower interest rates for loans and credit cards. Just as a military strategist values a well-executed plan, lenders see individuals with higher credit scores as low-risk borrowers, opening doors to more favorable lending terms.

3. Better Terms on Insurance Premiums:

In the finance battleground, every detail counts. Some insurance providers consider your credit score when setting premiums. Maintaining a strong credit score could lead to more wallet-friendly rates on auto, homeowners, or renters insurance.

4. Easier Rental Approval:

When securing your home base (aka, your next rental), landlords and property management companies may check your credit score when evaluating your rental application. A strong credit score increases your chances getting approved and landing that rental property.

5. Access to Premium Credit Cards:

With a great credit score, you gain entry to the world of premium credit cards. These cards offer attractive rewards programs, higher credit limits, cashback benefits, and other perks.

Do I have a Good Credit Score?

Understanding your credit score position is essential for financial clarity. The highest attainable credit score is 850, but the difference between a "perfect" score and an “excellent” one does not significantly impact the rates and products that you qualify for. Don't stress over hitting 850, especially because credit scores tend to fluctuate.

  • Excellent Credit: 720 or higher
  • Good Credit: 690 to 719
  • Fair Credit: 630 to 689
  • Bad Credit: 629 or below

Building Your Credit Score at Armed Forces Bank

Ready to take command of your credit score? If your current score isn't quite up to par, fear not—there’s a path to rebuild. At Armed Forces Bank, we're here to guide you through a practical credit-building strategy.

For those seeking a credit builder program, we recommend the Credit Builder Secured Visa® Credit Card. This secured card operates on a simple premise: It’s backed by a cash deposit, making it a low-risk option. Even with a lower credit score, making small purchases and paying them in full by the due date can be your secret weapon to boost your credit score.

Features of Armed Forces Bank’s Credit Builder Secured Visa® Credit Card include:

  • No annual fee
  • No application fee
  • No over-limit fee
  • Automatic reporting to the three major credit bureaus to help you build a credit history
  • Set your own credit limit between $300 and $3,000
  • Added security of EMV chip technology
  • Faster, more secure online transactions when you enroll in Visa® Checkout

Join us at Armed Forces Bank, and let's march towards a stronger credit future together!

If you have questions about the Credit Builder Secured Visa® Credit Card, check out our credit builder FAQ. Want to learn more tips for building credit? We have your back!

Apply for our Credit Builder Account Now

Member FDIC

Subject to credit approval. Transaction and Penalty fees apply.  Credit Builder Savings account required.  $5.00 quarterly fee charged to the Credit Builder Savings account if not enrolled in eStatements. Improved credit score is not guaranteed. Credit score is determined by credit reporting agencies based on multiple factors, but satisfactory performance on a credit card product can improve your credit score. Default on a credit card, including missed or late payments can damage your credit score. Once added, funds cannot be withdrawn from the Credit Builder Savings account and the Credit Builder credit card without closing the savings account and the credit card.