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February 2009
The AC Phoenix
Build your Credit as you Save
When you get your tax return this
year, don’t spend it; use it to improve
your credit. How? One option is to
put your refund in a Shared Secure
account at Truliant Federal Credit
Union, it’s an account that allows
you to place a deposit into a savings
account where a hold is placed on it
and a credit line for the same amount
of money is advanced to you for use.
As you use your credit line, you
make payments on the balance like a
credit card; however, the interest rate
is lower than 5%. The best benefit of
all is that you can build your credit
score by making timely payments
each month. Once the credit line is
paid, you can access your original
deposit.
lect the terms of payment for, as long
as it is at or above the minimum pay
ment of $20 or 1.25% of the balance,
whichever is greater.
For example, Tawana got a $300 tax
refund last year and placed it in a
Shared Secured account. She got ad
vanced a $300 credit line for which
she used to get her car repaired. She
made a $25 payment each month to
build her credit score while paying off
the line. This year, instead of touching
her original $300 deposit, she plans to
add her 2008 refund to and get another
credit line advanced to her. “My
credit score was lower than 600 when
I started, now I am at 653,” according
to Tawana.
There are two options to choose For individuals who do not have a sav-
from, both of which allow you to se- ings or refund amount to deposit into
the shared secured account, Truliant
provides another option - a Shared
Secure Credit Builder. Truliant will
advance you $300 to deposit into your
savings ac
count. A hold
is placed on
the savings
account until
you pay back
the line of
credit with
interest; this
is the easiest
way to im
prove your
credit rating.
After you
repay the
amount advanced to you, the line will
be available to you as you wish or can
leave the $300 in your savings account
and continue to use the line of credit
as you need it.
This year, Twana plans to finance a
car from Truliant since rebuilding her
credit scores.
For more
information,
contact
Marjorie Rorie,
Director of
Community
Services
for Truliant
Federal
Credit Union at
336-293-2054.
About
Truliant
Federal
Credit Union
Truliant Federal Credit Union is a not-for
-profit, financial institution that provides
affordable financial services to its mem
ber-owners. Truliant was chartered in
1952 and now serves more than 181.000
members and has 25 member financial
centers in NC. SC. OH and VA. For more
information on Truliant Federal Credit
Union, visit TriiliantFCU.org.
YOUR CHANCE TO CHOOSE.
Your chance to choose is fast approaching.
It’s your chance to help decide where your children go to school.
Imagine that - you have a choice in where your children go to school.
C H 0 i C E
Choice period for elementary and middle school students is Feb. 23-March 6.
Look for information to come home in late February.
For more information, visit wsfcs.kl2.nc.us or call 748-3302.
Get ready to choose.
Winston-Salem/Forsyth County Schools