Build Your Credit Loan and Secured Credit Card

The Build Your Credit program helps Miami students establish credit through secured loans or secured credit cards. You decide which forms of guaranteed credit you desire and we help you make positive steps in establishing a solid credit score. A good credit score will help you with future financial transactions.

The Build Your Credit loan will typically be $1,000 or $2,000 at an interest rate of 7.5% over a 24 month period. There is a $20 initial fee; interest is paid up front and will about $100.


The money for the loan is disbursed into a secure account under the member's name, but the member doesn’t have access. The payment on the loan will be repaid from this secure account automatically every month so that at the end of 24 months, the loan is reported to the credit bureaus as paid back in full, on time, every month for the entire term of the loan.

The credit card is secured through the member depositing 115% of the requested credit limit into a secure account. This account serves as a failsafe payment method if the member misses a payment. The limit for a secured credit card typically ranges from $500-$1,000. The interest rate on the card is 11.99%. First Miami will remind you to pay your bills and work out the best plan for payment. If you decide to close this card, the money in the secure account will be disbursed back to you, given that the VISA card is paid off. This initiation fee for the VISA card is $20.