First Miami Student Credit Union

Build Your Credit

Build Your Own Credit and Secured Credit Card


The Build Your Credit Program helps Miami students establish credit through secured loans or secured credit cards. You decide the which forms of guaranteed credit you desire. We help you make positive steps in establishing a solid credit score that will assist in lower interest rates on any future financial transactions, and whenever it comes time to purchase a car or home. 

Loan details:

The Build Your Credit Loan will typically be for $1,000 or $2,000 at an interest rate of 7.5% over a 24 month period. There is an initiation fee of $20 and the interest, which is paid up front will be around $100. 

Loan Security:

The money for the loan is disbursed into a secure account under the members name, without allowing the member access to the funds. 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. 

Secure Credit Card:

The credit card is secured through the member depositing 115% of the requested credit limit into a secure account that we create. This account serves as a fail safe payment method if the member misses a payment.The limit for a secured credit card typically ranges from $500 to $1000, but is up to the members discretion. The interest rate on the card is 11.99%. First Miami will work with you to remind you to pay your bills and to 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 the visa card is paid off. This initiation fee for this visa card is $20.