New Beginning Program

The Program

New Beginning is a special program designed to help you build credit and establish positive checking and lending history.

 

Why Positive Credit is Important

Having a positive credit history helps you in many ways in addition to receiving favorable interest rates on loans and lower premiums for insurance. A positive credit history will help when you apply for a property lease or a mortgage—and you’ll be more likely to obtain credit such as an auto loan or a credit card. In some instances, a positive credit history is necessary in order to qualify for certain jobs.

The New Beginning Package

In the New Beginning Package you will get:

  • A checking account with an ATM card that has no monthly fee if you use Direct Deposit (otherwise $7 per month)
     
  • A personal loan between $250 and $500 having a term between 3 to 6 months
     
  • A savings account that you will build according to your pay schedule as you pay back your loan
     
  • The option to apply for a new loan once the previous loan is paid in full

How to Qualify for the New Beginning Program

1) 

Ensure you are eligible within The Tennessee Credit Union’s field of membership.

2)

Complete a membership application at your local branch.

3)

Within 30 days of applying for membership, complete the online BalanceTrack Checking Account Management program available from BALANCE or obtain a hard copy from your local branch.

4)

Provide proof that any outstanding items on the ChexSystems report are paid in full—you may obtain your report by calling ChexSystems at (800) 428-9623.

5)

After all prior steps are complete, the final program documents will be provided by your local branch.