Asset Building Services
Intro | Credit Repair | Financial Literacy | Homebuyer Education | IDA
BUILD-IDA Program
The BUILD-IDA Program can help you build a better financial future. It provides:
- Financial education -- at least 2 hours of financial education training, including topics on budgeting, credit maintenance & repair, and homeownership
- HSBC Savings Account -- access to a savings account through HSBC, regardless of prior referral to ChexSystem or negative credit history
- $500 matched savings grants -- for those who successfully save $500 within 24 months and available for use on an HSBC secured credit card
This is an excellent opportunity for a variety of individuals, including those who may have a credit problem, those who can't meet qualifications for a credit card, and those who are looking for a second chance to build up their credit.
Program Eligibility
Participants must meet the following requirements:
- No credit or credit score < 650
- Gross household income BELOW the following limits:
| # of Household Members |
Total Gross Household Income |
|
1 |
$41,450 |
|
2 |
$47,350 |
|
3 |
$53,300 |
|
4 |
$59,200 |
|
5 |
$63,950 |
- Be in ChexSystem
Program Requirements
To complete the savings program and receive a $500 matched savings grant, participants must complete ALL of the following:
- Attend the orientation and complete at least 2 hours of financial education training
- Make minimum of $25 savings deposits per month
- Remain in the program for at least 6 months
- Save $500 within 24 months of entering the program
For more information about the program, contact Carol Wu, Asset Building Coach, Tel: (213) 989-3151, Fax: (213) 353-4665, E-mail: cwu@pacela.org.
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