Credit Cards
Which of our cards offer rewards?
Select and World
True or False: Due date for Home Equity is the 28th.
False, Home Equity and Mortgages are due on the 1st of each month.
When is the due date for a Homeowners Advantage loan?
The due date is by the members request.
What is the due date for a PLOC?
28th of each month
True or False: We can give members up to 25% on a Vehicle Loan
False, we have a 18% cap on all of our loans.
Is there a cash advance limit on Fortera Credit Cards?
No, they are able to pull what is available at that time.
Can members do a Home Equity on Investment property or does it have to be Primary Residence?
It can be both, however, rates for Investment Properties will be higher than for Primary Residence.
Can a member take out a Homeowners Advantage on a Mobile home?
Yes, members can use Homeowners Advantage Loan for Mobile Homes not for HE/HELOC/MELOC.
What is the max amount a member can borrow on a PLOC?
40,000 for all unsecured loan products
What is the max mileage we will lend to?
150,000 Miles
Do we offer secured Credit Cards for Businesses?
No, only consumer accounts may home a Secured Credit Card.
Is an appraisal required?
No, appraisals are done at the request of the member if they think their home is worth more than the value that came back.
True or False: We do HOA loans for members that live outside of KY/TN.
True, HOA is an unsecured loan. Only requirement is they must own a home.
Can members advance from their PLOC using the OLB?
Yes, this can be completed under the transfer portion.
When a member is applying for a vehicle loan and has a checking account with direct deposits going into their account for more than a days can we offer them a discount on their rate?
Yes, we can offer the member .10 off of their rate if they have an active checking account with direct deposit for more than 60 days
How many points per dollar amount does a member with a world card get for Gas?
Three points per dollar amount spent on Gas.
Can we do a Home Equity on a duplex?
Yes, if they do not live on one side of the duplex it would need to be put in as an investment HE.
What credit grades are we able to use?
Credit grade A, B, and C only. Nothing lower than 719.
Are you able to pay students loans using PLOC?
No, we are not able to use PLOC to pay off Students loans.
True or False: The members credit score, year of the vehicle, and the term they have selected determines their rate
True, to give a member an accurate rate we need to make sure we are gathering their credit score, year of the vehicle, and the term they are potentially selecting before quoting a rate
Which card is our low rate card?
The Power card is our low rate card.
What is the minimum length of time a member needs to be in a home before able to do a HE?
One year, however, if they own free and clear and they have not owned for a year we can use purchase price or appraisal value, whichever is less for value of home.
Does HOA put a lien on the home?
No, HOA does not place a lien on the home.
If a member uses a PLOC for Overdraft what is the fee amount?
For every $100 transferred the member will accrue a $10 fee.
For a member to qualify for the .50 off of their rate when apply for a vehicle loan what does the member have to have on their membership?
To qualify for the .50 rate discount the member would need to have an active Fortera Mortgage, Home Equity, or HELOC (Can not combine discounts for multiple products)