City Lending
MAGNUM® Accounts
Supercharge your credit profile with City Lending MAGNUM®, the nation’s largest and longest credit builder account. MAGNUM® accounts offer commercial grade credit building and are designed for people who are looking to prime their personal credit for business credit goals.
Who are MAGNUM® Accounts designed for?
Sometimes bigger is better
City Lending MAGNUM® accounts are good for customers who need to demonstrate their ability to reliably repay larger credit obligations. This may include customers who want business credit down the line, or a large personal loan.
Please note that because of their large size, City Lending MAGNUM® accounts are not for everyone.
If you are focused solely on building your credit score, a City Lending Subscribe or Build & Save account might be better suited to your goals.
Priming Personal Credit for Commercial Credit Goals
City Lending MAGNUM® accounts report credit using the accountholder’s personal tax identification number (SSN or ITIN). However, they may help individuals in cases where a lender will include the borrower’s personal credit history as part of a commercial loan credit decision.
Some lenders may look past an applicant’s credit score and make credit decisions based on the tradelines reported in a credit profile. They may also discount small $1,000 or $2,000 credit builder accounts in their underwriting criteria.
Decreasing Cost – Increasing Savings
With MAGNUM® accounts, every month your interest cost goes down and your savings progress accelerates.
The tables below illustrates interest expense vs. savings progress for MAGNUM® 5000 and MAGNUM® 10000 accounts.
MAGNUM® 5000
One-time, non-refundable administrative fee: $25.00
Annual percentage rate: 5.907%
| Monthly Payment | Avg. Monthly Savings Progress | Avg. Monthly Interest Expense | Annual Savings Progress | Cumulative Savings Progress | Avg. % of Payment Applied to Savings Progress | |
|---|---|---|---|---|---|---|
| Year 1 | $55.00 | $31.68 | $23.32 | $380 | $380 | 58% |
| Year 2 | $55.00 | $33.57 | $21.43 | $403 | $783 | 61% |
| Year 3 | $55.00 | $35.57 | $19.43 | $427 | $1,210 | 65% |
| Year 4 | $55.00 | $37.68 | $17.32 | $452 | $1,662 | 69% |
| Year 5 | $55.00 | $39.93 | $15.07 | $479 | $2,141 | 73% |
| Year 6 | $55.00 | $42.30 | $12.70 | $508 | $2,649 | 77% |
| Year 7 | $55.00 | $44.82 | $10.18 | $538 | $3,187 | 81% |
| Year 8 | $55.00 | $47.49 | $7.51 | $570 | $3,756 | 86% |
| Year 9 | $55.00 | $50.32 | $4.68 | $604 | $4,360 | 91% |
| Year 10 | $55.00 | $53.29 | $1.69 | $639 | $5,000 | 97% |
MAGNUM® 10000
One-time, non-refundable administrative fee: $25.00
Annual percentage rate: 5.851%
| Monthly Payment | Avg. Monthly Savings Progress | Avg. Monthly Interest Expense | Annual Savings Progress | Cumulative Savings Progress | Avg. % of Payment Applied to Savings Progress | |
|---|---|---|---|---|---|---|
| Year 1 | $110.00 | $63.36 | $46.63 | $760 | $760 | 58% |
| Year 2 | $110.00 | $67.14 | $42.86 | $806 | $1,566 | 61% |
| Year 3 | $110.00 | $71.13 | $38.87 | $854 | $2,420 | 65% |
| Year 4 | $110.00 | $75.37 | $34.63 | $904 | $3,324 | 69% |
| Year 5 | $110.00 | $79.85 | $30.15 | $958 | $4,282 | 73% |
| Year 6 | $110.00 | $84.61 | $25.39 | $1,015 | $5,298 | 77% |
| Year 7 | $110.00 | $89.64 | $20.36 | $1,076 | $6,373 | 81% |
| Year 8 | $110.00 | $94.98 | $15.02 | $1,140 | $7,513 | 86% |
| Year 9 | $110.00 | $100.63 | $9.37 | $1,208 | $8,721 | 91% |
| Year 10 | $110.00 | $106.58 | $3.38 | $1,279 | $10,000 | 97% |
