James Poe still remembers the day in 2011, when he walked into Regions’ Hueytown, Alabama, branch and took another important step in his recovery from drug and alcohol abuse.
Then a client of Jimmie Hale Mission, a nonprofit in Birmingham that seeks to transform the lives of adults affected by homelessness, addiction and unhealthy living, Poe needed to open a checking account for his first paycheck as the new worship leader at New Faith Baptist Church in Pleasant Grove.
“I needed $50 of that first $75 check to pay a bill, so my first deposit was $25,” he said. “I was thinking to myself, ‘They’re not going to open an account with $25,’ but that was not the response I got.
“You would’ve thought I was depositing $25,000 the way the associate at the bank treated me and my $25 deposit. I still remember that experience to this day.”
That would be the first of many extraordinary Regions experiences to follow for Poe, director of the Shepura Men’s Center at Jimmie Hale Mission. But he said none were more important than the impact of the bank’s secured Explore Visa® Credit Card — launched in 2017.
How Secured Credit Cards Work
Regions’ Explore Visa works by using a deposit in a separate savings account as collateral for the credit line.
A secured card is great for customers who are either new to credit or maybe rebuilding credit.
The amount deposited determines the credit limit, which can be used for purchases, balance transfers and cash advances just like a regular credit card. The initial collateral amount continues to build interest, and paying the credit card bill on time helps build positive credit history.
“A secured card is great for customers who are either new to credit or maybe rebuilding credit,” said Caryn Smith, manager of consumer credit card products for Regions. “That’s because it’s backed by a deposit in a savings account and helps to manage risk while still helping customers really establish those responsible credit habits.”
Smith said more than 33,000 cardholders have graduated from secured to unsecured cards since 2021. That is when Regions added a graduation feature allowing customers to get their initial collateral deposit back and get their card accounts reclassified as unsecured based on payment history and other factors.
“In this group of customers, we’re seeing an average increase of almost 60 points in their credit scores,” she said. “ I think this shows that with on-time payments and responsible use, financial wellness can be achieved.”
When I got that card with my name on it, I told myself, ‘OK, we’re getting somewhere now.’ James Poe, Director, Shepura Men’s Center at Jimmie Hale Mission
Poe got his collateral back when he “graduated” 13 months after opening his Explore Visa.
“I had a kitchen supervisor position at the mission and was starting to make more, so I told my Regions banker, ‘OK, I want to start rebuilding my credit and what do I need to do?’” he recalled. “The recommendation she shared from my Regions Greenprint® plan was, ‘Let’s start with getting a secured credit card.’
“I had credit cards before but had never felt the same feeling about any of them as the day that Regions card came in the mail,” he said. “When I got that card with my name on it, I told myself, ‘OK, we’re getting somewhere now.’”
Recovery Complete
It took Poe 10 years to complete his transition from mission client to mission director. Along the way, in addition to rebuilding his financial life, he restored his marriage and also became pastor at New Faith Baptist after accepting a call to ministry. He’s still using his Regions credit card but now for things like family trips with the grandkids.
Poe considers every day an opportunity to share the financial lessons he learned from Regions with men trying to write their own turnaround stories.
“One of the primary things that we try to teach our guys while they are with us is how to make better decisions,” he explained, “and that includes how to be more responsible with money since God calls us all to be good stewards with the blessings He gives us.”
While a group comes from Regions to teach Regions Next Step® financial education lessons quarterly, Poe said he feels a special responsibility to share daily insights from his own financial journey.
“I’ve walked in their shoes and graduated from this very same program,” he said. “I know what is possible. They can do it, and I want to do everything I can to help them succeed.”
Other Resources to Rebuild Credit
Note: Experiences and opinions stated by customers are their own and involved no compensation.