Need to Establish or Rebuild Credit?
• Get personalized credit score tracking, credit monitoring, and access to simple financial tools
• No credit score required
• No hard pull inquiry
• Reports all 3 bureaus
• As of today, the credit builder is available nationwide
• Approval amount may vary
A credit builder account is a small loan that’s held in a CD account for 12 months. The account is FDIC insured, earns 0.10% APY† interest and is held for you in your name during the term.
The credit builder account offered inside works like this:
- Our banking partner lends you money that is held in a FDIC insured, certificate of deposit bank account (“CD account”) for 12 months.
- Next, you make 12 equal payments over the course of your term to repay the credit builder account. Payment history is reported to the credit bureaus each month.
- At the end of the term, you’ve paid off your loan and your CD has matured (and earned interest!). Plus, you’ve demonstrated months of payment history to the credit bureaus.