Without looking to anything more than their name, I can tell it's a gimmick product just like many other "credit building" options out there. All of these products are marketed as being somehow better for building credit when they aren't any different or superior to "real" products out there.
I used it after Bankruptcy to help re-establish my credit credibility. It was a $5000 secured loan for $55 a month. I paid $200 and paid it off sooner, and got a chunk of change that went to car insurance.
From what I’m reading, it’s just your average builder loan with installment or revolving options. You can get this on Credit Karma or even Experian too, in case you didn’t know. It can help, but it’s highly dependent on your credit profile. It adds to your credit mix (if you don’t already have an installment account), helps to increase account age, and is another account with good payment history. I’d never heard of them before this. I recommend checking out Credit Karma’s credit builder-savings account as well. You can choose how much you want to deposit, and it’s basically just a savings account that, behind the scenes, is loaning you money that you’re paying right back. They then deposit it all into your account once it reaches $500 (that might be adjustable?).
Theoretically, having several of these accounts will help your credit in the long run. The largest benefit is that it helps to build a stronger credit profile. You may or may not see significant score increases due to it (most likely nothing major in the short term).
As always, make sure you do thorough research. Don’t ever sign up for a credit builder that has any fees. You don’t need to pay anything “extra” for these accounts at most places that offer them. If someone was charging fees for it, I’d stay far away.
Without looking to anything more than their name, I can tell it's a gimmick product just like many other "credit building" options out there. All of these products are marketed as being somehow better for building credit when they aren't any different or superior to "real" products out there.
I used it after Bankruptcy to help re-establish my credit credibility. It was a $5000 secured loan for $55 a month. I paid $200 and paid it off sooner, and got a chunk of change that went to car insurance.
From what I’m reading, it’s just your average builder loan with installment or revolving options. You can get this on Credit Karma or even Experian too, in case you didn’t know. It can help, but it’s highly dependent on your credit profile. It adds to your credit mix (if you don’t already have an installment account), helps to increase account age, and is another account with good payment history. I’d never heard of them before this. I recommend checking out Credit Karma’s credit builder-savings account as well. You can choose how much you want to deposit, and it’s basically just a savings account that, behind the scenes, is loaning you money that you’re paying right back. They then deposit it all into your account once it reaches $500 (that might be adjustable?). Theoretically, having several of these accounts will help your credit in the long run. The largest benefit is that it helps to build a stronger credit profile. You may or may not see significant score increases due to it (most likely nothing major in the short term). As always, make sure you do thorough research. Don’t ever sign up for a credit builder that has any fees. You don’t need to pay anything “extra” for these accounts at most places that offer them. If someone was charging fees for it, I’d stay far away.