The Credit Builder Account is a loan that can help you build credit and savings. The money from your loan is deposited into a secured savings account. As you pay down your loan, each payment increases your savings. Your payment history is reported to all three major credit bureaus, which can help you build credit.
Your payment history is reported to all three major credit bureaus every month. Making on-time payments can increase the chances of your credit score going up, while late or missed payments could lower your score.
When you open your account, the money from your loan is deposited into a secured savings account. For 12 months, you repay your Credit Builder Account loan. Once you’ve fully repaid your loan, you can unlock your accrued savings!
Since everybody’s credit profile is unique and credit score models vary, we can’t determine if or by how much the Credit Builder Account could increase your credit score. For example, even if you’re paying your account on time, any activity from other accounts (payment history, delinquencies, bankruptcies, public records) could impact your score.
Keep in mind that, if you already have a credit score, opening a new loan could negatively impact your score.
If you can’t make a payment, you can request for your Credit Builder Account to be closed. Since the account activity is reported as a loan, any missed or late payments may negatively impact your credit score. If we deem your account to be in default, then we’ll close your account.
Yes. You can always pay your loan off early without penalty. Keep in mind that doing so will lower the number of payments reported to the credit bureaus. Since your payment history has a significant impact on your credit score, this could impact the positive effect that the Credit Builder Account could have on your score. Completely paying off your loan doesn’t automatically result in an approval for a Mission Lane credit card.
Yes, you can access your funds early by paying off your loan in full. However, to get the most out of your Credit Builder Account, we strongly recommend that you make on-time payments throughout the full 12 months of the plan. Keep in mind that this isn’t a credit card, and paying off your loan doesn’t result in a line of credit.
Note: since your payment history has a significant impact on your credit score, paying on time throughout the full length of the plan may increase the chances of positive impacts to your score.
We report your Credit Builder Account to all three major credit bureaus each month. This report is a summary of your account activity from the month before. Once we report to the bureau(s), it may take a few weeks to show on your credit profile. It may take even longer to appear on other credit monitoring sites.
Note: if you don’t have credit before opening the Credit Builder Account, or if you haven’t had an active credit account for some time, then you may not have an existing credit profile until you open your Credit Builder Account.
Once you’ve repaid your loan, we’ll close your Credit Builder Account and return your savings to the last bank account from which a successful payment was made. Before you make your final payment, please ensure that the bank account you're paying with is the account into which you’d like your savings returned. This offering isn't a credit card, and paying off or completing your full plan doesn’t result in a line of credit.