Q: How does a Flex credit line work?
A: Flex is a monthly subscription that splits your rent into two payments. Each month, Flex pays your full rent directly to your property when it’s due. You pay part of that total rent up front when rent is due and finance the rest with a Flex credit line. You have the flexibility to choose your second payment date later in the month to better align with your finances.
Q: How is my Flex credit line amount determined?
A: The amount of your Flex credit line is determined based on factors like your Flex repayment history (only applicable to current users), your credit report information, and your credit score.
- Flex repayment history (for current users): Have you paid your Flex account on time? Have you ever been delinquent or had a payment returned for insufficient funds?
- Credit report information and credit scores may reflect the following:
- Payment history: Do you pay your bills, including monthly credit card bills, on time? Have you ever filed for bankruptcy or had a debt sent to collections?
- Current accounts: How many open accounts do you have? What types of loans do you have
- Account history: How long have you had your current accounts? Have you applied for new credit recently?
- Credit utilization ratio: How much credit are you using compared to the amount of credit you have available? What is your debt-to-income ratio?
Q: How will fees work?
A: Flex charges monthly membership fees as a subscription:
- $14.99 standard membership fee for credit lines of $500 and above
- $6.99 membership fee for credit lines less than $500
Flex also charges a payment processing fee, which is a percentage of the monthly rent payment based on your chosen payment method (0.75% for debit card and 3% for credit card). Flex services are offered at 0% APR from Blue Ridge Bank, N.A. Member FDIC.
Q: Do I have to use my full credit line amount each month?
A: We believe in giving you the most financial flexibility in paying your rent. You can adjust how much of your credit line amount you want to use for the month directly in the Flex app (Settings -> Payment schedule). Please note that the credit line allocation you choose will be the new default every month unless you manually readjust it.
Q: Is my credit line reassessed every month?
A: As long as you make on-time payments to your Flex account, your Flex credit line amount will not be changed. However, we may reduce your credit line amount if your account falls delinquent or you have insufficient funds to complete your Flex payments.
Q: How frequently will credit line evaluations be conducted and will these evaluations impact my credit?
A: We conduct a one-time soft credit check when you set up your Flex account. There are no additional soft credit checks after this initial evaluation. The soft credit check does not impact your credit, but missed payments on your Flex account could negatively impact your credit score. We perform ongoing monitoring of your credit profile and Flex payment history to determine continued membership eligibility.
See more questions about Flex credit line amounts HERE.
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