Questions about my Flex Credit Line

Q: Why is my Flex credit line amount not equal to half my rent?
A: Flex now offers variable credit line amounts based on personal financial factors instead of your monthly rent. This enables us to provide you with an optimal credit line amount that better aligns with your financial profile and situation. Because your financial situation is ever-changing, we reassess your credit line amount on an ongoing basis — a variable credit line allows us to grow with you as you use it.

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.

1. 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?

2. 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?
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Q: How will fees work with the variable credit lines?
A: Flex charges monthly membership fees as a subscription:

• $14.99 standard membership fee for credit lines of $500 and above
• $6.99 discounted 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: How can I get a higher credit line?
A: One of the benefits of variable credit lines is enabling Flex to regularly assess your credit and determine whether your assigned credit line amount is aligned with your personal financial profile and situation. While you can’t request a higher credit line at the moment, Flex will have the ability to make appropriate adjustments to your credit line over time.