Which credit bureaus does Flex report my payments to?
We report your payments to TransUnion.
How can Credit Builder help improve my credit score?
Credit Builder helps improve your credit score by focusing on the four main parts that matter most: your payment history, how much of your available credit you are using, how long you've had credit accounts, and the types of credit you have.
Here's what each part means and why it's important:
- Payment History (35% of your score) - This is the most important factor. It checks if you've paid your credit bills on time. Utilizing Credit Builder and making regular payments helps show you’re reliable, which improves this part of your score.
- Credit Utilization (30% of your score) - This looks at how much of your credit limit you're using. For example, if you have a credit limit of $1000 and you use $300, your utilization is 30%. It's best to keep this number low to show you're not overly dependent on credit. When using Credit Builder, your utilization on this specific credit line is reported as 0 to the credit bureaus to be as beneficial as possible to your score.
- Account Age (15% of your score) - This considers how long you've had your credit accounts. An older account age suggests you have more experience handling credit. Your Credit Builder account doesn’t expire, so the longer you keep it, the better it is for this part of your score.
- Credit Mix (10% of your score) - This part looks at the variety of credit types you manage, such as car loans, credit cards, student loans, etc. Using different kinds of credit products like Credit Builder can show that you’re capable of managing various types of borrowing, which is good for your credit score.
- New Credit (10% of your score) - When your secured line of credit with Credit Builder is reported to TransUnion for the first time, it will appear as new credit positively impacting this part of your profile.
Each of these parts is designed to help you prove that you're good at managing your money, which can help improve your credit score. Keeping track of these can make it easier for you in the future to get loans with lower interest rates or to finance important purchases.
How much will Credit Builder improve my credit score?
Credit Builder can help improve your credit score by an average of 45 points in 1 month*
*Individual results vary. Average outcome for customers who opened a Credit Builder account with a starting VantageScore 3.0 with a credit score below 560 and made consistent, on-time payments for at least one month. Factors other than on time payments, including interactions with other creditors, also play a role and may impact results. Payment history will be reported to TransUnion. Past performance does not guarantee future results, and a credit score increase is not guaranteed.
How long will it take for Flex to start improving my score?
Flex will report your line of credit to TransUnion at the end of each month. For example, if you use Credit Builder to pay your July rent, it will be reported at the end of July. Credit Builder can help improve your score starting from that time.
How long should I use Credit Builder?
The longer the better, as it helps build your credit history. Keeping your account in good standing over time significantly improves your credit score.
What happens if I pause Credit Builder usage for a few months before resuming, does that hurt my score?
It does not hurt your score but pausing Credit Builder lessens the positive impact on your credit score. A significant portion of your credit score is determined by “account age” so the longer you are reporting specific credit lines, such as rent, the better the impact on your credit.