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On a Mission to Build your Credit? Look no further!

On a Mission to Build your Credit? Look no further!

Mission Lane has launched a new product called the Credit Builder Account, where you guessed it, it could help you build your credit history with no fees or interest. Most people think that you need a credit card to build your credit history, well Mission Lane is helping you try and build up your credit history without a credit card and no hard inquiry required. Building your credit history can seem like a daunting task, but there are companies out there that are trying to make it easier and more user friendly. The Credit Builder Account at Mission Lane is a great product for consumers that may have been denied previously for loans or credit cards due to poor or lack of credit history.

Credit Fun Facts

  • Payment history has a significant impact on your overall credit score
  • Making payments on time is an important factor in increasing your score
  • Late or missed payments could lower your score
  • Opening a new loan could negatively impact your credit score

The Mission Lane Credit Builder Account is a no fee, zero interest loan that can help you build your credit history and increase your savings. The money from your loan is deposited into a secured savings account and as you pay down your loan, each payment increases your savings. Your payments history is reported to all three major credit bureaus, which can help you build credit. Making on time payments can increase the chances of your credit score going up, while late or missed payments could lower your score. Nervous about the savings? Don’t be! Your savings are FDIC insured and if for some reason you end your plan early, you will have access to the funds you have repaid up to that point.

Quick Recap:

The Credit Builder Account helps you to build your credit history in 4 easy steps.

  1. Open your Credit Builder Account in minutes! – applying online is quick and easy.
  2. Set aside $25 each month - this money goes toward your loan to save for future use
  3. Grow your credit - pay on time for your payment history to be positively reported to all three major credit bureaus
  4. Unlock your savings - complete your full 12-month plan to gain access to your $300
There is no telling exactly how much your credit will increase by utilizing the Credit Builder Account since everyone’s credit profile is different and credit score models vary. But knowing that Mission Lane will report your Credit Builder Account payments to all three major credit bureaus each month is a huge bonus and step in the right direction to building up your credit. Still not convinced Build is right for you? They also offer no monthly fees and no interest on the loan.

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