Who are Build accounts designed for?
Low Cost
Build accounts are designed for consumers focused on long-term, low-cost credit building. Starting at just $15 a month, Build accounts are our most affordable option to start building your credit.
Customizable
Customize your credit building to suit your goals. Don’t need all 120 months of credit building? Build accounts allow you to partially prepay, payoff, or close your account at any time with no fee or penalty.
Long Run
Length of credit history comprises 15% of your FICO® Score. Build offers a way to keep a long tradeline on your profile and consistently build up a healthy length of credit history.
Constantly replacing a 12-month credit builder loan is more costly and may dip your credit score each year. Every time the 12 month loan matures it will decrease your length of credit history.
Decreasing Cost
With Build accounts, every month your interest cost goes down and your savings progress accelerates.
The tables below illustrate interest expense vs. savings progress for Build 1000 and Build 2500 accounts.
Build 1000
One-time, non-refundable administrative fee: $15.00
Annual percentage rate: 13.50%
| Monthly Payment | Avg. Monthly Savings Progress | Avg. Monthly Interest Expense | Annual Savings Progress | Cumulative Savings Progress | Avg. % of Payment Applied to Savings Progress | |
|---|---|---|---|---|---|---|
| Year 1 | $15.00 | $4.32 | $10.68 | $52 | $52 | 29% |
| Year 2 | $15.00 | $4.93 | $10.07 | $59 | $111 | 33% |
| Year 3 | $15.00 | $5.61 | $9.39 | $67 | $178 | 37% |
| Year 4 | $15.00 | $6.39 | $8.61 | $77 | $255 | 43% |
| Year 5 | $15.00 | $7.28 | $7.72 | $87 | $342 | 49% |
| Year 6 | $15.00 | $8.30 | $6.70 | $100 | $442 | 55% |
| Year 7 | $15.00 | $9.46 | $5.54 | $113 | $556 | 63% |
| Year 8 | $15.00 | $10.77 | $4.23 | $129 | $685 | 72% |
| Year 9 | $15.00 | $12.28 | $2.72 | $147 | $832 | 82% |
| Year 10 | $15.00 | $13.97 | $1.01 | $168 | $1,000 | 93% |
Build 2500
One-time, non-refundable administrative fee: $15.00
Annual percentage rate: 7.75%
| Monthly Payment | Avg. Monthly Savings Progress | Avg. Monthly Interest Expense | Annual Savings Progress | Cumulative Savings Progress | Avg. % of Payment Applied to Savings Progress | |
|---|---|---|---|---|---|---|
| Year 1 | $30.00 | $14.36 | $15.64 | $172 | $172 | 48% |
| Year 2 | $30.00 | $15.51 | $14.49 | $186 | $359 | 52% |
| Year 3 | $30.00 | $16.76 | $13.24 | $201 | $560 | 56% |
| Year 4 | $30.00 | $18.11 | $11.89 | $217 | $777 | 60% |
| Year 5 | $30.00 | $19.56 | $10.44 | $235 | $1,012 | 65% |
| Year 6 | $30.00 | $21.13 | $8.87 | $254 | $1,265 | 70% |
| Year 7 | $30.00 | $22.83 | $7.17 | $274 | $1,539 | 76% |
| Year 8 | $30.00 | $24.66 | $5.34 | $296 | $1,835 | 82% |
| Year 9 | $30.00 | $26.64 | $3.36 | $320 | $2,155 | 89% |
| Year 10 | $30.00 | $28.76 | $1.22 | $345 | $2,500 | 96% |
