This Account maximizes your credit profile by adding a large credit account to your credit report
It may be right for you if you want to:
- Unlock higher credit limit credit cards
- Access higher-value personal loans
- Maximize your potential credit score increase
Because of its large size and long term, this Installment Loan account is not for everyone
This Account may not be your best credit building option if:
- You cannot afford to consistently make the minimum required monthly payment on time
- You do not have the ability to easily keep the account open for at least 24 months
- You have a bankruptcy that is less than 7 years old
- You have loans or credit cards with late/missed payments within the last 12 months
- You want or need money NOW
NOT recommended if:
- You are applying for a home mortgage in the next 12 months and are concerned about your DTI ratio (Debt-to-Income ratio)
- You are applying for a business loan that requires a personal guaranty in the next 12 months and are concerned about your DSCR (Debt-Service-Coverage-Ratio)
Not designed to build savings
While this account is not designed to focus on building savings, the principal you pay on your loan will be returned when you close your account, less any outstanding interest or fees.
Your account and payment history will be reported to Experian, TransUnion, and Equifax. Because of their large size, this account may need to be open and in good standing for a minimum of 90 days, and you may need to successfully make a minimum of 3 required monthly payments before your account is reported to the 3 major consumer credit bureaus.
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