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Disclaimer
Exact periodic points increase will depend on each consumer’s pre- existing credit factors. For example, status of student loan, mortgage, collections etc.
CreditRenu offers two kinds of accounts: Installment and Revolving. These accounts are a fusion of a savings account and either a secured installment loan or a secured revolving line of credit.
CreditRenu installment accounts are cash-secured installment loans for building your credit.
When you open your installment account, the loan proceeds are originated by TBD Bank and placed in a locked savings account, securing the loan. Each month, as you make payments, your activity is reported to the three major credit bureaus, building payment history that accounts for 35% of your FICO score.
Just like any other conventional loan, each payment is divided into principal and interest, with the principal portion going towards paying down your loan balance and the interest being the cost we charge for the service. Click here to review our installment product pricing.
At the end of your term, the principal portion of your payments is returned to you minus any unpaid interest or fees.
Everyone’s credit profile is different, and knowing which account type is best can be hard, but here’s a quick guide on what you need to consider:
The most important thing, regardless of the types of accounts you have, is to pay them on time! Payment history is the largest factor in your credit score.
CreditRenu Revolv is a secured revolving line of credit designed to lower your utilization and build your credit while you save.
When you open a Revolv account, TBD Bank extends you a secured revolving line of credit at 0% utilization, increasing your total available credit and lowering your overall utilization.
Set an optional monthly payment at 0% interest to maximize the benefits of your Revolv account by adding usage and payment history to the line of credit, all while you build savings.
Making three consecutive on-time payments of $10 or more will increase your total line of credit by $250, allowing your Revolv account to reach a maximum of $3,000.
CreditRenu installment accounts require a non-refundable administrative fee to start, and interest is charged on your principal balance. Administrative fees and interest rates vary by account. To view our installment pricing, head over to our Instal page.
Revolv accounts cost $99 per year*, and 100% of your optional monthly payments go towards building your savings. Read more on our Revolv page.
*Revolv is $99 per year, every year. Not just the first year, with no interest and no hidden fees.
Engineered for bigger and better credit on your terms
Impact Factors: Payment history (35%), Amount of Credit (30%), Length of Credit History (15%), Credit Mix (10%)
Disclaimer
Exact periodic points increase will depend on each consumer’s pre- existing credit factors. For example, status of student loan, mortgage, collections etc.