Credit Builder Apps
Quiz
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Credit builder apps are predatory lending products.
For the majority of people, credit builder apps are not a helpful tool for building credit, and can actually harm your credit score. If you don't believe us, just read the reviews of the popular credit building app services and see that they're about 60% 1-star reviews.
Got it!
The average impact to your credit score is 15-30 points for a new account.
When you open a new account, your credit age decreases, and you'll see a penalty to your credit score for a few months.
Got it!
It's not too late to undo that credit building mistake!
You can cancel your credit builder accounts and ask for a refund for the deposit amount that you have paid. The account will close, and you'll save about 15% in interest that you were paying them to hold your money.
Got it!
Here's the dirty little secret to credit builders.
It's a short-term account for your credit, meaning once it's "paid", it will close on your credit, dropping your score. This account is also you paying 15% of the amount in fees, for them to hold your money. In the end, they've got your money, and you've not built your credit score up.
Got it!
Credit Builder Apps Quiz
Wendy Massengill
Created on October 9, 2025
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Transcript
Credit Builder Apps
Quiz
Start
Congratulations!
You have completed this quiz!
Want a year of free rent reporting?
Enter for a chance to win!
Credit builder apps are predatory lending products.
For the majority of people, credit builder apps are not a helpful tool for building credit, and can actually harm your credit score. If you don't believe us, just read the reviews of the popular credit building app services and see that they're about 60% 1-star reviews.
Got it!
The average impact to your credit score is 15-30 points for a new account.
When you open a new account, your credit age decreases, and you'll see a penalty to your credit score for a few months.
Got it!
It's not too late to undo that credit building mistake!
You can cancel your credit builder accounts and ask for a refund for the deposit amount that you have paid. The account will close, and you'll save about 15% in interest that you were paying them to hold your money.
Got it!
Here's the dirty little secret to credit builders.
It's a short-term account for your credit, meaning once it's "paid", it will close on your credit, dropping your score. This account is also you paying 15% of the amount in fees, for them to hold your money. In the end, they've got your money, and you've not built your credit score up.
Got it!