Credit Builder

A credit score is between 300 and 850, and represents your credit risk, or the likelihood you will pay your bills on time.

Cambio provides a VantageScore from Transunion. Factors include:

• Payment history (40%, extremely influential): are you paying your debt and bills on time
• Credit age and mix (21%, highly influential): the age and type of loan accounts you have
• Credit utilization (20%, highly influential): the amount of credit you’ve used
• Balances (11%, moderately influential): current unpaid debt
• Recent credit applications (5%, less influential): how many new applications for credit have you applied for recently
• Available credit (3%, less influential): how much of your available credit are you using

A good credit score can:

• Get you lower interest rates on loans
• Help you refinance high-interest loans
• Help you get approved for rent
• Help you borrow money for a home
• Get you a lower monthly premium on insurance like auto insurance
• Impact your chances of getting a job

Most traditional banks and lenders want a credit score above 670 to be considered reliable

Hard inquiries (aka hard pulls) generally happen when a bank or lender, checks your credit when making a lending decision for a credit card or loan. A hard inquiry could lower your scores by a few points, but multiple hard inquiries in a short period could have a bigger impact on your score.

Soft inquiries (aka soft pulls) generally happen when a person or company checks your credit and DOES NOT impact or hurt your credit score. Cambio only performs soft inquiries when providing you access to your credit report.

All users get the following services for free from Cambio:

• Money Manager: tool to help you budget and manage your money
• Credit Score: get a Transunion VantageScore for the first 30 days of your membership
• Automated credit analysis: understand what is hurting or helping your credit score

Cambio Credit Builder is a secured loan that you repay over 12 months.  The loan is a 0% interest loan, and each month you make a payment, we report that to the credit bureau. At the end of the loan, you will have grown your score and built a savings for yourself!

The goal is to show creditors you can payback a loan in a timely manner. 

Using Cambio Credit Builder does not guarantee an increase in your credit score, and individual results may vary.

To qualify, you must have a Cambio subscription and your connected bank account must meet the following criteria:  

• Account is at least 3 months old
• Account is used regularly
• Paychecks from an employer or government are deposited to your connected account
• Account has a sufficient average  balance 

0%. Cambio does NOT charge interest on the credit builder loan 

Nope! The credit builder loan does not require an initial or opening deposit

We do a soft pull on your credit report to verify your identity. This does NOT hurt your credit score.  

The payments you make to your credit builder loan will be distributed to your connected bank account at the end of your credit builder loan 

It will be reported via our banking partner Services Credit Union as an installment loan.