When is my first payment due?
Your first payment is due one month after you enroll in Credit Builder. You can see your payment due date in the One app.
How do I make and schedule payments?
You can pay via internal transfer with One (Money movement within your One Cash account ie. Pocket to Pocket transfers) by going to your Credit Builder in the One app. If you have autopay on, you're all set. Your payment will be processed on your due date.
If you don't have autopay on, you'll see an option to "Make a Payment". Tap this and then tap "Pay".
You will not be able to make a payment in the app if you’ve already made a payment for your current payment cycle. We recommend turning on Autopay to help make payments easy.
How do I make a manual payment?
If you do not have Autopay set up, you can easily make a one-time payment from the One app. Just tap on the Credit Builder card on your home screen for “Make a payment” to proceed.
You won't be able to make a payment in the app if you’ve already made a payment for your current payment cycle. We recommend turning on Autopay to help make payments easy.
Can I change the due date on my monthly payments?
No. Your payment will be due on the same day each calendar month as the day of your first monthly payment (unless such day does not occur in a particular month, in which case your monthly payment will be due on the last day of that particular month).
How do I pay off Credit Builder?
You can pay off your Credit Builder program by making your monthly on-time payments. Additionally, you can cancel Credit Builder at any time and any contributions you’ve made to Credit Builder savings will be returned to you; however, the program is designed to last over 12 months to help you build credit and prematurely terminating a loan account may have an impact on your credit score.
Will bigger payments improve my credit score?
No. You only need to contribute $1 per month1. Paying more does not build your credit faster. Overpayments may pay off your loan early and prematurely terminating a loan account may have an impact on your credit score. Additionally, you may still need to make a payment next month.
Can I pay off Credit Builder early?
You can cancel Credit Builder at any time and any contributions you’ve made to Credit Builder savings will be returned to you; however, the program is designed to last over a 12 month period to help you build credit and prematurely terminating a loan account may have an impact on your credit score.
What if I missed a payment?
If you miss a Credit Builder payment, there’s no late fee. Ensure you make your next payment by the due date, or your Credit Builder may be closed; closing a loan account early could affect your credit score.
You can easily make a one-time payment from the app by tapping the Credit Builder card on your home screen.
Can I make my monthly payment using Overdraft?
No, your monthly payment cannot be made using Overdraft Protection.
Will I be charged a fee for a late payment?
No, but if you don’t make the payment by your due date we may cancel your Credit Builder so you don't fall further behind. Once Credit Builder is canceled, it will be reported to the credit bureaus as closed. We'll use the money in your Credit Builder lockbox to pay off the rest of your loan. Please note that prematurely terminating a loan account may have an impact on your credit score.
What happens if I can no longer pay Credit Builder?
You can cancel your Credit Builder early. If you need to cancel early, we'll use the money in your Credit Builder lockbox to pay off the rest of your loan and any contributions you’ve made to Credit Builder savings will be returned to you. We'll let the credit bureaus know you finished the program early. Please note that prematurely terminating a loan account may have an impact on your credit score.
What happens when my Credit Builder is paid off?
We'll report your final payment to all three credit bureaus so you get credit for completing the program! Plus, you'll get back all the savings you contributed throughout the program.
I already have a One Cash account – why don’t I see my Credit Builder savings there?
Your Credit Builder savings are stored in a lockbox that is separate from your One Savings. You can see your Credit Builder savings with every monthly payment in your Credit Builder Settings. You will get back your Credit Builder savings you’ve contributed when Credit Builder ends. The Credit Builder savings funds will be disbursed to your Primary Savings pocket when the program ends.
1. Based on a 12-month loan with $25 monthly payments and a 0% APR. You can choose how much you’d like to pay towards your monthly payment, with a minimum of $1. If you choose an amount less than the full monthly payment, the remainder will be paid from the loan proceeds held in your Credit Builder lockbox.