Brigit Credit Builder can help you improve your credit scores without the need to take on additional debt.
It offers unique features that cater to people with poor or no credit, focusing on building credit responsibly through positive payment histories and savings growth.
What are the key features of Brigit Credit Builder?
Build Credit Through Savings
Instead of using a traditional credit card or loan to improve credit scores, Brigit allows you to build credit by saving as little as $1 per month. These savings are stored in an FDIC-insured account, ensuring your money is secure.
The savings in Brigit’s Credit Builder program are held in an FDIC-insured account and serve primarily to demonstrate a positive payment history. This means that the money you save is reported to the credit bureaus as on-time payments, which helps improve your credit score.
These savings are fully yours and can be accessed once your credit-building plan is completed. The primary purpose of the savings is to build credit, not to cover purchases or expenses.
No Credit Check & Instant Approval
Brigit does not perform credit checks to approve your participation. This makes it an accessible option for individuals regardless of their credit history.
Flexible Payment Options
You have control over your payments. Brigit allows you to customize your plan based on what you can afford, making it adaptable to your financial situation.
Automatic Reporting to Major Credit Bureaus
Brigit reports your payments and savings contributions to all three major credit bureaus (Experian, Equifax, and TransUnion). This helps establish a positive payment history, which is a critical factor in determining your credit score.
No Debt Required
Many traditional credit-building products, such as secured credit cards or credit-builder loans, require borrowing money or putting down a security deposit. With Brigit, you are not borrowing funds, making it a safer way to build credit without incurring more debt.
Educational Tools
Brigit provides financial literacy resources, helping users understand credit and financial management better. This can be an added advantage for individuals trying to improve their financial health.
What are the Requirements to use this credit building service, and how much does it cost?
To start using Brigit Credit Builder, you typically need to meet the following requirements:
- Age: You must be at least 18 years old.
- Bank Account: A checking account is required to link with Brigit for savings and payment processing. The account must be at least 60 days old.
- Brigit Plus Membership: You need to subscribe to Brigit Plus, which provides access to the Credit Builder feature. The Plus membership starts from $8.99 for the basic plus package and $14.99 for the extended package. This subscription gives you access to various features, including the Credit Builder program, cash advances, and financial insights.
- Residency: You must be a U.S. resident with a valid Social Security number or ITIN.
Why Should You Consider Brigit for Building Credit?
Safe and Low-Risk: The service is designed for individuals looking to build or repair their credit without the fear of accumulating debt. With no requirement for borrowing, Brigit’s model ensures users can build credit while keeping their finances safe.
Simple Setup and Management: The instant approval process means users can start building credit without delays. Additionally, the automation of savings and payments ensures you won’t miss a payment, which can hurt your credit score.
FDIC Insured Savings: Your savings are protected and insured, adding a layer of security and peace of mind that your money is safe while you work on building your credit.
Credit Building Without a Credit Card: Many credit-building services rely on credit cards or loans, which may not be an ideal fit for everyone. Brigit’s savings-based approach offers a fresh alternative for those hesitant to use credit cards.
Positive Impact on Credit Score: Payment history is one of the largest components of a credit score. By ensuring that your monthly savings are reported as payments, Brigit helps you build this essential credit factor, positively impacting your score over time.
Bottom Line
Brigit Credit Builder is a helpful tool for anyone seeking to build or improve their credit without taking on more debt. It offers a low-risk and straightforward solution by focusing on savings and positive payment history, two key elements of credit building.
Additionally, its flexible, no-credit-check model makes it accessible to many individuals, especially those with poor or no credit. Check this service out to see if it’s ideal for your situation.
