Credit Karma MoneyTM Credit Builder
Raise your score by an average of 21 points in 4 days.1
With Credit Builder,2 you could build credit and savings at the same time.
Credit building, built differently.
Not a traditional loan
Not a secured card
No credit check or fees
Getting started is easy.
1 – Open a Credit Karma Money™ Spend account.3
And set up a direct deposit4 of $750 or more.
2 – Choose how much you want to contribute.
It can be as little as $10 per paycheck.5
3 – Your money goes into a locked savings account.
And we report each payment, which could help grow your payment history.
4 – Repeat these steps and grow your savings.
Once you save $500, we transfer your money back to you.
Members with a TransUnion credit score of 619 or below at the time of application may be promoted to apply for Credit Builder. If your score increases over 619, you may no longer see these prompts. We expect members with a credit score of 619 or under could see an increase in 4 days of activating the plan. Late payments can have a negative effect on your score, and other factors can impact it, including activity with your other credit accounts.
Start moving up your credit score today.
When used responsibly, Credit Builder helps you build credit by impacting some of the largest contributors to your credit score: payment history, credit utilization, age and type of credit, and balances. Credit Builder utilizes a revolving Line of Credit to help you save money. Every payment you make to pay off the balance on your Line of Credit is reported as a payment to the Credit Bureaus. On-time payments to your Credit Builder strengthens your payment history. The Line of Credit that comes with Credit Builder has a limit of $1,000, which increases your overall credit limit and can help to lower your overall credit utilization when you keep your balance low. Credit Builder has no fixed term length, so you can keep it active as long as you want. The longer you keep your Credit Builder open, the longer your average account age will be and the more it can help your credit.
Once you’ve decided how much you want to add each paycheck, you can set up the AutoSave Program, which will automatically draw money from your Line of Credit to your locked Credit Karma Credit Builder Savings Account every statement period (AutoSave) and also make automatic payments from your checking account before your Credit Builder payment becomes due (AutoPay).
We recommend that you set up the AutoSave Program so that you are making automatic contributions to your locked Credit Karma Credit Builder Savings Account. You can set up the AutoSave Program by navigating to manage credit builder in the Credit Karma app and then scrolling down to the AutoSave Program and toggling it on. The AutoSave Program includes Autosave and Autopay. Every payment date, AutoSave will pay off your Line of Credit balance from your checking account, also known as an ACH payment, which is just as secure as a debit card. ACH payments may take 1-2 business days, but payments made before midnight Pacific Time are processed on the same day. You can always turn off AutoPay or change the account before the day of your payment. Turning off either AutoSave or AutoPay will result in both features of the AutoSave Program being turned off. You can also still make one-time payments without disrupting AutoPay.
If you wish to manually add money and make payments, you can initiate them from your checking account in the Credit Karma Credit Builder Account Center once you have your Credit Builder setup. You may only make your payment via your Credit Karma Money account.
About cash payments
We do not accept cash payments.
Your Credit Karma Credit Builder Line of Credit allows you to add money from your available credit to your Credit Karma Credit Builder Savings Account each statement period. You can increase the amount you add at any time by logging on to your account and changing your AutoSave Program Payment amount. You can also decrease the amount of you add (minimum of $10 per statement period) following the same process. You can also manually initiate an add from your Line of Credit to your Credit Karma Credit Builder Savings Account at any time.
Not necessarily. Bigger payments can help you save money and reach your goal faster.
You don’t have to add every month if you don’t want to. One of the advantages of Credit Karma Credit Builder is flexibility. Add when you want! Adding every month can help you reach your savings goal faster and unlock your money faster, but how and when you add is entirely up to you. As long as you keep your account active*, you will be building payment history. *In order to maintain an active account, we require that you use your Line of Credit to add to your locked Credit Karma Credit Builder Savings account and pay off your outstanding balance at least once in the first 3 months after opening your plan and at least once every 6 months after that.
If you stop making payments on the money you’ve added from your Line of Credit to your locked Credit Karma Credit Builder Savings Account, you may go delinquent, which could negatively impact your credit score.
Yes! Your account is held at one of our Bank Partners, which are insured by the Federal Deposit Insurance Corporation (FDIC). That means that the federal government guarantees your deposits up to $250,000. To see which of our Bank Partners holds your account, check the Savings Account page in the Account Center.
1 Members with a TransUnion credit score of 619 or below who opened a Credit Builder plan and had it reported on their TransUnion report saw an average credit score increase of 21 points in 4 days of activating the plan. Late payments and other factors can have a negative impact on your score, including activity with your other credit accounts.
2 Connecting a paycheck or direct depositing a one time total of at least $750 in a single calendar month is required for activation. Your connected paycheck or direct deposit(s) must be received in the 2 calendar months prior to application or within a calendar month 90 days after application submission to activate your plan. Credit Builder plan requires you to open a line of credit and a savings account, both provided by Cross River Bank, Member FDIC. Credit Builder is serviced by Credit Karma Credit Builder. Members with a TransUnion credit score of 619 or below at the time of application may be promoted to apply for Credit Builder. If your score increases over 619, you may no longer see these prompts.
3 Banking services for your Spend account is provided by MVB Bank, Inc, Member FDIC. Maximum balance and transfer limits apply per account. Credit Builder is not provided by MVB Bank.
4 Direct deposit(s) are electronic deposits of compensation for services (such as payroll, salary, or government benefits) made into your Credit Karma Money Spend account. Person to person transfers, transfers from one account to another or from other financial institutions and Instant Transfers (including Instant Transfers for Earned Wage Access) are not considered direct deposits.
5 You may enroll in the optional AutoSave Program, which allows you to automatically save as little as $10 per paycheck if you contribute biweekly or semimonthly and as little as $20 per paycheck if you contribute monthly. If you do not enroll in AutoSave, any contribution you make to Credit Builder may not be less than $10.