What's the right amount to deposit?
You have the freedom to choose an amount between $30 and $500. If you opt for a higher amount, it can be good for your credit scores. When you transfer this money from your Secured Credit Building to your Spendable balance, it keeps your credit usage lower, potentially helping your credit scores.
But here's a simple rule: Only put in money that you can afford to spare and won't need for regular purchases or unexpected expenses. The most important thing in building your credit is making full, on-time repayments.
How do I withdraw money from my Secured Credit Building?
Head to the Secured Credit Building dashboard from the Credit menu and click on "Move money".
Select the amount you wish to withdraw using the slider (we recommend no more than 10% of your total line of credit), click Move, and voila! The amount will be deposited to your account immediately!
💡 Make sure your account has a positive balance in order to withdraw money from your Secured Credit Building balance.
When should I repay the money withdrawn from my Secured Credit Building?
When you take money from your Secured Credit Building and move it to your Spendable balance, you'll need to pay it back every 30 days based on your billing date not based on when you moved the money out.
For example, if your next billing date is September 5th, and you moved money out August 28, we will move the money back to your Secured Credit Building account September 5th, not September 28th. If moving the full amount is not possible, the system will collect the minimum of $10 instead.
You have two options for moving the money back:
You can move it back yourself in-app before the due date.
Or, you can let us automatically collect it on the due date.
Either way, just make sure you move it back within those 30 days to keep everything in order.