A Credit Builder Account is a loan tied to a savings account. As you pay off the loan, the principal payments are allocated toward the savings account and returned to you after fulfilling the terms of the loan.

1. If you’re approved, a loan will be set up in your name. The amount you borrow will be set aside in a savings account while you pay off the loan.
2. You will make monthly payments for the next 24 months to pay off the loan.
3. Your payment history will be reported to the three credit bureaus (Experian, TransUnion, and Equifax), according to the Consumer Data Industry Association.
4. When the balance is paid in full, we will return the money saved in your savings account via mailed check, along with the interest accrued in the previous 24 months.

According to the Consumer Data Industry Association, each monthly payment you make gets reported to all three credit bureaus - Experian, TransUnion, and Equifax. Making your monthly payments on time will help to build your credit since payment history accounts for 35% of your credit score, according to myFICO.

You can apply for Total Credit Builder through our online application. Usually, there is a decision within minutes. Sometimes, we’ll need some more information from you. Don’t worry – we’ll send you an email or a pending application letter with directions on how to move forward.

You can make online payments at My.TotalCreditBuilder.com.

Late payments could negatively impact your credit score, as they will be reported to the credit bureaus. You will also be assessed the $10.00 Late Payment Fee on every late payment. After three missed payments during the life of the loan, the loan will be automatically closed to limit the potential negative impact. Any savings will be returned to you via mailed check, minus any outstanding fees.

You will be able to access your savings upon closure of your account, which will either be:

1. In 24 months, after fulfilling the terms of the loan.
2. Upon request, if you elect to close your account early. You are responsible for any outstanding late fees or returned payment fees on your account. Any unpaid principal will reduce the amount of the savings refunded to you.

If you choose to close your account before the two-year term of the loan is up, you must submit your request through a call with customer service at (866) 977-5495. We will then return whatever savings you have accrued via a mailed check, minus your outstanding loan balance and fees. If you choose to close your account before the two-year term of the loan is up, you must submit your request through a call with customer service at (866) 977-5495. We will then return whatever savings you have accrued via a mailed check, minus your outstanding loan balance and fees.

The easiest way to manage your account is at My.TotalCreditBuilder.com.

If you are having issues with your account, you can contact us at (866) 977-5495. If you are having issues with your account, you can contact us at (866) 977-5495.