Credit Builder Prime

Build credit while saving,
for FREE.

There is no credit check!
You don’t need good credit — or any credit — to get Credit Builder Prime.

How to build credit with a SeedFi Savings Account

1 
SeedFi adds money to your locked savings account1 every pay period
This is a small interest-free loan. You select the amount we add, as little as $10.
2 
You repay SeedFi for the savings we gave you in Step 1
Pay us back the next time you get paid. These payments help you build your credit2!
3 
Repeat and access your $500
Every time you save $500, we give you access to it. Repeat these steps and keep your plan active to maximize impact.
The best part —
These steps can happen automatically.

Want more details?

Here's an in-depth explanation!

1 
When you sign up
Commit to saving at least $10 every time you get paid. We open up two SeedFi Savings Accounts and a SeedFi Line of Credit in your name and encourage you to enroll in our AutoSave program3.
2 
Before each of your paychecks
We fund one of your SeedFi Savings Account with money borrowed from your line of credit. This creates a short-term, interest-free debt equal to the amount you committed to save from each paycheck.
3 
Each time you get paid
We use your savings commitment to pay back the money you borrowed from your line of credit. Now the money is in your savings account, and your line of credit is paid off.
4 
Monthly
We report your line of credit account, its balance and status, and your payments to all three credit bureaus.
5 
Everytime you've successfully saved $500
We give you access to the $500 you saved.
This can all happen automatically with our optional AutoSave program so you don’t have to worry about it.

Credit score impact

+46 points
average increase after making on-time payments on all your credit accounts for 2 years.4
Credit Builder Prime targets the most important factors5 that contribute to your credit score.

Why Credit Builder Prime is the best

It’s FREE! No interest or fees

That's right! You keep 100% of the money you save. No interest, no fees, no hidden costs of any kind. Why? Because we think you'll like us enough to use our other financial products when you need them.

Keep your bank account

Unlike other credit builders, you don't have to switch your checking account or your direct deposit. We’ll give you a SeedFi Savings Account to use with your plan.

No up-front deposit

Unlike secured cards, which typically need a deposit of hundreds of dollars, our Credit Builder Prime doesn’t require an up-front deposit.

Real benefit through saving

When you use Credit Builder Prime, you generate meaningful savings that you didn't have before. That's savings to finally have an emergency fund and peace of mind. That's savings to make a down payment on a dependable car or a nicer place to live. And, it's savings to kickstart your stronger financial future.

Popular Questions

Is it really free? What's the catch? How do you make money?
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Build credit for FREE! It is really free, no catch! We believe building credit should be free and flexible. We want to invest in building a positive relationship with you, so we make our Credit Builder Prime free!
SeedFi also offers a Borrow & Grow Plan, which is more like a traditional loan that gives you money upfront. We charge interest on our Borrow & Grow Plan, and that’s how we make money.

When can I access my savings?
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We want to help you to invest in building credit and saving money. Every time you pay a total of $500 towards your savings account, we unlock that amount for you. You can withdraw the $500 or continue to save. As you keep saving, we keep unlocking your account in $500 increments.
Here’s an example:
  • You save $500 (cheers!) and decide you want to keep your money safely tucked away in your SeedFi Savings Account while you continue to save.
  • You keep saving paycheck after paycheck and soon have another $200 saved. That’s $700!
  • Of that $700, $500 is available for you to withdraw at any time, and $200 is locked.
  • Now that you’re really into your savings groove, you continue to grow your savings balance from $700 to $1,000. Since you hit another $500 increment, now your whole $1,000 is unlocked.

If I save more, will my credit score go up?
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We report on-time payments and your Line of Credit to the Credit Bureaus. The more on-time payments you make, the more you save, and the longer you have your SeedFi Credit Builder Prime active, the more likely it is to help build your credit. Of course we can’t guarantee that Credit Builder Prime will increase your credit score, but we’re helping set you up for success.

What can I use my Line of Credit for?
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Your Line of Credit can only be used to add money to the SeedFi Savings Account associated with your Credit Builder Prime.

Why is this better than a credit builder installment loan?
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Our Credit Builder Prime is better than the other credit builder installment loans out there because it has no fixed term, is flexible, and most importantly is FREE! Credit Builder Prime is a Line of Credit and a savings account. The Line of Credit increases your overall credit limit and helps you build credit even when you aren’t making payments every month. We also report your payments to the credit bureaus, which can further help you build your credit. Our plan is flexible and allows you to choose when and how much you’d like to save. You can keep your Line of Credit and savings account as long as you want, and it’s totally free!
Did we mention that it’s free? Credit building should be free.

Why is this better than a secured credit card?
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Do you like making upfront deposits? Neither do we. Secured cards require upfront deposits in order to begin using the card and building credit. Your credit limit is based on how much money you are able to deposit upfront and some secured credit cards charge a fee.
Our Credit Builder Prime is completely free and does not require an upfront deposit. Plus, instead of using your deposit to pay for things, you’re saving! You get access to your savings every time you save $500.

Can I close my Credit Builder Prime?
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You can close your Credit Builder Prime any time. Please note that closing your Credit Builder Prime may negatively impact your credit score. When you close your Credit Builder Prime, any savings that you have paid off will be unlocked for you to access. Before closing your account, please give us a call at 1 (888) 858-8248. We can help you find ways to achieve your financial goals.

Do I have to save every month?
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You don’t have to save every month if you don’t want to. One of the advantages of SeedFi's Credit Builder Prime is flexibility. Save when you want! Saving every month will help you reach your savings goal faster and unlock your money faster, but how and when you save is entirely up to you. As long as you keep your account active*, you will be building credit.
*In order to maintain an active account, we require that you use your Line of Credit to make a transfer to your SeedFi 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.

What's the difference between Credit Builder Prime and your other plans?
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Credit Builder Prime is a free way to build credit with no fixed terms that utilizes a Line of Credit to help increase your overall credit limit so you can build credit every month for as long as you want. It is flexible so you can build credit even if you don't save every month. You can have a Credit Builder Prime and one of our installment plans, either Borrow & Grow or Credit Builder Installment Edition, at the same time.
Our other plans, Borrow & Grow and Credit Builder Installment Edition, are installment loans with regular payments each month and have a fixed term. While they also help you build your credit by making on-time payments, they don't have as much flexibility and are shorter-term financial products.

How does this build credit?
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When used responsibly, Credit Builder Prime 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 Prime 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 Prime strengthens your payment history and improves credit. The Line of Credit that comes with Credit Builder Prime 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 Prime has no fixed term length, so you can keep it active as long as you want. The longer you keep your Credit Builder Prime open, the longer your average account age will be and the more it helps your credit.

Rewrite your money story.