Participants may be compensated for their participation.
We designed the Step Visa Card to make building positive credit history easy because you’ve got other things to think about. Like your hopes and dreams.
Rates are determined by a number of factors, including credit scores. Here is what an 18 year old Step user with a score of 725 could pay compared to costs associated with lower credit scores.
How are credit scores calculated?
In general, there are 5 factors considered in credit score calculations: your payment history (35%), how much you owe (30%), the length of your credit history (15%), the types of accounts you have (10%), and recent credit activity (10%).
How often is credit reporting updated?
Step reports your credit history to the bureaus every month.
How do I opt in to credit reporting with Step?
If you are 18 or older, you can opt in to credit reporting by visiting your account information from the menu bar. Scroll down to “Account Management”, tap “Credit Reporting”, and select “Opt In.”
What do you report and to who?
We will report your credit history to Experian, Equifax, and Transunion. Once you opt in, we report up to 2 years of your history.
What steps can I take to improve my credit score?
In general, it’s best to use loans and credit cards responsibly, make prompt payments, limit applying for new accounts, and keep old accounts open. Improving your score takes effort and patience.
Step is a financial technology company, not a bank. Banking services provided by Evolve Bank & Trust, Member FDIC. The Step Visa Card is issued by Evolve Bank & Trust pursuant to a license from Visa U.S.A., Inc. Visa is a registered trademark of Visa International Service Association.
Step is the best way to build your credit. Unlike other credit building cards, you can start building positive credit history¹ before you turn 18 and there are no monthly subscription fees. All you have to do is use your Step Visa Card for everyday purchases. We take care of the rest.
Apple App Store
“You guys are amazing! My credit score is 734 and I just turned 18 a couple weeks ago! This will be amazing for my student loans. Thank you!”
“I knew I was building credit but was amazed that it was so high. I have been a Step customer for almost a year and am so grateful to have had the opportunity to build a positive credit history even before turning 18.”
“Step has helped me establish a long credit history and boosted my score over 100 points. I had a student credit card with a score of 600. Once I opted in with Step, I got a score of 700.”
A credit score is a number between 300 and 850 that represents how responsible you are with money. Your ability to get affordable rates on things like student loans, cars, apartments, and cell phone plans depends on your credit score. The higher the score, the more likely you are to get approved with lower interest rates and premiums, ultimately saving you money. A “good” score is considered 670-739 by FICO and 661-780 by VantageScore 3.02.
Positive history is reported on and related only to your Step Visa card activity, subject to your account remaining in good standing. On-time payment history can have a positive impact on your credit score, and late payment history may negatively impact your credit score. The Step Visa Card, when set up with SmartPay, is designed to keep accounts in good standing to help build positive credit history. Step will report your activity to Transunion®, Experian®, and/or Equifax®. Even when we report positive credit history relating to your Step Visa card activity, your credit history and score may be impacted by your activity outside of your Step Visa card (including any other products offered through Step and any activity external to Step), as credit histories and credit scores are built by credit bureaus based on a number of factors, including the financial decisions you make with products outside of the Step Visa Card.
Credit score data based on a survey conducted by Step, with 67 users who are at least 18 years of age transacting on the Step Visa Card for at least 7 months, have opted into credit reporting through the Step App, and have shared credit score information with Step for purposes of the survey. On-time payment history can have a positive impact on your credit score, and late payment history may negatively impact your credit score. The Step Visa Card, when set up with SmartPay, is designed to keep accounts in good standing to help build positive credit history. Impact on your credit may vary, as VantageScore includes key factors and other credit information based on data from consumer reporting agencies and may be different from other credit scores and other credit information provided by different bureaus. The Step Card is issued by Evolve Bank & Trust, Member FDIC. Pursuant to license by Visa.
“I didn’t have a score before but when I chose to opt in, it helped dramatically. It brought me from no score to 735 in one night because I was using Step previously.”
“My Credit score is 734 and i just turned 18...”
“Amazed that is was so high.”
“Boosted my score Over 100 Points.”
“It brought me from no score to 735...”
Building credit is simple with Step
Make purchases with your Step Visa Card. They don’t have to be big purchases but it’s best if you use your card regularly.
With Smart Pay, your purchases are automatically paid off every month using the funds in your deposit account.
Opt in for us to report the positive payment history you’ve accumulated to the credit bureaus. You must be 18 to opt in.
It pays to build credit with step
Car Insurance could cost $147/MO or $250/MO4
student loan interest rate could be 6.24% or 10.46%5
a security deposit could be 1 mo rent OR 2 mo rent6