hero-credit

Help your child
Build Credit Early

Step is the best way for your child to build a positive credit history before they turn 18 They may need to have a good credit score sooner than you realize whether theyre applying for a student loan getting their own cell phone plan or even renting their first apartment Good credit can save them money

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How do I nhave the creditn conversation

A good place to start is explaining that a credit score is a number between 300850 that represents how responsible someone is with money There are different factors that influence a score like length of credit history and payment history A good score is considered to be 670 or higher depending on the bureau Its important to know a better score can mean better deals on things like car loans and apartments For more information watch or share this video with your child

18 year olds whonused step for 7 monthsn saw an average Credit Score of 7253

Building credit with step is as easy as 123

Let’s be honest. Building credit can be hard for anyone but it’s especially challenging for people under 18. That’s why we created Step.

Step 1

Your child uses their Step Visa Card to securely make purchases up to the amount that is in their Step spending account They cant overdraft

Step 2

With Smart Pay their purchases are automatically paid off at the end of each month using the funds in their deposit account

Step 3

When they turn 18 they can opt in to have Step to report their positive credit history to the 3 major credit bureaus Equifax TransUnion and Experian

The high Cost of a low score

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 asscoatied with lower credit scores.

Car Insurancencould costn 147MO or 250MO4

student loan interest raten could ben 624 or 10465

a security depositncould ben1 mo rent OR 2 mo rent6

  • 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 USA Inc Visa is a registered trademark of Visa International Service Association
  1. Positive history is reported on and related only to your Step Visa card activity subject to your account remaining in good standing Ontime 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 andor 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
  2. httpsmoneyusnewscomcreditcardsarticleswhatisconsideredagoodcreditscore
  3. 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 Ontime 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
  4. httpswwwbankratecominsurancecarratesbycreditscore
  5. httpswwwcrediblecomblogstudentloansstudentloaninterestrates
  6. httpswwwrentalscomblogrentingtotenantswithbadcredit

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