Help your child
Build Credit Early

Step is the best way for your child to build a positive credit history¹ before they turn 18. They may need to have a good credit score sooner than you realize – whether they will apply for a student loan, get their own cell phone plan, or even rent their first apartment. Good credit can save them money.

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How do I
have the credit

A good place to start is explaining that a credit score is a number between 300-850 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 around 670 or higher, depending on the bureau². 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.

The average step user has an initial Credit Score of 723
when they turn 183

Building credit with step is as easy as 1-2-3

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 can’t 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 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

Get started today. No monthly fees or minimums.

Get started by opening a Step Account today. It’s quick and easy.