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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.
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.
How does Step help my child build credit?
The Step Visa Card is a secured credit card that allows your child to make purchases up to the amount that is in their Step Spending Account. With Smart Pay, their purchases are automatically paid off at the end of each month so they never have to worry about late payments. They can opt in for us to report their transaction history as positive payment history to the credit bureaus when they turn 18.
My child is still young. Are credit scores really relevant to them?
The best part about the Step Visa Card is that it serves an immediate purpose by allowing your child to safely spend without worrying about overdrafting – it just happens to be preparing them for their future in the background. It’s important to start educating them about the importance of credit when they’re young.
What credit bureaus does Step report their history to?
We will report their credit history to Experian, Equifax, and Transunion if they opt in as a legal adult.
Can I use Step to work on my credit?
Yes! When you open a Step Account, you have the option to order a physical Step Visa Card for yourself. With Smart Pay, your purchases will automatically be paid off at the end of each month. You can opt in to have us report your transaction history as positive payment history.
Does it cost anything to use credit reporting?
Nope, it’s just part of the deal with Step.
Get started by opening a Step Account today. It’s quick and easy.
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.
Help your child
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’re 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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“I was super surprised it was a 751! My parents couldn’t believe it... I’m planning to buy a car soon and move out once I graduate from college. I’m sure my score will help me get better rates and easier approvals for homes.”
“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!”
“Finding out that my credit score is as high as it is was very surprising and exciting. I told my parents and they were very proud of me. I also got the chance to go onto my own phone plan.”
“I wasn't offered the same opportunities when it came to credit building that Step provides and didn't learn much about the importance of credit until my late 20s. I'm glad my kids got a head start and that they are able to have positive marks on their record as it'll make the transition to adulthood a lot easier for them.”
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 670 or higher, depending on the bureau. It’s 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.
Get started today. No monthly fees or minimums.
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.
Build Credit Early
“My parents couldn’t beleive it...”
“This will be amazing for my student loans...”
“I told my parents and they were very proud of me...”
“I’m glad my kids got a head start...”
Building credit with step is as easy as 1-2-3
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.
With Smart Pay, their purchases are automatically paid off at the end of each month using the funds in their deposit account.
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
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