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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“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...”
Participants may be compensated for their participation.
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
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
$147/MO or $250/MO4
student loan interest rate
6.24% or 10.46%5
a security deposit
1 mo rent OR 2 mo rent6
How does Step help my child build credit?
My child is still young. Are credit scores really relevant to them?
What credit bureaus does Step report their history to?
Can I use Step to work on my credit?
Does it cost anything to use credit reporting?
Get started by opening a Step Account today. It’s quick and easy.