This website contains affiliate links and we may be compensated for referrals.
Have you checked your credit lately? If so you may not be aware that those three little numbers can be a factor in determining all of the important things in life. They can make the difference between getting a low interest rate on your favorite vehicle, or affect your eligibility for a loan. Credit scores even help a landlord or rental management company assess if you are worthy of that fancy dream apartment. Or not!
What is the Cleo Card?
The Cleo card is the credit builder that keeps on giving. It was created by the makers of the budgeting app of the same name. The card was designed with you in mind to help ease the burden of bad credit. Get this! Unlike with other lenders, there is no credit check.
Did you know that the average subprime credit score is between 619 and 669?
What Can the Cleo Card Do for You?
Once you are armed with a Cleo card you are officially on the road to getting your credit back on track. The Cleo Builder subscription is budget-friendly at a low cost of $14.99 and offers many benefits to help you manage your finances on the go.
As a card-carrying member of Cleo you can enjoy the following perks at no extra cost.
- Initial credit limit based on your security deposit
- Cash advances when you need it the most(subscription required)
- Monthly credit bureau reporting
- Real-time budget tracker
- Interest-free payments
How Does Cleo Help Build Credit?
A good credit score doesn’t fall out of the sky. Getting the perfect credit score is just as difficult as maintaining one. The Cleo card helps you make better financial decisions to keep your score where you want it to be.
Credit scoring algorithms consist of many different factors such as on-time payments, debt to income ratio, length of credit history, credit mix(types of credit), and age of accounts. Just because you’ve got a high credit limit doesn’t mean you should use it. A $200 balance on a credit card with a $500 limit could decrease your score by at least 15 to 20 points if you’re not careful.
Cleo puts you in the driver’s seat when it comes to building credit as the initial credit limit is set by your investment. It’s an easy card for those who are trying to improve their scores or are working to establish credit in the first place. Since the card is secured, you can avoid over the limit fees by purchases being declined when you don’t have enough funds. Once you see that your score is starting to improve, the option to increase your credit limit is unlocked based on your deposit and payment history.
What is the Sign Up Process?
The signup process for the Cleo card is pretty simple. All that you need is a valid social security number and banking information for a security deposit. Then download the app. Registration takes less than five minutes.
Credit scores aren’t going away anytime soon and your relationship with yours doesn’t have to be a bad one. Most traditional cards will deny you unless your score is at least 600, granted you meet other factors. The Cleo card gives you the credit you need, the price you can afford and the tools to stay on track.
stg-ridesharegurucom-stagingrsg.kinsta.cloud may be compensated for this post. This post also contains affiliate links and I will be compensated if you make a purchase after clicking on my links.
Sharee Biggs is a Certified Financial Education Instructor, Qualified Tax Professional and personal finance writer who helps millennials, women and moms reach their money goals by getting serious about their personal finances.
