June 30, 2022
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Why Cleo

The Cleo Credit Builder Card vs. traditional credit cards

Is the cleo credit builder card legit? (yes, very much so) <3 ‍

Unless you’ve been living under a rock, you’ll know that a good credit score is crucial to, well… most of life in the late capitalist hellscape, America. 

(If you didn’t know this, and you actually have been living under a rock, please tell us - where is this rock? Can we join you?)

We keep going on about Cleo’s credit builder because we know how important building a credit score is to the little things in life, like renting a house, finding insurance, taking out loans, finding a job 💖

Unfortunately, as is the case a lot of the time, the financially vulnerable are most at risk in this system. And the traditional model of credit building doesn’t have your back. 

The Cleo credit builder - on the sweet other hand - allows you to:

🏋️‍♀️ build credit and improve your credit score (if you use the credit builder card as intended, duh)

🏋️‍♀️ with no interest

🏋️‍♀️ and no credit checks

At this point you may be wondering...

Is Cleo legit?

Legitness, Cleo is for real. Let us explain the differences between a traditional credit card and Cleo’s credit builder card. 

Tan France from Queer Eye saying 'shutup and let me read'
via GIPHY

To build credit fast, it pays to play the game 

Generally, this means using credit cards. Then paying them off on time. 

But with a credit card you're spending money that's not yours. You borrow a certain amount of the bank’s funds with the understanding you’ll pay it back over time..

This type of card is called an unsecured credit card because you’re not putting up anything in exchange for the credit that the bank is giving to you. 

Over time, the bank reports your payment history to the credit bureaus, so if you make regular payments then they report it to the credit bureaus and all is well.

But the world makes it oh so easy to spend, and unexpected payments come out of nowhere. There’s always a risk you could spend more than you can pay back. 

And if you spend outside your means it could harm your credit (don’t want that). 

And land you in debt (REALLY don’t want that).

But the Cleo Credit Builder Card? It’s designed for a new kind of credit experience 💅

Secured vs. Unsecured Cards

Let’s review: An unsecured credit card is literally the bank offering you a line of credit that’s not backed by anything. That means:

  1. Banks have to be really picky about who they give credit to
  2. It’s ridiculously easy to spend more than you can afford and end up in debt.

If this seems like a lose / lose and for most people, it’s because it kind of is.

Enter the secured card. 

A type of card where you add money to a security deposit ahead of time, that money becomes your credit limit and then you can spend that money throughout the month. 

Usually, because you can only spend up to your credit limit, which is the money you’ve added to your security deposit, this means: 

  1.  Banks are really chill about who gets one
  2. It’s much more difficult to spend money you don’t have

The Cleo Credit Builder Card is a secured card. Which, in our humble opinion, makes it better to build your credit history over time than a card that doesn’t have a security deposit - and therefore no limit to your drunken Amazon impulse buys. 

It also makes it one of the best cards for college students.

With the Cleo credit builder card, all you do is:

💵 Add cash to your security deposit. Even as little as $1. This becomes your credit limit and gets tucked away.

💵 Pay for things using the card. Just spend as normal, wherever VISA is accepted. To kill two birds with one stone, you could pay your bills with your security deposit every month. 

💵 Set up carefree credit building (auto repayment). Every month, your balance is automatically paid with the money from your security deposit. 

💵Kick back, build credit, baby! 

We report your payment history to the credit people. They think you’re great. You fall in love with your credit score. It’s a beautiful scene. 

JVN from Queer Eye saying 'see this confidence a-brewin, honey!'

Is there a Cleo Credit Builder card limit?

You’re the boss here. You decide how much you’d like to add to your security deposit.

Remember: you only spend the money that’s in your security deposit (which becomes your credit limit). 

That’s where the magic happens ✨

With our auto repayment option, you don’t have to do a thing. It’s all set up so it’s pretty much impossible to miss a payment.

With the credit builder card there’s no credit check 

Your credit score is less than ideal? Don't let that stop you from building it back up. You can use the credit builder card for bad credit, or to build credit if you don’t have a credit history. 

No credit? Loves it. Bad credit? No probs. Unsure? We’ve got you! 

What is good credit you ask? A credit score ranges from 300 - 850. 

💳300 - 579 is considered poor credit

💳580 669 is considered fair

💳670+ is considered good, with increasing amounts of greatness 

So say you have 594 credit score (or lower! We don’t mind!). You can use the Cleo credit builder to boost your credit score into one of the upper categories. 

You can use the app to build credit

Because Cleo isn’t a regular money app, she’s a ~~~fun~~~ money app, you can manage your credit score in the app.  

While you’re there, she can also yell at you for spending too much on coffee, and hype you for curbing your caffeine habits 🔥

Enjoy this post? Def give it a share or send it along to a friend. You never know, it could make a big difference. And of course, if you want to try the best money app in the world for free, just hit this link right here.

Big love. Cleo 💙


*The Credit Builder Card is issued by WebBank, Member FDIC pursuant to a license from Visa USA Inc. Access to the Card is subject to approval.

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