How does Extra actually build my credit?

  • When you swipe your Extra Card, we are spotting you for that purchase and paying ourselves back with the money that you have in your connected bank account.

  • At the end of the month, we add up every time that you paid us back and report it to the credit bureaus that we have partnered with as a way to help build your credit.

What will the reported balance on my credit report look like?

  • The way your credit report looks depends on where you’re getting it. Different companies show it in different ways. Because we pay ourselves back every day, most credit reports will only show your last Daily Spend payment made with Extra, which may seem small compared to other credit products. Under the hood though, we report your full monthly spend to the bureaus and your successful payments are being added to your credit, which will influence your credit score and let lenders know you’re a borrower they can trust.

Can using Extra ding my credit score?

  • Depending on your payment performance with Extra and your overall status with your other creditors, any product that requires periodic and regular fulfillment of payment obligations may cause your credit score to fluctuate.

  • Here are some of the most common reasons:

    • Opening a new account can temporarily lower your score. The good news is that this is one of the most common dings to your score and the easiest to recover from.

    • Score fluctuations for opening a new account are generally due to how many lines you already have open, as well as how long you’ve had those lines open.

    • If you miss a Daily Spend payment and do not pay it back within 30 days, your missed payment will be reported on your credit file which may have a negative impact.

How does utilization work with Extra?

  • Extra pays itself off daily, meaning your utilization will also be re-set daily. Therefore, your utilization with Extra has a better chance of staying below the recommended 30% threshold.

When does Extra report my credit?

  • Once we have submitted the report, it can take some time for the bureaus to review that information. Generally it takes 2 to 4 weeks from the time of submission for them to update your report, but this is a general timeframe and we cannot control when they make the corresponding updates to your report.

When will I see my credit score change?

  • Credit is incredibly relative to the individual. It really comes down to long-term, consistent use that exemplifies your positive payment history.

    Adding a new tradeline will affect everyone differently, depending upon your unique credit.

Which credit Bureaus has Extra partnered with?

  • Equifax and Experian.

How come I don't see Extra on my credit report?

  • Where are you checking? Make sure you're looking at an Equifax or Experian report

  • When did you first use your Extra Card? Any purchase that you make between the first and last day of the month will be reported on the 15th and you should see Extra appear on your credit report by the end of the month, but this is a general timeframe and we cannot control when they make the corresponding updates to your report. Let us know if you have any trouble.

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