A note from Credit Sesame CEO
The cash you have and the daily debit purchases you make can now help build the credit score you deserve.
I founded Credit Sesame with the mission to make financial wellness more attainable for everyone, and in the past 10+ years, we’ve helped millions of consumers improve and manage their credit to reach their goals. We know how hard it can be to break out of the poor credit cycle or into the credit system for the first time, and we are thrilled to announce our latest innovation that makes it even easier for you to build credit—by using your Sesame Cash debit card. With Credit Sesame’s credit builder(1), you don’t have to apply for a card, deal with lenders, or go into debt.
Good credit is a core component of financial wellness, especially since more than half of Americans live paycheck to paycheck with very little savings and a high reliance on credit for survival. The Sesame Cash credit builder helps you open doors to countless new opportunities that come with an improved credit score, like lower interest rates on auto loans, qualifying for a mortgage to buy a home, or renting in your neighborhood of choice. Customers with early access to the new technology improved their credit scores by as many as 71 points in as little as two months.
1 Sesame Cash is a prepaid debit card issued by Community Federal Savings Bank (CFSB). Building credit with Sesame Cash requires you to also open a secured line of credit with CFSB that is reported to the credit bureaus. Use money from your Sesame Cash account to create a secured line of credit (Secured Account). Your debit card purchases are then added up to create a balance on your Secured Account. As you make these purchases, an amount equal to the balance on your Secured Account is also set aside in your Sesame Cash account to ensure you can make timely payments to pay off the balance on your secured line of credit at the end of each month, allowing you to build a positive payment history. Credit Sesame does not guarantee credit score improvement. Any predicted credit improvement from the use of your Secured Account assumes that you will maintain healthy credit habits, including paying bills on time, keeping credit balances low, avoiding unnecessary inquiries, appropriate financial planning, and more.