Know more about Bright Builder

What are the minimum requirements to apply for Bright Credit?

To be eligible to apply for Bright Credit:
- You must be at least 18 years old
-You must have a valid Social Security Number
-You must reside in a state that we’re licensed to lend in
-We take into account a variety of credit factors but you generally need at least a fair credit rating

Meeting these requirements does not guarantee approval for our credit line.

Will checking rates affect my credit score?

No, checking your rates does NOT impact your credit score. When you apply for Bright Credit, we only initiate a “soft pull” of your credit report.

Is Bright Credit a Revolving line of credit or an Installment loan?

Bright Credit is a revolving line of credit. You can continue to use Bright Credit even if you have paid it off once before and can draw down up to the credit limit as frequently as you like.

Can I use Bright Credit to pay down credit card debts from multiple issuers?

Yes, you can use Bright Credit to pay down multiple credit cards.

Once your Bright Credit application is approved & you decide to accept the offer, to pay down your cards, you just need to select which cards and how much you want to pay down with Bright Credit and we will directly send the funds to your cards.

Can I continue to use my credit cards or does Bright Credit make me close my credit cards once they are paid off?

Yes. You are free to continue using your credit cards after you have used Bright Credit to pay them down.

How is a Bright Credit different from a debt settlement loan?

Debt settlements are typically where a law firm or other agency negotiates your debt with your creditors. This will likely result in the closing of your accounts and your creditors will highlight the debt settlement on your credit report. This could affect your ability to get future loans and may increase your rates on those loans for which you are approved.

Bright does not negotiate with your creditors and we do not require you to close your cards. You can keep using your cards even after paying them off with Bright Credit. Bright Credit is a line of credit you can use to pay off your credit cards.

Is any security deposit required to get Bright Credit?

No, Bright Credit is an unsecured line of credit that does not require any security deposit.

How can I get approved for Bright Credit?

We review many aspects of your credit history to determine if you are approved for Bright Credit. The following are some of the factors that may be considered when reviewing your application.

-FICO® score - which summarizes your credit history.
-Delinquencies - Any payments you owe and have not currently paid.
-Your debt-to-income ratio - which compares how much you owe each month to how much you earn.
-The age of credit history - this is the total length of time you've been using credit.
-Any open and satisfactory trades - these are the lines of credit which you've opened and have made payments on time.
-Your utilization - this is the ratio between your available credit and the current balances you have on your credit cards.

What can I use Bright Credit for?

You can use Bright Credit to refinance your credit card debt. If the interest rates on your credit cards are very high, you can pay them off with Bright Credit and you can save interest fees*.*Individual results may vary.

Can I payoff or close my account early?

Yes

Do I need to pay interest fees?

Is there a hard pull on credit report?

Do you report to Equifax and TransUnion?

Yes

Can I spend the loan amount today?

Yes

Is this a revolving line of Credit?

Yes

Do I need to provide a deposit?

Yes

See more FAQs

Bright Builder

How it works

You deposit at least $50 and get a secured loan starting at $50

Pay atleast the Minimum Due on the loan every month

Every payment is reported to the major credit bureaus

You build credit with on-time payments^¹

Start building credit today!^¹

Bright Builder Account

Know more about Bright Builder

Bright Builder

How it works

You deposit at least $50 and get a secured loan starting at $50

Pay atleast the Minimum Due on the loan every month

Every payment is reported to the major credit bureaus

You build credit with on-time payments¹

Start building credit today!¹

Bright Builder Account

Know more about Bright Builder

You build credit with on-time payments^¹

Start building credit today!^¹