Question 1

What is Arcane Credit?

Accepted Answer

Arcane Credit is a credit-building app that reports your rent and utility payments (electric, gas, water, and cell phone) to credit bureaus, helping you build credit with the bills you're already paying. It also includes credit monitoring, a full credit report, credit alerts, and access to a BuildCredit Account.

Question 2

How does Arcane Credit build my credit?

Accepted Answer

When you link your bank account, Arcane automatically identifies your recurring rent and bill payments. With your consent, we report those on-time payments to credit bureaus at least every 30 days. This creates positive payment history on your credit report, which is one of the biggest factors in your credit score.

Question 3

Which bills can I report?

Accepted Answer

You can report five types of bills: rent, electric, gas, water, and cell phone. Bills must originate from a linked bank account, you must be personally responsible for the payment, and you can't be reporting the same bill through another service.

Question 4

Where are rent & bill payments reported?

Accepted Answer

Visit our Reporting Matrix for the latest updates on which bureaus your rent & bills are reported to.

Question 5

How much does Arcane Credit cost?

Accepted Answer

Arcane Credit is $5.99/month or $47.99/year (just $3.99/month — a 30% savings). All features are included with every plan. There's also an optional Score Boost add-on for $39.99 that back-reports up to 24 months of payment history.

Question 6

Will this affect my credit score negatively?

Accepted Answer

Signing up for Arcane Credit does not require a hard credit check. Reporting your on-time payments creates positive history. However, credit score changes depend on multiple factors and individual results vary.

Question 7

How much will my credit improve?

Accepted Answer

Everyone's credit profile, behavior, and history are unique. As a result, we can't provide an exact estimate of how the program will affect your credit or guarantee a score improvement.

Question 8

How do I cancel my subscription?

Accepted Answer

Yes, you can cancel at any time. Tap the More tab > Manage Membership > Cancel Subscription. Cancellation stops future charges, but your access continues through the end of your current billing period. All sales are final and non-refundable.

Question 9

When will I get my payout for my BuildCredit Account?

Accepted Answer

For help with your BuildCredit account, tap the Build tab > BuildCredit Account > Help.

Question 10

What is the BuildCredit Account?

Accepted Answer

The BuildCredit Account is a credit-builder installment loan. You make small monthly payments that are held in a secure deposit account and reported to all three credit bureaus. At the end of your term, your saved funds are returned to you (minus interest and fees). The account is provided by Cross River Bank, Member FDIC, and designed and serviced by BuildCredit, LLC.

Question 11

How does the BuildCredit Account build my credit?

Accepted Answer

Each monthly payment is reported to Experian, Equifax, and TransUnion. This builds your payment history — the most important factor in your credit score (35%). It also adds an installment loan tradeline to your credit profile, helping diversify your credit mix (10% of your score).

Question 12

Do I need good credit to open one?

Accepted Answer

No. There is no credit check to open a BuildCredit Account. Whether you have no credit or bad credit, you can open an account and start building.

Question 13

When are payments due?

Accepted Answer

Payments are made on the 30th of each month, or the last day of the month if earlier, until your account is paid in full. You can set up autopay to make sure you never miss a payment.

Question 14

Does it report to all 3 bureaus?

Accepted Answer

Yes. The BuildCredit Account reports every monthly payment to all three major credit bureaus: Experian, Equifax, and TransUnion.

Question 15

When do I get my money back?

Accepted Answer

When your term is complete and all payments are made, your saved funds are returned to you minus interest and fees. You can track your progress in the app — including how much you've paid, how much you've vested, and your remaining balance.

Question 16

Can I pay off my BuildCredit Account early?

Accepted Answer

Yes, you can close your account at any time. However, keep in mind that maintaining a longer payment history can strengthen your credit profile. Closing your account early may result in fewer on-time payments being reported to credit bureaus and can reduce the average age of your credit which can temporarily affect your credit score.

Question 17

How is the BuildCredit Account different from rent reporting?

Accepted Answer

Rent & bill reporting uses payments you're already making and reports them to the bureaus. The BuildCredit Account is a separate installment loan product that reports to all three bureaus and helps diversify your credit mix with a new tradeline.

Question 18

Who provides the BuildCredit Account?

Accepted Answer

The BuildCredit Account is made by Cross River Bank, Member FDIC, which provides and holds the associated deposit account funds. It is designed and serviced by BuildCredit, LLC, a financial technology company, not a bank.

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