Frequently asked questions
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How does Upwardli work?
Fintech companies partner with Upwardli to provide a line of credit that turns your spending into credit building activity. Similar to a store card, Upwardli’s line of credit will provide you with a credit limit that you can use with a specific merchant. Each time you use your line of credit it will be reported to Experian and Equifax.
To get the most out of your line of credit, you should plan to use it every month. This will demonstrate ongoing utilization and excellent repayment history.
How much does it cost?
There are no additional fees or interest charges from Upwardli, however, you may be charged by the merchant offering the Upwardli line of credit.
Will Upwardli perform a hard credit inquiry when I apply?
The ‘soft inquiry’ credit check is used to pre-approve your credit builder line of credit. Once you have been approved you will see a new opened tradeline from Upwardli.
What do I need to apply?
• You must be at least 18 years old with a physical U.S. residence (physical address)
• A valid email address and phone number
• A valid social security number (SSN) or ITIN - if using an ITIN you must provide: Permanent Labor Certification w/ USCIS application or authorization, Employment Authorization Document (EAD), U.S. Work or Student VISA, or an I-765 Form
• A valid government issued ID
What counts towards my credit building?
Every time you transfer funds or make a payment on your line of credit, that payment will go toward your credit report and help build your credit from there!
Why was I not approved for a line of credit?
You may not have been approved for the credit builder line of credit for one or more of the following reasons:
• We were unable to successfully verify your identity
• You never completed the application (if you would like to re-apply, please Contact Us)
• You already have an account with this same merchant
• Your credit information didn’t meet our underwriting criteria
When do I need to pay?
Your merchant will collect payment from you and report to us when you have repaid your balance. If you have an outstanding balance reporting on your credit report please notify the merchant directly.
How do I check my credit score?
You can access your credit insights through the ‘Profile’ tab on the merchant's app.