You Want to build your credit
|2 Programs to Fit Your Needs|
|Approval Needed||Everyone Approved;||Limited Approval Needed|
|Relief Fund Today||$0||$500|
|Guaranteed Future Loans||6 Months on time
payments auto qualifies
for BMU PLUS
|12 Months on time
payments auto qualifies
for $1000 Flex Loan
* Savings Portion is the portion which stays secured with us till the end of the program.
Which Credit Bureau does this program report to?
Build Me Up reports to TransUnion®.
If I terminate the program early, will it negatively impact my credit report?
No. once you have paid any relief funds and admin fees and the program is terminated your account will show closed in your credit report.
Is there a penalty fee for terminating the program early?
No. If the relief funds and the admin fee is satisfied, you are not required to pay additional fees to cancel.
Does my credit report have to be pulled to sign up for this program?
No. We will not check credit for Build Me Up BUT a credit report is required for BMU PLUS.
Why do I have to pay a fee to withdraw from my money?
There are fees and administrative costs associated to processing withdrawal plus we want to encourage you to keep the funds in savings for the full length of the term. That way, when the program is over you are rewarded with $1300.00 that you can convert into investments such as RRSP, RESP, or TFSA. Or you can also pay off any loans or debt that you might have and get an ultimate fresh start.
What happens if I miss a payment?
If a payment goes NSF (or returned un-paid for any reason), you will be charged $25.00 on top of your payment amount. This will have a negative impact on your bureau unless it is taken care of within a timely manner.
How often do you report to TransUnion®?
Every 30 days.
The payment I’m making to cover my loan & admin fee portion, will they be reporting as well and helping my score?
Absolutely. Every payment from the beginning of the program will be reporting to Transunion and helping your score.
What is this program reporting as?
The BMU program reports as a $1500 secured loan tradeline and the BMU PLUS program reports as a $2000 secured loan tradeline.
How do I withdraw from my Built-Up equity (Savings Portion)?
To withdraw from your built-up equity, you will need to send us an email to buildMeUp@cashcofinancial.com or call 844-456-1503 and speak to the appropriate associate dealing with BMU. They will then be able to transfer the funds to you through Email Money Transfer.
Will I get my money back if I terminate the program early?
In the event of an early termination, you will be refunded any built-up equity at the time of termination.
Does the term of the program change how much my score can improve?
Based on previous client experience, having the program over 36 months term will potentially improve a damaged credit score by average 170 points. Having the loan for a longer term will help improve credit more as the number of payments made towards a tradeline is what impacts the score rather than the amount. In other words, the shorter the term the smaller the change.
Can I change my term if needed to lower my payments?
No. You can increase the payment amount, but you cannot decrease it. We try to ensure your payment is right for you at the time of sign up so that you can be successful in the program.
Can I sign up for more than one program to help improve my credit more?
No. Sometimes having too much active tradelines can damage your credit so we limit clients to one BMU product at a time.
Can I skip a payment?
After 6 months of successful payments have been made, you are eligible to skip one payment for a fee. You are only allowed to skip two payments per calendar year with 6 months of successful payments made in between each one.
How early do I need to notify you before I can skip a payment or terminate program?
At least 3 business days prior to any scheduled payment. If we are not notified within that timeframe there is a risk of payment order already being sent to the bank and no way to retract it. You then risk getting NSF charges from your financial institution and from Cashco Financial for a missed payment. In case of termination, if we are not notified within acceptable time frame, funds are still going to come out of your bank account for you next scheduled payment.
Where are my funds being kept?
Your money is held in a secure gated bank at Cashco Financial.
Can I pay a lump sum payment towards my program?
Yes, you can. However, keep in mind that paying off the program early is not going to have the same impact on your score as leaving it full term would. The longer the tradeline is open the better it is for your credit score.
How do I catch up on any missed payments?
You can send an email money transfer to firstname.lastname@example.org and set up the password to be cashco all lower case. Please also include your full name and what the payment is for in the memo line. An agent will then confirm with you once payment has been received and applied.
Am I guaranteed to qualify for a loan after the completion of the program?
Yes. If you are a BMU client, you will auto qualify for BMU PLUS after 6 Months on time payments. If you are a BMU PLUS client, you will auto qualify for $1000 Flex Loan after 12 Months on time payments.
Contact the Cashco Build Me Up Credit and Savings Program concierge to learn more about the product and learn how to sign up.
* at an interest rate of 18.99%
** Results may vary based on your credit situation