Sesame Cash - Credit Builder | Sign Up Today | Credit Sesame (2024)

Sesame Cash

Credit Builder

How is my cash used to build my credit?

There’s a lot that goes into calculating your credit score, but one of the biggest factors is your credit utilization, or the percentage of available credit you’re using. When you move money from your Sesame Cash account into credit builder, it becomes a security deposit for a virtual Secured Credit Card we’ll report to the credit bureaus. Your virtual secured credit card can help increase your overall available credit and lower your credit utilization, which can lead to a higher score—all with the cash you have.

How can paying with debit grow my credit score even more?

How do you choose Sesame Cash purchases to build my credit?

When you start using your Secured Account, we’ll help you set your credit utilization limit. At the end of every month, we’ll automatically look for Sesame Cash debit purchases that total the amount you choose—not a cent more.

How is this different from a secured credit card?

How soon can I improve my credit score?

We update the credit bureaus regularly, and you could see a higher credit score as soon as next month!

Are there fees or interest payments?

How much cash should I allocate to get started?

To open your virtual Secured Credit Card, you’ll be asked to make a minimum security deposit from your Sesame Cash account. Increasing this amount can lower your credit utilization even more and help improve your score.

How long should I plan to set aside my cash?

You can access your cash when you’re ready to use it, but you should allocate an amount you’re comfortable saving for up to 6 months.

Can I increase my security deposit?

Yes! Increasing your security deposit can lower your credit utilization and help improve your score. Your security deposit is still your money—it’s just set aside to build your credit and help you do more in the future.

What should I set as my credit utilization limit?

You never want to overuse your available credit. Keeping your credit utilization below 30% helps demonstrate responsible usage and build positive credit history! For your Secured Account, that means choosing a utilization limit that’s 30% of your security deposit or less.

Can I change my credit utilization limit once I’ve set it?

Yes! You can change your utilization limit at any time within the Credit Sesame app. Any changes made to your utilization limit at least 3 business days before the end of the month can be reported to the bureaus right away.

Should I use the mobile app or web version of Credit Builder?

How do I withdraw my money?

You can withdraw your security deposit at any time by contacting our Customer Care team at 1-877-751-1859. While increasing your security deposit can lower your utilization and improve your score, withdrawing your funds too early can prevent your credit score from reaching its full potential!

What is Sesame Credit Builder?

Sesame Cash is a prepaid debit card issued by Community Federal Savings Bank (CFSB). To build credit with Sesame Cash, you must also open a virtual secured account with CFSB that is reported to the credit bureaus. There is no upfront security deposit required. Instead, the balance on your virtual secured account will be securitized around the time of each transaction. To start building credit, deposit money into your Sesame Cash account and start using your debit card. Your debit card purchases will then create a balance on your virtual secured account, and funds in your Sesame Cash account, equal to this balance, will be set aside as a security deposit to pay off the balance at the end of each month. This means you will always have enough money at the end of the month to make timely payments, allowing you to build a positive payment history. Credit Sesame does not guarantee your credit score will improve. To see any credit score improvement from the use of your virtual secured account you must also maintain other healthy credit habits, including paying bills on time, keeping credit balances low, avoiding unnecessary inquiries, appropriate financial planning, and more.`

How is my cash used to build my credit?

Our Credit Builder enables you to use your cash to build credit. All you need to do is add funds to your Sesame Cash account and use your card for your daily transactions. Your debit card purchases will then create a balance on your virtual secured account, and funds in your Sesame Cash account, equal to this balance, will be set aside as a security deposit to pay off the balance at the end of the month. This allows you to build a positive payment history which will then be reported to all 3 credit bureaus. Unlike other credit building programs, our program does not require an up-front security deposit or utilization limit, making it a hassle-free option for those looking to improve their credit score.

How can paying with debit grow my credit score?

Our Credit Builder allows you to build your credit without needing an up-front security deposit. By using your Sesame Cash card for daily purchases, you can establish a positive payment history reported to all 3 credit bureaus. Our Credit Builder open credit system is designed to encourage responsible usage which helps to increase your credit score.

How are my transactions reported to build my credit?

When you use your Sesame Cash debit card to make purchases, those transactions are reported to the credit bureaus to help establish a positive credit history. By reporting your spending behavior and payment history, the credit bureaus can create a credit report that reflects your creditworthiness and helps build your credit.

How is this different from a traditional secured credit card?

How soon can I improve my credit score?

We update the credit bureaus regularly, and you could see a higher credit score as soon as next month!

Are there fees or interest payments?

How much cash should I allocate to get started?

Our Credit Builder does not require an up-front security deposit to get started, and there is no minimum amount that you need to add to your account. However, it’s important to ensure that you have enough funds in your account to make purchases.

Can I access the money in the account vault?

You cannot access the money in the account vault as it is meant to be used to pay off your Credit Builder balance. The account vault is where the money you spend using your Sesame Cash debit card is held until it’s needed to pay off your credit builder balance.

Is there an up-front security deposit required?

With our Credit Builder, you can start building your credit without needing to make an up-front security deposit. Although there is no upfront security deposit required to use the Secured Card, you will be required to hold a security deposit account to securitize your debt as it is incurred and separately pay off the balance on your Credit Builder account in full every month. Funds from your Sesame Cash account will be used to securitize transactions made on your Credit Builder account.

Do I need to set a credit utilization limit?

No, you do not need to set a credit utilization limit with our Credit Builder account. This is because the program is designed as an open credit system, meaning there is no preset credit limit. Instead, you can spend as much as you want up to the available balance in your Sesame Cash account (following our cardholder agreement limits).

Should I use the mobile app or web version of Credit Builder?

Building your credit is simple and easy with the free Credit Sesame app. You’ll be able to check your score daily, track your progress, and use Sesame Cash purchases to grow your score even more.Download our iOS or Android app today!

What is the difference between Credit Builder 1.0 vs. 2.0?