What is Credit Builder
Dave’s Credit Builder feature gives you the opportunity to build positive payment history with the credit bureaus by allowing Dave to report your advance settlement activity to the Equifax, with no additional cost.
How it works
It’s simple! You will be asked to acknowledge the new terms of Extra Cash, which now includes the Credit Builder Feature. There are no credit checks enroll! Just take an Extra Cash advance when you need it and start positively impacting your credit! You’ll be able to monitor your score in the Dave app.
What Dave reports
Dave reports on your Extra Cash advance settlement history, including your on-time and late payments. Keep in mind any late payments may negatively impact your score, so it’s important to settle your advances on time!
Dave will report your repayment activity on a monthly basis. Please note, it may take up to 60 days after enrollment before the reporting starts to positively impact your score.
Vantage scoring model
Dave uses the Vantage 3.0 scoring model to calculate your score, so it may be a little different than your FICO score.
If you need some extra help, please contact our Member Success team by navigating to your settings in the Dave app, then scroll down and Chat with us.