Move funds into your Secured Account to use your Believe Card for everyday purchases you would already be making to help establish or rebuild credit* without the need for a traditional line of credit. Instead of extending a line of credit, Believe uses the transferred funds from your checking account to secure everyday purchases on your Believe card and reports that activity to the 3 major credit bureaus. Since Believe secures the funds for your owed balance, we repay your balance at the end of every statement cycle automatically and on time using Safe Pay. On time payments may help improve your credit score and you can establish the credit you need to help secure your financial future. Over time, better credit scores can help you on your financial journey to qualify for unsecured credit cards, auto loans, better insurance rates, fewer security deposits, etc.
If you’re looking for a small dollar line of credit, check out Varo Advance.
To start using Believe:
- Once you qualify to apply, you’ll be invited right in your app.
- Move money to your Secured Account to cover your purchases, either automatically using Move Your Pay, or manually.
- Turn on Safe Pay to automatically make on time payments, or you can make manual payments from a linked account or your Varo Believe Secured Account, or mail us a check.
- Track your credit score in the app and monitor your progress month to month.
Varo Believe has no upfront security deposits, no annual fees, no maintenance fees, no international fees, and no interest charges.
While the Varo Believe Card has no interest charges, and no APR, you do need to pay your statement balance in full by the due date each month, or your use of the Varo Believe Card may be suspended. Late payments may negatively impact your credit history.
*A variety of factors impact your credit, including payment history, utilization, derogatory marks, account age, total number of accounts, and inquiries - not all factors are equally weighted. Building your credit is a process that may take time, but Varo Believe may be able to help.