How does Atlas compare to the other credit-building apps?
Atlas offers three ways to build and improve your credit:
The Atlas credit card rewards all your spending, including membership fee payments.
Reports to all three major bureaus, with the first credit report submitted within the first two weeks of activating your account.
Offers the ability to report more than just your Atlas card spending to credit bureaus (Coming Soon - Atlas Rent Reporting!)
How much can I spend on my Atlas Card?
You can spend up to your spend power, which is the sum of your available deposit and any unsecured credit available on your Atlas account. This is shown in the app as the amount “Available to spend”.
What gets reported as my credit line?
The credit line reported to the credit bureaus is your monthly maximum credit limit. This is the sum of your max secured credit limit (requires a deposit) and unsecured credit (requires verifying income).
How can I get a higher spend power?
To increase your spend power, you can add more funds to your deposit account and/or connect payroll in the app to verify income.
Is it bad if I use my whole spend power?
Low utilization is generally helpful to build credit. We have designed Atlas to keep utilization low through SmartPay which automatically pays off card balances frequently to keep utilization low.
You can also pay balances manually to keep your utilization low. The key is to make sure you have an active linked bank account for SmartPay, and to ensure all statement payments are made on time.
How does Atlas keep my utilization low?
Atlas helps keep your utilization low through the SmartPay feature, which automatically pays off your balance to prevent missed payments and high utilization.
How does SmartPay help me build credit?
SmartPay ensures that your payments are made on time, which is a positive factor for building credit. It helps establish a good payment history, which is important for your credit score.
How does Atlas prevent forgotten payments?
With SmartPay, Atlas automatically pays off your balance, so you don't have to worry about forgetting to make payments.
If I pay off my balance on time, will my credit utilization be 0%?
No, paying off your balance on time does not necessarily mean your credit utilization will be 0%. Even if you pay off your balance on time, if you have used a significant portion of your credit limit during the month, your credit utilization may still be higher than 0%. It's important to keep your credit card balances low so let SmartPay automatically run and avoid accumulating excessive debt
Updated over a week ago