Atlas's advantages for credit building:
Rewards: Earn rewards for spending, even on membership fees.
Comprehensive reporting: Credit activity reported to all three major credit bureaus (TransUnion, Experian, and Equifax) within two weeks.
Rent Reporting: Option to report rent payments for an additional credit boost.
Spend power and credit limit:
Spend Power: Total available funds for spending (deposit + unsecured credit).
Reported Credit Line: Maximum monthly credit limit (deposit + unsecured credit).
Increasing Spend Power: Add more to your deposit or connect payroll.
SmartPay for utilization and payments:
Avoid high utilization: Using full spend power can hurt your score. SmartPay automatically pays off balances to keep utilization low.
Build credit with SmartPay: Ensures on-time payments and low balances for a better credit history.
No missed payments: SmartPay takes care of payments automatically.
Remember:
Paying in full doesn't always mean 0% utilization: High usage during the month can still impact utilization. SmartPay helps manage this by making payments throughout the month.
Overall, Atlas offers a user-friendly, automated approach to credit building with features like rewards, comprehensive reporting, and SmartPay.