1. When you check your rates for Bright Credit we initiate a “soft pull” of your credit. This will NOT impact your credit score. If you’re approved and activate Bright Credit we may do a hard inquiry which may affect you credit score.
2. Bright Credit is a line of credit that can be used to pay off your credit cards. Subject to credit approval. Variable APR range from 9% –24.99%, Credit Limit ranges from $500 - $8,000. APR will vary based on prime rates. Final terms may vary depending on credit review. Monthly Minimum Payments are as low as 3% of the outstanding principle balance plus the accrued interest. Also, you can choose to pay more than the minimum due if you want to pay down the loan faster. Credit line originated by Bright or CBW Bank, Member FDIC. Products and services subject to state residency and regulatory requirements. Bright Credit is currently not available in all states.
3. Bright customers paid off their credit card debt 4x faster using Bright membership than they would by only paying their minimum dues. These customers included all users using Bright before Feb 2023, having a minimum of $500 credit card debt and having used Bright services for 1 year. Actual pay off rates may defer based on individuals.
4. Payment history has the biggest impact on credit score accounting for 40% of how score is calculated per TransUnion (
https://www.transunion.com/credit-score). Bright Builder helps you build payment history that may positively improve your credit score. Credit score increase is not guaranteed. Individual results may vary. Late payments, missed payments, or other defaults on your accounts with us or others will have a negative effect on your credit score. Products and services subject to state residency and regulatory requirements. Bright Builder is currently not available in all states.
5. Bright reports payment history to 2 major credit bureaus, Equifax and TransUnion.
6. Bright uses standard industry practices to determine our customer satisfaction score. It's a metric used in all kinds of businesses to measure customer service and product quality. Businesses calculate their score by taking the number of satisfied customers (those who rated them 5 or higher) and dividing it by the total number of responses. As of November 2021, Bright's score of 93 out of 100 represents ratings provided by over 5,000 Bright users.
7. Users who make on time payments and are in good standing may be evaluated for credit limit increases (limit changes are subject to credit underwriting and approval). Evaluation and credit limit increases are not guaranteed.
8. Applicable when a user chooses annual or semi-annual plans.
* Based on Apple Appstore and Google Play store ratings as on May 2023.
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