Cancel Self Credit Builder

Credit Builder is a service provided by financial institutions to help rebuild your credit score. It works by providing you with the opportunity to show lenders that you are able to make monthly payments on time and responsibly manage debt. This is done via a self-credit builder product, which allows users to save their own money in an account and then make regular payments into this account, helping them build up their credit score over time.

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How can I cancel my Credit Builder account?

You can cancel your Credit Builder account by contacting customer support via phone or email. Customer support will then take you through the necessary steps to cancel your account and any outstanding payments you may have. Once canceled, any remaining funds will be refunded to your bank account within 5 business days.

Will canceling my Credit Builder Account affect my credit score?

Cancelling your Credit Builder Account will not directly affect your credit score; however, if you have had credit inquiries linked to this account they may remain on your report for up to 2 years if you do not manually remove them yourself. Additionally, depending on how much of your available credit limit was being used by the Credit Builder Account, cancellation may also decrease your overall utilization rate which could cause a drop in points as well.

What other consequences come from cancelling my Credit Builder Account?

By cancelling your Credit Builder Account, you will no longer be able to use it as a way to build up or repair your credit score. Additionally, if there are any fees associated with the closure or cancellation of the account these would need to be paid in full before cancelling.

Conclusion:
Canceling a self-credit builder product is a viable option when it comes to managing debt and rebuilding one's credit score. However, it should be noted that while this process does not directly affect one's credit rating, there can still be some negative impacts such as fees associated with closing out accounts and possible decreases in utilization rates if too much of one's available limit was being used by the product itself. Ultimately, it is important to understand what comes with closing down an account before making the decision to do so.