In an effort to answer your questions as quickly as possible, we have included below a list of the most commonly asked questions about the Eufora Credit Builder program.
- How does the Eufora Credit Builder program help me build or rebuild my credit?
Credit Builder will help you build or rebuild your credit by reporting your positive monthly payment history to our credit reporting agency partners.
- Who are Eufora's credit reporting partners?
When you choose Credit Builder, Eufora reports your monthly payment history with respect to the Eufora Credit Builder
monthly payments to TransUnion and Experian, two of the country's largest credit reporting agencies.
- What is required for me to be eligible to participate in the Credit Builder program?
In order to be eligible to participate in the Credit Builder program, you must apply as (or already be) a Preferred or Elite Member with a Eufora Prepaid MasterCard.
- How much does the Credit Builder program cost?
You may view the costs associated with each of the Credit Builder Membership programs that we offer by
clicking here.
- Can I participate in the Credit Builder program as an Associate Member?
No, you must be a Preferred or Elite Member to participate in the Credit Builder Program.
- Why is the Credit Builder Program not available at the Associate level?
We are unable to offer the Credit Builder program to our Associate level Members due to the minimum reporting requirement guidelines set by the Consumer Data Industry Association and followed by the credit reporting agencies.
- Does the Elite Credit Builder program help build my credit more than the Preferred Credit Builder program?
Yes, to the extent your credit rating can be positively affected by the Credit Builder program. There are many factors that determine your credit rating. Generally, the greater dollar amount paid monthly for the Elite program ($10.00/mo) will help increase your credit rating more, than the lesser dollar amount paid monthly for the Preferred program ($6.65/mo).
- Can I participate in the Credit Builder program if I am already a Eufora Card cardholder?
Yes, you may upgrade and add the Credit Builder program to your existing Eufora Membership. However, you must be a Preferred or Elite Member and you must be a Eufora Prepaid MasterCard cardholder.
- If I am an existing Eufora Member and I would like to upgrade and add the Credit Builder program to my Membership, how do I do it?
- How long am I required to make monthly payments?
You are required to make twelve (12) monthly payments during the first year of Membership only.
- What is my Credit Builder Payment schedule?
- What is my advance deposit?
Your advance deposit is an up front fee, equal to the amount of the annual Membership fee you have chosen and will be applied (100%) towards your annual Membership fee, after you have successfully paid twelve (12) monthly payments.
- Can I participate in the Credit Builder program with a one (1) year Membership term?
No, the minimum Eufora Membership term for the Credit Builder program is two (2) years.
- What happens after the first year of Membership?
After the first year of Membership (if you have successfully made all twelve (12) payments), 100% of your advance deposit will be applied towards your second year annual Membership fee.
- What happens after the second year of Membership?
After the second year of Membership, your Membership will automatically renew each year and your Eufora Prepaid MasterCard Account will automatically be charged annually for your Membership fee (subject to the Member Terms and Conditions of the Eufora Program).
- What happens if Eufora attempts to automatically charge my Eufora Prepaid MasterCard Account for my monthly payment and the funds are not available?
If you fail to make clear funds available when we attempt to automatically charge your Eufora Prepaid MasterCard Account the first time (in any of the first 12 months), we will attempt a second time approximately 15 days later. If you fail to make clear funds available when we attempt to automatically charge your Eufora Prepaid MasterCard Account the second time, without prior notice, you will be removed from the Eufora Program and all of the monthly fees paid to date and your advance deposit will be retained by Eufora. Eufora will not refund any portion of the monthly fees paid or advance deposit.
- If I do not make my monthly payment in either of the two attempts that Eufora makes to charge my Card Account, (in any of the first 12 months), will I remain as a Eufora Member?
No, if you do not make your monthly payment in any of the first twelve (12) months, without prior notice, you may be removed for the Eufora Program and all of the monthly fees paid to date and your advance deposit will be retained by Eufora. Eufora will not refund any portion of the monthly fees or advance.
- How much should I load on to my Eufora Prepaid MasterCard Account in order to have sufficient funds available for my monthly payment to be paid?
You should load at least enough to cover the amount of your monthly payment, plus any required usage fees (such as "Value Load Fee"). Example: If your monthly payment is $6.65 and you are required to pay a $1.00 Value Load Fee, you should deposit at least $7.65 to insure that your monthly payment is paid.
Tip: You may load enough to cover several monthly payments and only pay the Value Load Fee once.
- How will you bill me for Credit Builder?
Eufora will automatically charge your Eufora Prepaid MasterCard Account, each month, for the first twelve (12) months of your two (2) year term. You may view an example Payment Schedule by
clicking here.
- Can I pay my monthly payments in advance?
- Can I pay my automated Credit Builder monthly payments with an account other than my Eufora Prepaid MasterCard Account?
Yes, you may pay your automated Credit Builder monthly payments with an account other than your Eufora Prepaid MasterCard Account. However, you must contact
Eufora Member Services to make arrangements using an approved payment method. You may also pre-pay your monthly fees (all 12 payments in advance) using an approved payment method.
- Can I cancel my Eufora Credit Builder Membership at any time?
You may cancel your Membership at any time. However, Eufora will retain all of the monthly fees paid to date and your advance deposit. Eufora will not refund any portion of the monthly fees paid or advance deposit.
