FAQ - Credit Monitoring

Do I need to provide my  Social Security Number (SSN) to EarnIn to monitor my credit?

Yes, you will need to provide EarnIn your SSN, first name, last name, date of birth, and home address. This information allows us to verify your identity, which we are legally required to do.

Credit Monitoring is an optional feature. There’s no soft or hard credit pull, and it won’t impact your credit. You can still transfer out through EarnIn without SSN verification. 


Why do I need to provide my Social Security Number (SSN) to EarnIn to monitor my credit?

Your SSN and other personal information is required to verify your identity and confirm the credit score you receive is accurate and legitimate. 


Will signing up for Credit Monitoring impact my access to earnings?

Nope! Your earnings access will never be impacted by Credit Monitoring participation or your credit score. EarnIn does not use credit reports or credit scores to evaluate our customers. 


Will signing up for Credit Monitoring impact my available credit on my EarnIn Card?

Nope! Your EarnIn Card available credit is based on your paycheck, not your credit score. EarnIn does not use credit reports or credit scores to evaluate our customers. 


Which credit bureaus are monitored with Credit Monitoring?

Credit Monitoring tracks Experian data. Experian is one of the three major credit bureaus that track and generate credit reports. 


How often is my credit score and credit factors updated?

Your credit score and credit factors are updated monthly from the date of your enrollment. You can see when your score was last updated by referring to the “since” date under your credit score.

How is my credit score calculated?

A credit score is based on a consumer’s credit history, which can include factors such as open accounts, total debt, repayment history, and other factors. 

Lenders use credit scores to evaluate the risk assigned to lend money to a consumer. Each individual has a distinct credit score from the three main credit bureaus (Equifax, Experian, and TransUnion). 

Credit scores are designed to predict an individual's ability to repay borrowed money. FICO® and VantageScore 3.0® are the two big players for creating consumer credit scores based on information bureau information. While EarnIn does not evaluate customers based on credit scores, lenders use their reports for credit evaluations.


What’s the difference between FICO® and VantageScore® 3.0 credit score?

FICO was founded in 1956, while VantageScore was founded by the three major credit bureaus in 2006 to give more individuals an opportunity to have a credit score. EarnIn uses VantageScore 3.0 for credit monitoring services. 

Here’s a quick overview of how they differ: 

  • Minimum Scoring Requirements - FICO looks at credit accounts with at least six months of history, while VantageScore 3.0 does not. 
  • Scoring Factors - Aspects such as payment history, credit usage, length of credit history, account types and activity all carry different weight for the respective scores. 

Other differences include how each score looks at credit utilization, debt collection history and credit inquiries. Building a foundation of good credit history positively benefits both scores.


I got an alert about a change in my credit report. What changed?

EarnIn works with Experian to detect changes in your credit report. You’ll receive alerts regarding credit balance increases or decreases, dormant account activity, address changes and other important actions. Alerts correlate with potentially positive activity such as a paid off account, and potentially negative activity such as a card balance going over the limit. 


If you receive a credit change alert, make sure the information is accurate. Use the app to review information about your credit use, payment history and hard inquiries. You can speak with an Experian representative to learn more by calling 833-421-3375. 


I signed up for Credit Monitoring but I don’t see a score. Why is that? 

You may have what’s known as a “thin” credit file, which means the major credit bureaus do not have enough information to compile your credit scores. Typically, this means you have less than five credit accounts. Experian provides suggestions for those with thin credit files. 


Why is the score in EarnIn different from what I got from a lender or bank?

The scores can differ for two reasons. 

  • VantageScore 3.0 vs. FICO - If the bank or lender pulls your FICO score (or a score besides VantageScore 3.0), the result could differ. Additionally, scores can vary from bureau to bureau. 
  • Timing - If the bank or lender pulls your score at a different time than EarnIn (which is updated monthly), the result could differ. 


How do I know if I have a good credit score?

There are many nuances to a credit score. A “good” score can be subjective, as it depends on what you’re looking to do. 

The VantageScore 3.0 uses the following credit score categories: 

  • Very Poor: 300-499
  • Poor: 500-600
  • Fair: 601 – 660
  • Good: 661-780
  • Excellent: 781-850

Typically, a score of 660 and above qualifies you for most loans. This means it’s a good score for leasing an apartment or car. However, there are plenty of credit products for people with a score lower than 660. 


How to get a good credit score for what you’re looking to do

If you’re looking to make your money work for you, maintaining a good credit score is a valuable tool. According to Experian, 661 to 780 is considered good on the VantageScore range. Here’s what they recommend based on your financial goals: 

  • Credit card - A score 670 to qualify for a rewards credit card
  • Buying a car - A minimum score of 500-700
  • Leasing an apartment - There’s no standard score, as it depends on your area. 
  • Buying a house - A minimum score of 500-700. 

Reaching or maintaining a high credit score depends on your personal financial situation. There are established best practices, these include making payments on time, keeping accounts below 30% of the maximum allotment, and having a mix of credit accounts. You can accelerate credit health through actions such as paying more than one payment per month. 


How does my credit score affect my ability to get credit?

Your credit score is one of the most important factors for lenders evaluating your mortgage loans. Generally, a higher score means lower interest rates. 

There are many different credit scores, so the model used to calculate the score you obtain, and the score itself, may be different than the one the lender uses to make its decision. 

For example, you may get a generic credit risk score from Experian, but an auto lender might use its own custom scoring model with a different scale. The numbers won't be the same but will likely represent a similar level of risk.

Banks, credit card companies, auto dealers, retail stores and other lenders decide if you get your loan. Most businesses that issue loans use credit scores to quickly summarize a consumer's credit history. Many factors are used in determining whether or not you receive the credit you applied for — such as an applicant's income versus the size of the loan. 

Ultimately, a credit score is a leading indicator of one's basic creditworthiness. 

Visit Experian’s FAQ page to learn more. 


What affects my credit score?

Many factors affect your credit score. Different credit scoring models vary but here are five important considerations regarding your credit score. 

  • Payment history - Missed or delinquent payments have a negative impact. 
  • Amounts owed - Multiple accounts with more than 30% credit utilization negatively impact your credit. 
  • Credit history length - The length of your credit history impacts your credit score. Longer credit history usually leads to a higher score. 
  • Credit mix - A mix of healthy credit accounts (credit card, student loan, car, mortgage etc.) improves credit scores. 
  • New credit - Newly opened accounts and hard inquiries* also impact credit scores. 

*A hard credit inquiry is when a lender or third-party requests to review your credit report when you apply for a loan or application process (such as signing a lease). Avoid too many hard inquiries within a short time frame to limit negative impacts.  


How can I learn more about credit scores? 

There’s an abundance of information and advice regarding credit scores. EarnIn recommends content from Experian as a credible source. If you have questions about getting a car loan, a mortgage or how your score will impact creditor decisions, you can refer to Experian’s FAQ page or the Ask Experian blog