What happens to my credit score if I close my account?
If you close your Credit Builder Account in good standing, then it will no longer report payment history to the credit bureaus monthly. While we can’t speculate on the exact impact of closing a Credit Builder Account on your credit score, payment history is the most important factor in determining your credit score.
Closing early could limit the potential benefit of building payment history to your credit score, and your score could fluctuate.
Your completed loan would then be reported as if you’ve paid off the account early and any information reported during the life of the loan will remain on your report.
For more information on canceling your account, please visit this page.