WARNING: Credit Sesame is the WORST credit builder company in existence. In sum, they care more about their PROFITS than actually helping people build their credit. Here's why: So I was in financial ruin (owed too much credit card debt, thousands in medical bills, multiple lawsuits, and eventually becoming bankrupt) so I needed to get back on my feet and fix my financial life.
I thought the Credit Sesame Cash card was the perfect card for me in order to get me back up and improve my credit score because it was affordable (free to apply and no annual or monthly fees), it didn't require good credit score in order to get accepted, and, most importantly, help build your credit by providing you with the credit line you need in order to use it (which helps build your credit history), pay it back on time (which helps build your trustworthiness and financial responsibility), slowly increase your credit limit (which increases your credit score), and last but not least grow your credit age by keeping your credit account OPEN. Unfortunately, last week (5/19/23), after growing my credit for almost two years, Credit Sesame sent me this email:
"As a valued Sesame Cash account holder, we want to give you advance notice of new account fees* effective June 15, 2023 or after.
The new fee structure is designed to ensure active users can still enjoy free banking services. Account holders who make a direct deposit of at least $500 or spend more than $1,000 during each monthly billing period continue to benefit from no monthly or inactivity fees.
Account holders making a direct deposit under $500 or spending under $1,000 during each monthly billing period are charged a monthly fee of $9.99.
Account holders with no money movement in or out of their accounts pay the monthly fee plus $3.00 for every 30 days of inactivity.
Thank you for being a loyal supporter of Sesame Cash. We look forward to sharing new features and benefits with you in the near future.
By continuing to utilize the services, you agree to the Sesame Cash Terms of Service and Sesame Cash Cardholder Agreement. If you do not wish to accept, you may choose to close your account."
Was that a bait and switch move? Bait me with free credit builder accounts and then, a few years later, switch it with the same accounts but with monthly fees and other rules to get your money. And if I don't accept, I should close my account, which holds my whole credit history since it's the only credit card I have. Consequently, You know what happens when you close your credit card account? Your credit score goes way down and you need to start your credit history all over again from scratch. This company doesn't care about your credit score and just wants to make extra money. Now it is going to take me two years to get back where left at. You know how hard it is to buy a home? To get a mortgage? To raise your credit to excellent in order to actually afford the mortgage?
They could have at least applied the new rule to NEW customers instead of the current ones since we didn't agree to monthly fees (I would have chosen another credit builder if that was the case). Unfortunately, due to Credit Sesame's greed and immoral business tactics, I need to close my account and toss my two-year credit history in the trash with it. That is how Credit Sesame treats their valued customers. Valued indeed.
FAQs
Yes. Credit Sesame is trusted with data from TransUnion, a major credit bureau. The company is also FDIC-insured and uses data encryption to protect your information.
Which is more accurate, credit karma or Credit Sesame? ›
Credit Sesame offers better identity protection options. Credit Karma offers a more detailed credit score simulator. Credit Karma provides access to more financial services (like tax prep and the unclaimed money finder). Credit Sesame makes it easier to get an overall view of your situation on its dashboard.
What credit company does Credit Sesame use? ›
The credit score you see on Credit Sesame is based on the VantageScore® 3.0 scoring model. It's provided by TransUnion, but when you upgrade to our premium services, we show your score from all three credit bureaus.
Does Credit Sesame pay you? ›
When you see the Sesame Guarantee on a personalized credit card offer, it means that if you apply and are declined by the issuer for that credit card, you can receive a payment from Credit Sesame (“Sesame Guarantee”) if you meet the eligibility requirements listed below.
How accurate is Credit Sesame? ›
The score is accurate, but is not necessarily the same score lenders look at when we make an application for a loan or apply for credit, as it could differ based on the credit-reporting bureau. However, all paid subscriptions will run against all three bureaus, giving a total picture of our credit.
What bank is Credit Sesame through? ›
The Sesame Credit Builder works as a feature added to Sesame Cash, the company's deposit account provided by Community Federal Savings Bank. The credit builder is a Mastercard debit card connected to a user's Sesame Cash account.
How can I raise my credit score 100 points in 30 days? ›
For most people, increasing a credit score by 100 points in a month isn't going to happen. But if you pay your bills on time, eliminate your consumer debt, don't run large balances on your cards and maintain a mix of both consumer and secured borrowing, an increase in your credit could happen within months.
What is the safest website to check credit score? ›
Don't be fooled by look-alikes.
AnnualCreditReport.com is the only official site explicitly directed by Federal law to provide them.
Why is my credit score different on Credit Sesame? ›
There are several reasons why your score might differ from what you've seen elsewhere: You may be seeing a different credit scoring model. You may be seeing your score for a different credit bureau. You may be seeing a score that was pulled on a different day.
Is 650 a good credit score? ›
As someone with a 650 credit score, you are firmly in the “fair” territory of credit. You can usually qualify for financial products like a mortgage or car loan, but you will likely pay higher interest rates than someone with a better credit score. The "good" credit range starts at 690.
With this new credit builder banking service, Credit Sesame is taking a giant leap towards helping its 16 million customers achieve their number one goal: establishing and growing their credit. This is especially powerful for younger Americans, new immigrants, or those with inactive or thin credit files.
Is 630 a good credit score? ›
If you have an 630 credit score, you are generally considered a subprime consumer, but it won't necessarily prevent you from borrowing money. The average FICO credit score in the United States is 714 as of 2021, and scores within the 580-669 range are considered to be “fair” credit.
Is Credit Sesame good to use? ›
Yes, Credit Sesame is legit. It monitors and analyzes your credit report to help you protect yourself against identity theft and make sound financial decisions. Credit Sesame also uses industry-standard encryption to keep your information safe.
Is Credit Sesame a hard pull? ›
Using Credit Sesame does not affect your score in any way. When Credit Sesame accesses your credit on your behalf there is only a "soft" credit inquiry into your credit which does not hurt your score like a hard inquiry from a lender might.
How do I get rid of Credit Sesame? ›
Visit the Premium Plan section of your Account Settings page. Click on "Cancel Premium Plan" and follow the prompt to confirm. If you're subscribed through an in-app purchase plan (Apple iTunes or Google Play), you must manage your subscription directly through your app store.
Is Credit Sesame card worth it? ›
If you have limited credit history or are trying to rebuild your credit after a bankruptcy, the Sesame Credit Builder could be a good option to boost your credit score. (Note: there is a $9.99 monthly fee for the Sesame Credit Builder card, but this fee can be waived based on how you use your account.)
Does Credit Sesame build credit? ›
The Sesame Cash card can help build your credit as it rewards you as you improve your credit score. If your score improves by 10+ points in 30 days, you will receive $5. If your score improves by 100+ points in 30 days, you will receive $100.
Can you dispute things on Credit Sesame? ›
The credit data in your Credit Sesame account is provided by TransUnion. If you believe that you may have an error in your TransUnion credit report data, we recommend that you dispute any inaccurate information directly with TransUnion via their website or by calling toll free 800-916-8800.
