Mission Lane Credit Builder Account review: Tool for building credit if you have poor or no credit history

1 week ago 26

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Pros and cons

Mission Lane Credit Builder Account

Annual Percentage Yield (APY)


Minimum Deposit Amount


Annual Percentage Yield (APY)


Minimum Deposit Amount



  • No monthly service fees
  • No minimum opening deposit
  • Pay off 0% loan in $25 increments over 12 months ($300 total)


  • To withdraw funds early you'll need to finish off $300 payment sooner
  • The account closes after 12 months

More Information

  • Pay off a $300 loan using a secured savings account
  • Make a $25 payment to your account each month for 12 consecutive months
  • Mission Lane will report your Credit Builder Account to a credit bureau each month so you may improve your credit score
  • If you miss a payment, you'll have access to what you've made in payments so far
  • FDIC insured through TAB Bank

The Mission Lane Credit Builder Account offers a good way for people with little or negative credit history to improve their credit score. 

The way it works is money from a $300 loan will be deposited into a secured savings account.

For 12 months, you'll deposit 12 consecutive payments of $25 toward your loan (a total of $300). Meanwhile, Mission Lane will report your Credit Builder Account to a credit bureau monthly. 

After you've completed all 12 monthly payments, the $300 you've deposited into your Credit Builder Account will be returned to you, and your account will be closed. 

The Mission Lane Credit Builder Account may be an ideal fit if you've struggled to apply for a loan or don't want to deal with potential fees or interest. 

How Mission Lane works

Mission Lane is a fintech company with financial tools to help you improve your credit score. 

In addition to the Mission Lane Credit Builder Account, the fintech company also has a Mission Money debit card, Mission Lane credit card, and personal finance education. 

You may reach Mission Lane customer support by phone from 9 a.m. to 8 p.m. ET on weekdays. 

Mission Lane has a mobile app only for its credit card.

The Mission Lane Credit Builder Account is FDIC insured through TAB Bank, and lending tools are provided by the fintech loan servicer platform Peach Finance. 

Mission Lane trustworthiness and BBB score

The Better Business Bureau grades businesses based on responses to customer complaints, honesty in advertising, and transparency about business practices.

Mission Lane received a B- rating from the BBB because it's received a high volume of customer complaints.

A strong BBB rating doesn't necessarily mean that you'll have a smooth relationship with a company. Talk to customers or read online customer reviews, too. 

Mission Lane Credit Builder Account vs. Experian Go

There are several different banking products and tools you can use to build your banking and credit history.

Earlier this year, Experian launched Experian Go as a resource for people without a previous credit history. Here's how the two programs stack up below. 

Mission Lane and Experian Go provide different tools for raising your credit score. Your preference might depend on which method stand out the most to you.

With Mission Lane, you'll be opening up a $300 loan. To receive the funds of your loan, you'll need to make 12 consecutive $25 payments. For each month you make a payment, your Credit Builder Account will be reported to a credit bureau, so you can improve your credit score. 

Experian Go could be a better option if you aren't ready to apply for a loan. The free program guides you through ways to improve your credit score.

For instance, you may link your bank account to Experian and use monthly payments on streaming services or utility payments to improve your credit score. You could also apply for credit cards or become an authorized user on another person's card.

Mission Lane Credit Builder Account vs. Dora Financial 

If you haven't used personal finance tools like bank accounts and loans due to a negative banking history, you might consider looking into Dora Financial as well. Here's how the companies stack up below:

Mission Lane will likely be a better option if you're searching for a way to build credit over time.

The Mission Lane Credit Builder Account allows you to pay off a $300 loan in 12 months by depositing money in a secured savings account. While you may access your funds early if you finish off payments sooner, you'll ideally want to stick with the 12 monthly payments to maximize your credit score. 

If you'd prefer to open a permanent bank account with easy access to your money, you might sway more toward Dora Financial. Dora Financial offers a second chance checking account which may be a good fit if you've struggled to open a checking account due to your previous banking history.

The Everyday Checking Account requires a $0 opening deposit and has an app fully in English and Spanish. It also charges zero monthly service fees, zero overdraft fees, and doesn't require a credit check. 

Frequently asked questions 

What happens if you miss a payment on your Mission Lane Credit Builder Account?

You'll be able to close your account and access any funds that you've repaid on your loan. If you don't make consecutive payments, it may negatively impact your credit score, though.

How much will my credit score go up with the Mission Lane Credit Builder Account?

Mission Lane states that the results of your credit score will vary depending on your credit profile. You'll want to keep in mind that missed payments could negatively impact your score. Making early payments might also prevent you from getting the most out of the Mission Lane Credit Builder Account. 

Sophia Acevedo

Junior Banking Reporter

Sophia Acevedo is a junior banking reporter at Insider who covers banking and savings for Personal Finance Insider. She joined Insider in July 2021 as a fellow for the Personal Finance Insider Reviews team. Before joining the Insider team, she was a freelancer based in Los Angeles and worked briefly in publishing. She also graduated from California State University Fullerton in 2020. You can reach out to her on Twitter at @sophieacvdo or send a quick email at sacevedo@insider.com. Read more about how Personal Finance Insider chooses, rates, and covers financial products and services >>

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