How does Guardian work?

Short Answer: Guardian builds credit history by simulating loan payments through a very low-risk and low-cost platform.

Long Answer: Whenever you sign up for a loan or credit card, lenders/banks like to see that you have some sort of payment history towards another form of credit. The lender wants to make sure you can repay the debt, no problem there right; but, this creates a chicken or egg dilemma for those with little to no credit history.

The Guardian account was made to sidestep that dilemma by letting you save a fixed (same amount) of money every month to show credit companies (we’ve partnered with them!) that you’re capable of making payments on credit card/loans/mortgage/etc. that usually have a fixed (same amount) of payments every month.

Does signing up hurt my credit?

Nope. Signing up will not hurt your credit.

What do I need when I sign up?

All you need is a couple of things to validate your identity and bank account (either checking or savings) that you will use to automatically deposit money into your Guardian Savings account every month.

If you’re under 18, you will need a parent or guardian (no pun intended) to sign up. Guardian is not available for those under 13.

All data is 100% secure. We never sell personal information.

Is linking my bank account secure?

We use the same secure and validated bank connection software that apps like Venmo and Acorns use. We only use tools that have the highest standards of security and data privacy.

Can I withdraw (take out) my money whenever I want?

Remember, when you sign up, you will enter how long you will want to save for. Your account will be locked (no withdrawals, only deposits) for that amount of time.

100% of your money will be returned to you by the end of the duration you indicated at sign-up. Till then, your money will always be secured in an FDIC-insured account.

What if I need to take my money out earlier?

Because we are simulating loan payments with your savings goal representing the total loan amount, the savings account must remain locked for your credit score to be affected positively.

However, life happens and sometimes you need to use the money. If that is the case, then you will be returned the amount you’ve saved up minus one month’s deposit.

What happens if I don’t deposit by the due date for the month?

Because we are simulating loan payments by using your monthly deposits to represent your ability to make monthly payments on loans, it is very important that you do not miss a deposit date. To the credit rating agencies, missing a deposit date is the same as missing a loan payment meaning your credit score will be affected accordingly.

Whenever there is a failure to deposit by a certain date, accounts will be charged a $5 late charge. Late deposits will be reported to the credit rating agencies after 15 days if the full deposit is still not made.

Why do you charge for late-payments and early account closures?

Guardian only charges late fees and early termination fees as a way to discourage late deposits and account closures. Late payments hurt your credit and early account closures make you lose the progress you’ve made!

Ideally, we want nothing but an awesome credit score from you!

Is the Guardian savings account secure?

We only use state-of-the-art encryption to keep your account safe. Your account is also insured by the FDIC for up to $250,000 so your money is safe.

Can I use Guardian for my kids?

Yes! For example, you can open a Guardian account for your children and start saving up for them through it. Not only will they start saving early, but they will also have a great headstart on building a stellar credit!

Children must be at least 13 years old.

What if I already have good credit?

Congratulations! Using Guardian will help further strengthen your credit so if you accidentally make a late payment, it won’t destroy years of hard work.

What if I have any additional questions?

Use the form below or contact us directly at contact@guardianfinancial.app