Perch allows you to use your existing recurring expenses such as rent, Hulu and Spotify as credit worthy data to boost your credit score. ⠀ Now available on the iOS App Store!
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Love this idea!! Would love some clarification about how the timeline for building credit would be different than getting a starter card with $300 limit (e.g. from Capital One) and putting Netflix, etc. on it with autopay from your savings/checkings account. I didn't have any credit score or family in the US when I was there as an international student and was able to get one of those and build up credit pretty quickly when I was aware it was something I needed to do (which I wasn't aware of for a long time, to be clear, but that's a lack of education problem). Would be awesome to see some kind of graph/stats about how much more quickly this works.
@nina_hooper1 Hey Nina! Appreciate the question.
When it comes to building your credit, typically this requires 2 steps, 1) Approval for a financial product and 2) Responsibility to manage and use that financial product. I am really happy to hear that you were able to get a starter card here in the US to begin, but most people do not get approved for any financial product when they don't have a existing credit score. Furthermore, you are expected to either only use 30% of a credit limit each (which would be $30 in your case - or else it will damage your credit), or put down a security deposit to spend against with a starter card like yours. On top of this is the hassle of actually paying this card off on time and staying active with your trade lines.
We wanted to put all of this stress aside and create a fast and free way to start building credit without having to go through the approval process or having to manage a new financial product. With Perch you are able to "set it and forget it", allowing you to automate your credit with no worries!
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Hey @michael_broughton_perch, thanks for the quick response. I'm now just a bit confused about how I got a card at all - I should have been the worst credit candidate of everyone 🤷♀️😂
@nina_hooper1 Honestly I am as well! Haha. You definitely were one of the lucky few that make it through the system. I am glad things worked out for you :)
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Great way to democratize credit and to break vicious circles for people who work hard, pay their bills regularly and try to make a good start in life!
@annehlmiller You got it exactly Anne! Democratizing access to credit was our original tagline ;)
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This is a huge problem and glad to see you all tackling it! I'm a proud investor and can't wait to see Perch have the impact in the lives of folks wanting to build their credit.
@mrstartup We are excited to have you join us on this mission Brian. Kapor's network has been amazing in helping us make this a reality!
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As one that works with college students I am excited to share this product with my students. They love it. Easy to use and so needed in today’s world when credit is the key.
@taylor_stuart This is a common response we hear to Perch. Appreciate the support Sharifa and I as well wish we had this when I was starting my financial journey!
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I've been working at Perch for the past year. Its super exciting to be able to release this product and help the communities around us. It's also very encouraging to see all this support. Thanks everyone!
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