Introduction
In a world where your credit score can be the key to renting an apartment, buying a car, or securing a mortgage, a poor or non-existent credit history can feel like a life sentence. For many, the traditional paths to building credit—like getting approved for a first credit card—are frustratingly out of reach. This is where innovative financial technology steps in. Enter Cheers Financial Inc. and its flagship product, the Cheers Credit Builder program. This article provides a comprehensive look at how this service is helping thousands of Americans build a stronger financial foundation.
Who is Cheers Financial Inc.?
Cheers Financial Inc. is a modern financial corporation based in Pasadena, California. Founded in July 2024, the company is already making waves with its focused mission: to provide accessible and effective tools for credit building.
- Leadership: The company is led by CEO Runxiong Lian and CFO Zhen Wang.
- Operational Model: Cheers operates primarily through its digital platform at cheers.credit, offering a streamlined, user-friendly experience that bypasses the complexities of traditional banking.
- The Backing: The service is backed by its partner bank, Sunrise Banks, N.A., a federally insured institution, ensuring that users’ funds are secure in a protected savings account.
What is the Cheers Credit Builder?
At its core, the Cheers Credit Builder is a secured installment loan designed specifically to build your payment history. Unlike a traditional loan where you receive a lump sum upfront, the money you pay is held in a locked savings account for the duration of the loan term. You make consistent monthly payments, and at the end of the term, you receive your savings back (minus the cost of the loan), all while having built a positive credit history.
How Does It Work? The Simple 3-Step Process
- Choose Your Plan: Select a monthly payment plan that fits your budget. Cheers offers four tiers, from the “Starter Builder” at $24/month to the “Max Builder” at $144/month. All plans have a 24-month term.
- Make On-Time Payments: You set up automatic monthly payments. With each payment, a portion goes into your secured savings account, and a portion covers the interest and fees.
- Build Credit & Get Your Savings Back: Cheers reports your payment history to all three major credit bureaus—Equifax, Experian, and TransUnion. After 24 months of successful payments, the account matures, the loan is paid off, and you receive your total savings back, minus the agreed-upon cost.
Key Features and Benefits of Using Cheers
- No Credit Check to Apply: Your current credit score isn’t a barrier to entry. This makes Cheers ideal for those with no credit or those looking to rebuild from past mistakes.
- Reports to All Three Bureaus: This is crucial. Many services only report to one or two bureaus, but Cheers ensures your positive payment history is seen across the board.
- Builds Two Key Credit Factors: Your payment history (35% of your FICO® Score) and your credit mix (10% of your score) are both positively impacted.
- Forces Savings Discipline: Unlike a subscription fee, your money isn’t just disappearing. You are building a small nest egg that is returned to you at the end of the term.
- Transparent and Simple: There are no hidden fees. The total cost, monthly payment, and final savings return are clearly laid out before you ever sign up.
Understanding the Cost: Cheers Plan Breakdown
All Cheers plans have a 12.15% Annual Percentage Rate (APR). Here’s a snapshot of what each plan entails:
| Plan Name | Monthly Payment | Total Payments | Final Savings Return | Net Cost |
|---|---|---|---|---|
| Starter Builder | $24 | $600 | $532.70 | $67.30 |
| Medium Builder | $33 | $825.02 | $733.13 | $91.89 |
| Pro Builder | $46 | $1,149.98 | $1,021.69 | $128.29 |
| Max Builder | $144 | $3,600 | $3,197.82 | $402.18 |
The “Net Cost” is the effective price you pay for building 24 months of positive credit history.
What Users Are Saying: Real Reviews
The user feedback for Cheers has been overwhelmingly positive. On platforms like Trustpilot, customers consistently praise the service for its ease of use and tangible results. Many report credit score increases of dozens of points, allowing them to qualify for auto loans and credit cards they previously couldn’t access. The common theme is relief and empowerment—finally finding a tool that works as advertised.
Is Cheers Right For You?
Cheers is an excellent tool for:
- Young adults establishing credit for the first time.
- Immigrants building a U.S. credit history.
- Anyone recovering from financial setbacks like bankruptcy or late payments.
- Individuals with a “thin” credit file who need to add a positive account.
The one caveat: Cheers is a financial product with a cost. You are paying interest to build your credit. View this as an investment in your financial future, not just another monthly bill.egalguide.com
Ready to Take Control of Your Credit?
Don’t let a lack of credit history hold you back any longer. The path to a better credit score and the financial opportunities that come with it is clearer than ever.
Visit the official Cheers website today to learn more and start your application in minutes. Your future self will thank you.
