Cheers Credit Builder Review: Build Credit While You Save (2026)

Cheers Credit Builder Plans and Pricing

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Cheers offers four monthly payment plans, all with a 24-month term and fixed 12.15% APR. You can choose the plan that best fits your budget and savings goals:

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All plans include 25 total payments over 24 months. The interest charged at 12.15% APR is significantly lower than many comparable credit builder products, which can charge APRs up to 36%.

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No Hidden Fees

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Cheers charges no application fees, no maintenance fees, and no early cancellation penalties. The only cost is the interest deducted from your savings when you complete your term or cancel early.

What Makes Cheers Stand Out?

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Competitive APR

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At 12.15% fixed APR, Cheers offers one of the most affordable credit builder loan options available. Many competitors charge rates between 15-36%, making Cheers approximately 25% more affordable than similar products like Self or CreditStrong.

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No Hard Credit Check

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There's no hard credit inquiry required to apply, so checking your eligibility won't impact your credit score. All accounts are subject to identity verification and consumer report review by Sunrise Banks, but this process doesn't involve a hard pull that would lower your score.

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Cancel Anytime

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Unlike traditional loans with rigid contracts, you can cancel your Cheers account at any time without penalty. If you cancel early, you receive the amount you've saved to date, minus the applicable interest. This flexibility gives you control over your financial journey without locking you into an obligation you can't afford.

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Proven Results

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Based on internal user survey data from 2024, 95% of users with fair credit (580-669) saw a credit score increase of 20+ points after just two months of on-time payments. While individual results vary depending on your overall credit profile and financial behavior, these statistics demonstrate the potential impact of consistent payment history.

Who Should Use Cheers Credit Builder?

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Cheers Credit Builder is ideal for:

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• Credit Beginners: Young adults or recent immigrants who are establishing credit for the first time and need to build payment history from scratch.

• Credit Rebuilders: Individuals recovering from past credit challenges who want to demonstrate responsible payment behavior without the risk of overspending on credit cards.

• Budget-Conscious Savers: People who want to build credit while also creating a savings cushion. The forced savings aspect helps you accumulate funds that are returned to you at the end of your term.

• Those Who Want Simplicity: If you prefer automated, predictable payments over managing credit card balances and due dates, Cheers provides a set-it-and-forget-it approach to credit building.

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Cheers may be less ideal for:

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• Those Who Need Immediate Access to Funds: Since your payments are held until the end of your term, you can't access the money during the 24 months (unless you cancel early).

• Credit Card Rewards Enthusiasts: If you're comfortable managing credit cards responsibly and want to earn rewards on everyday spending, a secured credit card might be a better fit.

• People Seeking Very Fast Results: While Cheers offers accelerated reporting, building credit is still a gradual process that requires consistent payments over time.

How Cheers Compares to Alternatives

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Cheers vs. Self

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Self is one of the most well-known credit builder loan platforms. It offers multiple products, including credit builder loans, secured credit cards, and rent reporting. However, Self's credit builder loans carry APRs up to 15.92%, making them more expensive than Cheers.

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Cheers reports 25 monthly payments over 24 months, while Self's comparable plans report 24 payments. For users focused specifically on an affordable credit builder loan, Cheers provides better value. However, Self offers more diverse credit-building products if you want additional options like a secured credit card.

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Cheers vs. CreditStrong

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CreditStrong offers multiple credit-building products, including an Instal loan similar to Cheers' structure. CreditStrong's APR on Instal loans reaches up to 15.73%, higher than Cheers' fixed 12.15%.

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Both platforms report to all three credit bureaus and offer no-fee structures, but Cheers edges ahead on affordability.

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Cheers vs. Chime Card™

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Chime Card™ takes a completely different approach by offering a secured credit card rather than an installment loan. With Chime, you deposit funds that become your credit limit, and you can spend up to that amount. The card reports to credit bureaus, but only to Experian and Equifax (not TransUnion).

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Chime charges no interest or fees when paid in full, making it free if you manage it responsibly. However, it requires discipline to use the card without overspending. Chime also doesn't report to all three bureaus, which may limit your credit-building impact.

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Cheers offers the advantage of predictable, automated payments that don't require daily spending decisions. It reports to all three bureaus and helps you save simultaneously.

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Pairing Cheers with Smart Credit Card Strategy

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Once you've established a credit foundation with Cheers and achieved a fair to good credit score, you can unlock access to rewards credit cards that maximize value on everyday spending.

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Building Credit, Then Maximizing Rewards

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The progression looks like this:

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Phase 1: Build Foundation (Months 1-6)‍

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Use Cheers to establish payment history and improve your credit mix. During this phase, focus on making on-time payments and letting your credit profile strengthen.

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Phase 2: Add Secured Card (Months 6-12)‍

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As your score improves, consider adding a secured credit card to diversify your credit types. This adds revolving credit to complement your installment loan.

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Phase 3: Unlock Rewards Cards (Months 12-24)‍

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With a solid credit foundation (scores typically 660+), you can qualify for rewards credit cards that offer cash back or points on everyday spending.

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Using Kudos to Maximize Your Credit Cards

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Once you're approved for rewards cards, tools like Kudos help you extract maximum value from your wallet. Kudos' browser extension automatically identifies which card earns the most rewards at each merchant, ensuring you never leave money on the table.

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Kudos eliminates the guesswork by showing you the optimal card before you check out. The platform also offers Kudos Boost, which provides enhanced cash back opportunities at participating merchants beyond your standard card rewards.

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The Complete Credit Building + Rewards Strategy

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Here's how to combine Cheers with strategic credit card usage:

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Step 1: Start with Cheers

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Choose a payment plan that fits your budget and make consistent on-time payments. Let Cheers handle the credit reporting while you build savings.

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Step 2: Monitor Your Progress

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Track your credit score improvements over the first few months. Most Cheers users with fair credit see meaningful increases within 60 days.

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Step 3: Add a Secured Card (Optional)

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Around month 6-8, consider adding a secured credit card to your credit mix. Start with small purchases you pay off in full each month.

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Step 4: Graduate to Rewards Cards

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Once your score reaches 660+, apply for rewards credit cards that match your spending patterns. Use Kudos to ensure you're always earning maximum rewards.

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Step 5: Complete Your Cheers Term

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After 24 months, you'll receive your accumulated savings minus interest. You can use this money as an emergency fund, invest it, or put it toward a major purchase.

Real User Experiences

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Based on Trustpilot reviews and user testimonials:

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Zac shared: "Best company out there to help build credit score!!! So thankful I found it."

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Tracy Li noted: "Cheers is awesome for building credit! It made getting started super easy, and I've learned a lot about credit along the way. I also love that it helps you save money. Honestly, it's perfect for anyone who wants a simple way to build credit."

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Joey Qiu reported: "After using Cheers credit builder, my credit score improved significantly and I was able to get a very good rate for my car loan. Cheers!"

How to Get Started with Cheers

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Applying for Cheers is straightforward:

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Step 1: Choose Your Plan‍

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Select from the four monthly payment options based on your budget and savings goals.

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Step 2: Create Your Account‍

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Provide basic information i,ncluding your name, email, and Social Security Number. You'll also need to link a valid U.S. bank account for automatic payments.

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Step 3: Verify Your Identity‍

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Complete the identity verification process required by Sunrise Banks. This doesn't involve a hard credit pull and won't impact your score.

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Step 4: Set Up Automatic Payments‍

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Your chosen monthly payment will be automatically withdrawn from your linked bank account. Payments are reported to all three credit bureaus.

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Step 5: Watch Your Credit Grow‍

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Monitor your credit score improvements over time. Most users see meaningful changes within the first two months.

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Eligibility Requirements:

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• At least 18 years old

• Valid U.S. bank account

• Social Security Number

• Pass identity verification

Important Considerations

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Results Aren't Guaranteed

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While Cheers reports your payments to all three credit bureaus, credit score improvement depends on your specific situation and overall financial behavior. Factors like existing debt, credit utilization on other accounts, and any negative marks on your report will influence your results.

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Late Payments Hurt Your Credit

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If you miss a payment or pay late, this negative activity will also be reported to the credit bureaus, potentially damaging your credit score. Set up automatic payments to ensure you never miss a due date.

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Interest Reduces Your Savings

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While you receive your accumulated payments back at the end of your term, the 12.15% APR means you'll get back less than you paid in. For example, the Starter Builder plan costs $600 total but returns $532.70, with $67.30 going toward interest.

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This Doesn't Remove Negative History

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Cheers helps you build positive payment history, but it won't remove existing negative marks like collections, charge-offs, or late payments from your credit report. It builds new positive activity rather than erasing past challenges.

Frequently Asked Questions

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Can I cancel my Cheers account early?

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Yes, you can cancel anytime without penalty. You'll receive the amount you've saved to date, minus the applicable interest.

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Will applying for Cheers hurt my credit score?

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No. Cheers only performs a soft check for identity verification, which doesn't impact your credit score. There's no hard credit inquiry.

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How soon will Cheers appear on my credit report?

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Cheers uses accelerated reporting, so your account and first payment should appear on all three credit reports within approximately 15 days of opening your account.

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What happens if I miss a payment?

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Late or missed payments are reported to the credit bureaus and may negatively impact your credit score. Set up automatic payments to avoid this.

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Is my money really safe?

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Yes. All funds are held in your name at Sunrise Banks, N.A., Member FDIC, and are insured up to $250,000.

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Can I upgrade or downgrade my plan?

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Check with Cheers customer support for options regarding plan changes during your term.

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Do I need existing credit to apply?

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No. Cheers is designed for people building credit from scratch or rebuilding after credit challenges. No credit history is required.

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The Bottom Line

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Cheers Credit Builder offers a straightforward, affordable way to build credit while saving money. With a fixed 12.15% APR that's significantly lower than many competitors, no hidden fees, and accelerated reporting to all three credit bureaus, it provides genuine value for people establishing or rebuilding credit.

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The structured, automated approach removes the temptation to overspend that comes with credit cards, making it ideal for those who want credit building on autopilot. While the 24-month term requires patience and the interest reduces your final savings amount, most users find the credit score improvements worth the cost.

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For the 45 million Americans navigating the credit-building journey, Cheers offers a transparent, predictable path forward. Once you've built a solid credit foundation through consistent payments, you can unlock access to rewards credit cards and use tools like Kudos to maximize every dollar you spend.

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Whether you're starting from zero, recovering from past credit challenges, or simply want to build credit while saving, Cheers Credit Builder deserves consideration as part of your financial strategy.