2022 Credit Study with TransUnion

2022 Credit Study with TransUnion

2022 Credit Study with TransUnion

The background

In 2022, we received data provided by TransUnion. This data was stored in our datalake for further analysis. It allowed us to understand the results that our credit-invisible customers got from using Possible Loans, and learn about their credit-building journey.

Our methodology

The Possible team analyzed Possible Loan customers’ credit reports at multiple times in 2021, to see if a Possible Loan improved their credit.

  • For customers who took out a loan in August, we looked at their July 2021 report as the “before” picture of their credit.

  • For customers who took out a loan in December, we looked at their credit in November as the “before” picture.

  • In order to measure both short- and long-term impacts to credit scores, we evaluated the “final” scores for each population separately in February 2022. People who took out their loan in December would have had 2-3 months to pay the loan off (which qualify as "on-time"), have us report their payments to credit bureaus, and then have that show up at the end of February in their TransUnion score—showing the shorter-term benefits of a Possible Loan. Those with loans from August would have had 6-7 months to pay off before February, to show the long-term benefits. 

Our findings

Previously credit invisible customers establish an average credit score of just over 600 after paying off one Possible loan, and over 50% of scores are above 570 after 6 months.

  • About 87% of customers who didn’t have a credit score established a score of at least 570 immediately after paying off a loan.

  • Just over 50% of customers who take out and pay off a loan will have a score above 570 around 6 months after paying off a Possible loan.

  • The average credit score of previously credit-invisible customers is just over 600 immediately after paying off a loan. Six months later, it is about 560.

Conclusion

This data highlights the positive impact of taking out and responsibly paying off a Possible Loan on customers' credit scores. It emphasizes the importance of financial responsibility and its potential benefits in credit building.

The background

In 2022, we received data provided by TransUnion. This data was stored in our datalake for further analysis. It allowed us to understand the results that our credit-invisible customers got from using Possible Loans, and learn about their credit-building journey.

Our methodology

The Possible team analyzed Possible Loan customers’ credit reports at multiple times in 2021, to see if a Possible Loan improved their credit.

  • For customers who took out a loan in August, we looked at their July 2021 report as the “before” picture of their credit.

  • For customers who took out a loan in December, we looked at their credit in November as the “before” picture.

  • In order to measure both short- and long-term impacts to credit scores, we evaluated the “final” scores for each population separately in February 2022. People who took out their loan in December would have had 2-3 months to pay the loan off (which qualify as "on-time"), have us report their payments to credit bureaus, and then have that show up at the end of February in their TransUnion score—showing the shorter-term benefits of a Possible Loan. Those with loans from August would have had 6-7 months to pay off before February, to show the long-term benefits. 

Our findings

Previously credit invisible customers establish an average credit score of just over 600 after paying off one Possible loan, and over 50% of scores are above 570 after 6 months.

  • About 87% of customers who didn’t have a credit score established a score of at least 570 immediately after paying off a loan.

  • Just over 50% of customers who take out and pay off a loan will have a score above 570 around 6 months after paying off a Possible loan.

  • The average credit score of previously credit-invisible customers is just over 600 immediately after paying off a loan. Six months later, it is about 560.

Conclusion

This data highlights the positive impact of taking out and responsibly paying off a Possible Loan on customers' credit scores. It emphasizes the importance of financial responsibility and its potential benefits in credit building.

The background

In 2022, we received data provided by TransUnion. This data was stored in our datalake for further analysis. It allowed us to understand the results that our credit-invisible customers got from using Possible Loans, and learn about their credit-building journey.

Our methodology

The Possible team analyzed Possible Loan customers’ credit reports at multiple times in 2021, to see if a Possible Loan improved their credit.

  • For customers who took out a loan in August, we looked at their July 2021 report as the “before” picture of their credit.

  • For customers who took out a loan in December, we looked at their credit in November as the “before” picture.

  • In order to measure both short- and long-term impacts to credit scores, we evaluated the “final” scores for each population separately in February 2022. People who took out their loan in December would have had 2-3 months to pay the loan off (which qualify as "on-time"), have us report their payments to credit bureaus, and then have that show up at the end of February in their TransUnion score—showing the shorter-term benefits of a Possible Loan. Those with loans from August would have had 6-7 months to pay off before February, to show the long-term benefits. 

Our findings

Previously credit invisible customers establish an average credit score of just over 600 after paying off one Possible loan, and over 50% of scores are above 570 after 6 months.

  • About 87% of customers who didn’t have a credit score established a score of at least 570 immediately after paying off a loan.

  • Just over 50% of customers who take out and pay off a loan will have a score above 570 around 6 months after paying off a Possible loan.

  • The average credit score of previously credit-invisible customers is just over 600 immediately after paying off a loan. Six months later, it is about 560.

Conclusion

This data highlights the positive impact of taking out and responsibly paying off a Possible Loan on customers' credit scores. It emphasizes the importance of financial responsibility and its potential benefits in credit building.

Scan the code and get started today in just a few minutes.

All products are subject to eligibility and approval by Possible Financial Inc. dba “Possible Finance” and “Possible” or its banking partner Coastal Community Bank. Eligibility for a product is not guaranteed.

For Loans, Possible Finance has direct lending licenses in CA, ID, LA, NV, OH, UT and WA. Idaho Residents: License #RRL-10073; Louisiana Residents: License #1697898; Nevada License #CDTH11200; Ohio Residents: License #ST.760161.000; Washington License #530-CC/SL-111888. California Residents: Possible Finance is licensed by the Department of Financial Protection and Innovation, pursuant to the California Deferred Deposit Transaction Law, License #10DBO-105848.

Loans in AL, DE, FL, IA, IN, KS, KY, MI, MO, MS, OK, RI, SC, TN, and TX are made by Coastal Community Bank, and serviced by Possible Finance. Texas Residents: Possible Finance is a licensed Credit Access Business; License #1800061850-160823.

*Maximum loan amounts vary by state. In California, max loan amount is $250.

^Funds disbursement typically occurs within minutes of approval but can take up to five days.

† Improve credit with on-time payments. Credit scores are based on many factors and individual results may vary.

¹ Pay Over Time is available when enrolled in AutoPay. Terms apply. 

Possible Card is issued by Coastal Community Bank and serviced by Possible Finance. Arizona Residents: Licenses #CA-1033558, #CA-1041621, and #CA-1041622; California Residents: License #10595-99; Hawaii Residents: License #COLAX-1238-0; Illinois Residents: License #17.022449; Louisiana Residents: Registration #446766611; Maine Residents: License #SLM15758; Maryland Residents: License #1697898; Massachusetts Residents: Registration #LS1697898; Nebraska Residents: License #1697898; New Jersey: Registration #19095; North Dakota Residents: License #MB104104; Oregon Residents: License #1697898; Pennsylvania Residents: Registration #95262; South Dakota Residents: License #1697898.MYL; Vermont Residents: License #LSO-1697898; Washington Residents: License #6041888588-001-0001: West Virginia Residents: Registration #2417-3349.

Possible Card is issued by Coastal Community Bank, pursuant to its license with Mastercard International Incorporated.

All trademarks and brand names are property of their respective owners. Use of them does not imply any affiliation with or endorsement by them.

If you have questions or concerns, please contact the Support Team by sending an email to support@PossibleFinance.com.

Mailing Address: Possible Finance, PO Box 98686, Las Vegas, NV 89193

Possible Financial Inc.© 2024 - NMLS #1697898

All products are subject to eligibility and approval by Possible Financial Inc. dba “Possible Finance” and “Possible” or its banking partner Coastal Community Bank. Eligibility for a product is not guaranteed.

For Loans, Possible Finance has direct lending licenses in CA, ID, LA, NV, OH, UT and WA. Idaho Residents: License #RRL-10073; Louisiana Residents: License #1697898; Nevada License #CDTH11200; Ohio Residents: License #ST.760161.000; Washington License #530-CC/SL-111888. California Residents: Possible Finance is licensed by the Department of Financial Protection and Innovation, pursuant to the California Deferred Deposit Transaction Law, License #10DBO-105848.

Loans in AL, DE, FL, IA, IN, KS, KY, MI, MO, MS, OK, RI, SC, TN, and TX are made by Coastal Community Bank, and serviced by Possible Finance. Texas Residents: Possible Finance is a licensed Credit Access Business; License #1800061850-160823.

*Maximum loan amounts vary by state. In California, max loan amount is $250.

^Funds disbursement typically occurs within minutes of approval but can take up to five days.

† Improve credit with on-time payments. Credit scores are based on many factors and individual results may vary.

¹ Pay Over Time is available when enrolled in AutoPay. Terms apply. 

Possible Card is issued by Coastal Community Bank and serviced by Possible Finance. Arizona Residents: Licenses #CA-1033558, #CA-1041621, and #CA-1041622; California Residents: License #10595-99; Hawaii Residents: License #COLAX-1238-0; Illinois Residents: License #17.022449; Louisiana Residents: Registration #446766611; Maine Residents: License #SLM15758; Maryland Residents: License #1697898; Massachusetts Residents: Registration #LS1697898; Nebraska Residents: License #1697898; New Jersey: Registration #19095; North Dakota Residents: License #MB104104; Oregon Residents: License #1697898; Pennsylvania Residents: Registration #95262; South Dakota Residents: License #1697898.MYL; Vermont Residents: License #LSO-1697898; Washington Residents: License #6041888588-001-0001: West Virginia Residents: Registration #2417-3349.

Possible Card is issued by Coastal Community Bank, pursuant to its license with Mastercard International Incorporated.

All trademarks and brand names are property of their respective owners. Use of them does not imply any affiliation with or endorsement by them.

If you have questions or concerns, please contact the Support Team by sending an email to support@PossibleFinance.com.

Mailing Address: Possible Finance, PO Box 98686, Las Vegas, NV 89193

Possible Financial Inc.© 2024 - NMLS #1697898

Scan the code and get started today in just a few minutes.

All products are subject to eligibility and approval by Possible Financial Inc. dba “Possible Finance” and “Possible” or its banking partner Coastal Community Bank. Eligibility for a product is not guaranteed.

For Loans, Possible Finance has direct lending licenses in CA, ID, LA, NV, OH, UT and WA. Idaho Residents: License #RRL-10073; Louisiana Residents: License #1697898; Nevada License #CDTH11200; Ohio Residents: License #ST.760161.000; Washington License #530-CC/SL-111888. California Residents: Possible Finance is licensed by the Department of Financial Protection and Innovation, pursuant to the California Deferred Deposit Transaction Law, License #10DBO-105848.

Loans in AL, DE, FL, IA, IN, KS, KY, MI, MO, MS, OK, RI, SC, TN, and TX are made by Coastal Community Bank, and serviced by Possible Finance. Texas Residents: Possible Finance is a licensed Credit Access Business; License #1800061850-160823.

*Maximum loan amounts vary by state. In California, max loan amount is $250.

^Funds disbursement typically occurs within minutes of approval but can take up to five days.

† Improve credit with on-time payments. Credit scores are based on many factors and individual results may vary.

¹ Pay Over Time is available when enrolled in AutoPay. Terms apply. 

Possible Card is issued by Coastal Community Bank and serviced by Possible Finance. Arizona Residents: Licenses #CA-1033558, #CA-1041621, and #CA-1041622; California Residents: License #10595-99; Hawaii Residents: License #COLAX-1238-0; Illinois Residents: License #17.022449; Louisiana Residents: Registration #446766611; Maine Residents: License #SLM15758; Maryland Residents: License #1697898; Massachusetts Residents: Registration #LS1697898; Nebraska Residents: License #1697898; New Jersey: Registration #19095; North Dakota Residents: License #MB104104; Oregon Residents: License #1697898; Pennsylvania Residents: Registration #95262; South Dakota Residents: License #1697898.MYL; Vermont Residents: License #LSO-1697898; Washington Residents: License #6041888588-001-0001: West Virginia Residents: Registration #2417-3349.

Possible Card is issued by Coastal Community Bank, pursuant to its license with Mastercard International Incorporated.

All trademarks and brand names are property of their respective owners. Use of them does not imply any affiliation with or endorsement by them.

If you have questions or concerns, please contact the Support Team by sending an email to support@PossibleFinance.com.

Mailing Address: Possible Finance, PO Box 98686, Las Vegas, NV 89193

Possible Financial Inc.© 2024 - NMLS #1697898