Impacts to your credit score
Impacts of Scratch Pay plans on Your Credit Score
Applying won’t affect your score†, unlike a traditional credit card or many other financing options on the market.
Typically a borrower's credit score will increase slightly when you open a new Scratch Pay plan because you have increased the number of credit relationships and credit mix. Once the plan is paid off, this process reverses itself, causing a borrower to lose the incremental benefit from their Scratch Pay plan credit relationship.
Disclosures
†Checking your eligibility for a plan will not impact your credit score. If you are approved and accept a Scratch loan, issued by WebBank, loan repayment activities may be reported to the credit bureaus.
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Scratch Pay plans in the US are issued by WebBank, while in Canada, they are issued by ©Scratch Financial, Inc. ©Scratchpay (NMLS ID#: 1582666). Eligibility is required for these loan products, and Scratch Pay plans may not be available in all states.