*****Open Credit Explanation

When we mention “Open Credit” in the CPN packages above, we’re referring to the open credit that the account holder has in relation to the authorized user accounts that are being added on to your new profile.

When any authorized user accounts are added to anyone’s credit profile they will show on the credit bureaus and in your credit monitoring accounts the total amount of open credit in relation to the originating account holders credit line value associated with your new authorized user account.

Open credit typically refers to a financial arrangement where a creditor grants a borrower a predetermined credit limit. The borrower can use this credit as needed, up to the limit, without having to reapply for a new loan each time.

It’s commonly used in credit cards, lines of credit, and other revolving credit accounts. The borrower is expected to make regular payments on the outstanding balance and can continue to use the credit as long as they stay within the approved limit.

So to be clear we are not saying you automatically have (for example with the Standard Package above) $15,000 – $30,000 in credit out of the gate, we are simply stating the Open Credit that will show on your credit monitoring profile associated with the AU’s that come with your package.

Even though you get approved for some very nice starting amounts, payment performance begets higher credit line increases when you ask for them every 2-3 months with good file management.

We reserve the right to adjust the number of Authorized Users (AUs) applied to your file on a case-by-case basis. For example, if we have indicated a specific ‘Open Credit’ amount, it may be achievable with 1 AU instead of 2, depending on the available AUs at the time your file is processed. The key metric is the ‘Open Credit’ amount rather than the number of AUs. Additionally, the age of the accounts is a crucial factor.