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Petal was created to help more people access and build credit using the data they many already have in their personal banking histories. Armed with this data, they can use a more inclusive lens to assess credibility: CashScore. The strength of your credit score (the traditional measure of credit) can be the deciding factor when applying for any major line of credit, including mortgages, auto loans, credit cards, and more. In addition to determining approval, credit scores also affect the interest rates and repayment terms a lender may offer. Unlike a credit score, it can use an applicant's banking history to take into account the broader financial situation. This allows more people to qualify for credit, including those who don't know about it at all.
time Updated: Nov 26,23

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