Chief Nerd’s Corner — episode 1

The evil pixar lamp is about to eat this guy.

I’m trying to do these periodic updates to make sure everyone knows what’s going on with our platform. Our success depends on making something you guys can use, so I think it’s important to keep you guys aware of the progress that we’ve made.
 tl;dr — Summary

  • Making it easier to invite your friends and link your bank account.
  • Now showing: Your FICO score!
  • Does this stuff really work?
  • User spotlight.
  • The Future.
  • Preparing for Demo Day at Google HQ

Sharing is caring.

We’ve done some background work to allow you guys to refer your friends to join us on this trip to a credit building community. You can see that invite code on your dashboard now. You can expect promotions to start using these invite codes within the next week.
We had some people request to link their bank account with routing/account number. I get that, it’s how I linked my bank account! And while we had the option before, it looked straight out of the 90’s. So, we’ve revamped the entire link bank account process to make it easier than ever. In addition, we’ve added some links to the FAQ to help answer any questions that come up. In fact, we’ve implemented a Chat button on the bottom right of every page. Aamer, Alfonso, and myself are almost always available to answer any question you have. Except when we’re sleeping.

Your FICO score!

What’s the point of a credit building platform without being able to see your FICO score? We now have a CREDIT section on the profile page. This is where we are displaying your FICO score if you have done a credit check with us. This is in preparation for future plans where we will track your FICO score over time. We also have plans to expand the view into your credit profile as we bring features online. If you’re excited about this, let us know!
Some of you mentioned being able to join more than just one Rosca at a time. Well, we brought back the credit check for raising your limits. You can now check the profile page to check if you can raise your limit through credit history. We are still working on a secured option for those who want to raise your limit by secured account. More on that below.

Can this thing work?

Only if we get enough people to participate in the community! We know that Roscas can improve your credit. Take look at this article from Public Radio International:
We are confident we can make a platform that will provide an awesome way to build credit, but we still need the community to come together to make this available to those who need it most. Lending circles (Roscas) rely on participation, so we can only help if we can get your support. And on that note!

User Spotlight.

I wanted to give a shout out to Stephanie on the system. She joined the system in early April, and we couldn’t get her cleared with our bank provider due to the quality of the picture she took of her ID. If you didn’t take a picture of your ID as part of the sign up process, you can thank Stephanie. It’s because of her that we went back to our bank provider and pushed back on the Photo ID requirement. I’m happy to say that she’s participating now, and I’m looking forward to adding her name to the $10 payout for completing her first Rosca. Thanks Stephanie!

Where do we go now?

Development continues to churn at a quick pace. Just a taste of what’s coming:

  • Completed Rosca notifications. We’ll let you know when you can come back and join or start another Rosca.
  • Goal Assistant. Tell us your goal, and we’ll put you in the right Rosca.
  • Application Tutorial. We’re working on a tour to step you through the platform and get you building your credit faster than ever.
  • Secured Limit raising. We’d like you to be able to join more Roscas by securing your account with us.
  • Sharing Promos! Look for something from us very soon.

Demo day

We’re busy preparing for Demo Day at Google HQ on June 15th. We’ll be there showcasing our work with 10 other startups. If you’re in the area, come check us out! Contact me for more information.



Joseph Jones is the CTO of Rosca. — Community Savings — Build credit while saving money.