Are you struggling to improve your credit score? Check out our comprehensive CreditStrong review for 2023! Find out how CreditStrong can potentially assist you in boosting your creditworthiness and take control of your financial future. Don’t miss this chance to make informed decisions about your credit improvement journey with CreditStrong! Click here to read more.
If you’re seeking honest and unbiased CreditStrong reviews, you’ve come to the right place. CreditStrong is a reputable platform that aims to empower individuals in improving their credit scores. With its user-friendly Credit Strong app and easy CreditStrong login process, managing your credit becomes hassle-free. Wondering about the legitimacy of CreditStrong?
Rest assured, it’s a legitimate platform with positive customer feedback on CreditStrong com reviews and a strong reputation on the Better Business Bureau (BBB). Moreover, CreditStrong offers various credit-building opportunities, including Credit Strong loans and a Credit Strong credit card, enabling you to establish a robust credit history. Whether you visit www creditstrong com or explore the Credit Strong Magnum program, you can access the tools you need to boost your creditworthiness.
Don’t miss this chance to take control of your financial future – sign up for a CreditStrong account now and unlock the potential to enhance your credit score! Products from CreditStrong are available to customers who want to improve their credit and start saving.
A company called CreditStrong provides alternatives to conventional credit-building accounts.2 It combines revolving credit or installment loans with a savings account that is FDIC-secured.
You could increase your credit score by making on-time payments with CreditStrong and establishing a credit history. It includes a variety of possibilities, so you may pick the one that best suits your budget, so it’s worth taking into consideration if you’re wanting to develop credit. Your account may be closed at any moment.
To learn more about CreditStrong’s features and whether it’s a suitable fit for you, read this review.
CreditStrong: Is it worth it?
Multiple solutions are available through CreditStrong to assist you in raising your credit score, but it is not a personal loan that you receive in advance or a conventional credit line that you can use. Numerous customers have expressed confusion over the account terms in customer complaints posted to the BBB website.
Although you’ll get some of your monthly payments back as a savings account and this can be a useful tool for developing credit, it’s crucial to read all the paperwork before signing up so you know what to expect.
CreditStrong does offer live chat customer service specialists, and the ones we spoke to were quite helpful. To make sure that the products from CreditStrong will satisfy your needs, don’t be afraid to ask questions.
What is CreditStrong?
Installment loans or credit lines combined with FDIC-insured savings accounts are available from CreditStrong. It enables users to develop credit while putting money aside for the future and doesn’t call for a sizable down payment like some secured credit cards or credit builder loans do.
Austin Capital Bank has a division called CreditStrong that is situated there. Austin Capital Bank is a privately owned community bank that was established in 2006.
When you sign up for an installment loan product through CreditStrong, Austin Capital Bank borrows a little amount in your name and deposits it in a savings account that is FDIC-insured but that you cannot touch until the loan is repaid in full.
You send CreditStrong a payment each month that is made up of principle and interest. Applying the principle amount to the savings account causes it to grow until the loan sum is satisfied. CreditStrong earns its revenue from the interest component of your payment.
You can get access to the money held in saves and transfer it to your main savings account when you pay off the loan or opt to shut your account.
CreditStrong account details:
Your payments are reported to Experian, Equifax, and TransUnion, the three major credit bureaus, and with each timely payment you establish credit history. Utilising CreditStrong could improve your credit score by boosting your credit utilisation rate and demonstrating a track record of on-time payments.
A late payment fee will be assessed if you fail to make your monthly payment even though you are free to close your CreditStrong account at any moment without paying a fee.
The grace period for late payments at CreditStrong is 14 days. There will be a cost from CreditStrong on day 15. Your credit score may suffer if the credit bureaus get a report about your payment that is more than 30 days overdue.
CreditStrong advises closing your account if you are unable to make your monthly payment until your financial situation has improved.
There are three different account options available. While the Instal programme helps you establish installment credit, Revolv assists with building revolving credit. The CS Max account is for individuals who want to build significant personal credit for a business.
CreditStrong’s revolving credit account is called Revolv. Although it is not necessary to set up a monthly payment that goes into savings, you might choose to do so. However, you cannot access your savings until you close your Revolv account.
The programme includes a $500 initial credit limit and a $99 annual subscription cost. However, you cannot use this credit line. A $500 line of credit is reported annually to each of the three credit agencies as part of the subscription cost.
Making a monthly payment would allow you to raise your credit limit and accumulate savings. Following three consecutive on-time payments, CreditStrong will raise your credit limit by $100, up to a maximum of $1,000.
Revolv is a wonderful alternative for folks who don’t have many revolving credit (credit card) accounts and are attempting to build their credit or rebuild after having negative marks on their credit history.
If your main goal is to increase your savings, using a high-yield savings account and setting up automated monthly deposits will increase your earnings and make it simpler for you to access your money.
Installment loans are offered by CreditStrong’s Instal programme. Your credit score might rise if you have a decent variety of credit accounts, such as installment and revolving credit accounts. CreditStrong opens a $1,000 or greater installment loan and locks it in a savings account when you open an Instal account.
Customers can choose between 24, 36, or 48 months for the term of their loan, and they will be charged a monthly fee based on that choice. It will cost $28 per month for 48 months to build $1,010 in credit. establishing $1,000 in credit for a loan term of 24 months costs $48 a month, whereas establishing $1,100 over 36 months costs $38 a month.
Your contribution is split between interest payments and the locked savings account, which helps you create a reserve of cash. The administration cost for each account option is $15 and ranges from 15.51% to 15.73% APR.
When the balance on the account is paid off, your savings become unlocked, and you have the option of either transferring your savings to your main bank account and closing the CreditStrong account or continuing to establish your credit history with Instal.
Similar to Revolv, Instal may be advantageous for those trying to improve their credit. You’ll probably spend more to participate in Instal than you would in interest on some of the greatest personal loans on the market, and you won’t have access to the loan money through CreditStrong until the conclusion of your loan term.
Another lending account for CreditStrong is CS Max. It is accessible to those who desire to establish significant credit over an extended period of time. It maximises the amount of credit available and reports installment credit up to $25,000 to the three credit agencies. It is not intended to increase savings.
Owners of CS Max accounts can report a $2,500 installment loan and establish up to 60 months of payment history for $49 per month. You can establish your capacity to repay higher sums of money with the aid of this kind of loan, which may also help you build credit that can be used for business objectives.
The credit bureaus receive information about a $5,000 installment account for $99 per month. A $199 monthly payment will result in a $10,000 loan amount for larger levels of credit, and a $449 monthly payment will result in a $25,000 loan amount.
A large personal loan or a credit card with a high spending limit can be applied for through CS Max. If you need to prioritise your debt-to-income ratio in any other way, such as if you intend to make a significant purchase soon, such as a home, it is not a good idea.
The APR ranges from 3.02% to 7.31% for each account type, and there is a $25 non-refundable administration fee.
How to get started with CreditStrong:
Simple and quick, the CreditStrong application procedure only takes a few minutes.
To register, you’ll need:
- an adult who lives in the country permanently and is at least 18 years old.
- a functional phone number or Google Voice number.
- an email address that is valid.
- a functioning checking or debit account or prepaid card.
- a legitimate Social Security or individual taxpayer identification number (ITIN).
Despite not performing a hard pull on your credit, CreditStrong still requires your Social Security number. With the aid of that data, CreditStrong will be able to pay interest on your savings account, provide your FICO score, and record your payments to the credit agencies.
FAQs about CreditStrong:
Is CreditStrong safe?
And Austin Capital Bank, a partner of CreditStrong, is FDIC insured. If a bank fails, the FDIC will provide each depositor with up to $250,000 in protection per account category and per financial institution.
According to CreditStrong, each of its products is created utilising the Trident technology platform, which offers services with 256-bit encryption and bank-grade security for all personal information.
Does CreditStrong affect my credit score?
When you open an account, CreditStrong does not do a hard credit pull, however using CreditStrong can help you raise your credit score. One of the biggest factors in determining your credit score is how well you manage your credit, and the longer your history of on-time payments, the higher your score is likely to be.
By boosting your credit utilisation ratio, credit mix, and length of credit history—all of which are factors in your credit score—CreditStrong may also assist raise your credit score.
How long does it take CreditStrong to start working?
It usually takes between 30 and 60 days after making your first installment loan payment for it to appear on your credit report, according to CreditStrong. The three credit agencies receive loan information from CreditStrong, but each agency chooses when to process the account and add it to your credit report.