Credit Strong build credit as you save. Building credit each month helps report to your scores.
Credit Strong Review – Written By Nicole S.
What is credit strong?
Credit Strong to build good credit. A company that offers a great plan to build or rebuild your credit with a loan. Most people use Credit Strong to build credit. This loan is not just any loan, instead of a regular loan where you can receive funds upfront, Credit Strong places the funds into a savings account for you. They have a few different plans to pick from.
Plans such as build and save, this is a more traditional loan option, Credit Strong has three “Build & Save” plans. Plans includes a 12 to 24 month Build & Save from $1000 to $2000. Both plans require a one-time admin fee of $8.95 and payments from $48 to $96 a month. These payments vary on the loan amount.
Another plan Credit Strong has is called the Magnum plan. Credit Strong’s three Magnum plans similar to the options. They feature much larger credit limits. The loans from $5,000 to $25,000. With the Magnum plan. Plans on this term costs anywhere from $50 a month to $250 a month. These loans also are available for longer terms up to 120 months and a one-time fee of $15 to sign up.
Once you open a savings account with Credit Strong they will start to show up on your credit.Credit Strong does not put a hard inquiry on your credit. Paying payments late will not only lower your credit score but you will also pay more interest. If you cancel this loan you will receive some of the funds back, but will also loose whatever you paid for interest.
Yes, for some people this might seem a bit odd way to save but because the whole purpose is to help establish positive history on your credit. With that being said, that means your scores will lift. Credit Strong reports to all three major credit bureaus (TransUnion, Equifax, and Experian).
- Will lift your credit score- Every payment made to your savings account with Credit Strong is reported to the three major bureaus. With that you will be able to build good credit history with your on-time payments.
- Multiple plans – Credit Strong has several plans available and lets you pick the one that best fits you.
- Credit Strong does not check credit – Yes, they do not check credit. They do however check your banking history. As long as you dont have too many returned checks you should be good to go.
- Adding a mix to your credit account – If you just have credit cards and they’re in good standing adding a installment loan will be a great choice. Accounts like this will help your credit and show.
- Great way to start saving- With Credit Strong you can start a savings account or an emergency fund.
- Can effect your credit -Because all payments are reported, that means any late payments will damage your credit. It’s Best to make your payments on time, and the outcome you will not regret.
- The interest for the account is low – Accounts such as these, the interest you earn back is extremely low. with that, you will offset by the interest fees you have been charged.
- Additional fee if you are late – Paying payments on time for loans especially ones like these are very important. Credit Strong will charge an additional fee if you are late for over 15 days.