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Getting a loan or opening a credit card account can seem impossible for someone with low or no credit.
It’s a classic “chicken or egg” problem. To build a strong credit score, you need to make consistent and timely payments against your credit facilities. But how can you get approved for such a credit line without a strong credit score?
One solution is credit strong, which essentially allows you to “pay” yourself. CreditStrong also reports loan payments to three major credit bureaus to help build credit. Plus, a nice cash savings nest egg awaits you at the end of the payback period!
be interested? In this article, we’ll see how it all works.
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- Suitable for consumers with low or no credit
- Reasonable fees and charges
- A wide range of plans to choose from
What is Credit Strong?
CreditStrong is a secured lending fintech that helps people build credit with Credit Builder loans. A division of Austin Capital Bank established in January 2006.
Since then, the company has expanded its product offering so that you have multiple ways to build your credit based on your specific budget and timeline.
CreditStrong accounts are available in most US states except Wisconsin and Vermont.
what do they offer?
CreditStrong helps people build credit through installment loans. But instead of paying the money upfront, you put it in a savings account. After that, you will start making regular monthly payments.
Loans accrue interest, but so do savings accounts, which help offset total expenses. CreditStrong also reports customer payments to all three of his credit bureaus.
This review focuses on CreditStrong’s personal credit building plans: Instal, Revolv, and CS Max.
Products from CreditStrong
Check out our different products and prices to find the best fit for you.
Installation (most basic)
This is CreditStong’s most basic installment loan. An Instal account can provide a loan that builds installment credit and helps you make consistent and timely payments over the life of the loan. Choose the monthly payment amount, credit amount, duration or duration that best suits your needs.
Monthly fee for installation |
Reported Installment Loan Amount |
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Build your revolving credit with an installment credit called Revolv. Installment credit is similar to the kind of credit you get from a car loan, student loan, or mortgage. Revolv has a credit limit and can be borrowed repeatedly and repaid monthly, just like a credit card.
This particular product helps improve credit utilization. Revolv aims to offer a diverse credit mix. This makes it easier to see your credit profile and ultimately helps your score. But Revolv, on its own, can improve your payment history, credit duration, credit amount, and increase your savings.
An annual subscription to Revolv is $99.
Build $500 of revolving credit |
Receive your free monthly FICO score |
CS Max (best price and most robust)
The point of CS Max is to prove to lenders that you can responsibly underwrite and repay larger installment loans.
It has a higher credit obligation than the other two products and can have a higher fixed monthly payment. CS Max is ideal if you plan to buy a home and need to improve your debt-to-income ratio (the amount of debt to income).
Or maybe you run a small business and need it for business purposes. This tier is for people who have cash but don’t have the required credit.
Cost of CS Max per month |
Reported Installment Loan Amount |
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Not a credit repair service
CreditStrong’s services should not be confused with credit repair services. Credit repair services help remove negative marks on a person’s credit report. CreditStrong does not do credit repair. He only reports customers’ payment history to three major credit bureaus.
If the customer is practicing good credit management, the report will help improve the customer’s creditworthiness. However, failing to make CreditStrong loan payments can put the system against you.
CreditStrong reports delinquent payments to the same three credit bureaus that receive timely payment reports. This can actually lower your credit score. Just as it is important to maintain timely payments with our creditors, we must ensure that CreditStrong does the same.
no down payment loan
CreditStrong is not a traditional lending service. Not only do they take no money up front, they also pay higher fees than comparable traditional loans. If all you need is a personal loan, we recommend getting an unsecured loan from your bank or credit union.
CreditStrong is specifically designed to help people improve their credit score and establish a positive payment history.
Another great thing about CreditStrong is that can cancel anytime No penalty. If you cancel before the end of the repayment period, you will be refunded the full amount you have paid minus interest. Also, a negative mark will not be added to your credit report as long as there were no late or unpaid payments before the account was closed. Also, if you pay off your CreditStrong loan early, there is no early payment fee.
How fast does your credit score go up?
There are currently two competing credit scoring systems, VantageScore and FICO Score. FICO scores are by far the most widely used and are the scores to look out for when working to improve your credit. Here’s how to monitor your FICO score.
Payment history is an influential scoring factor in both credit scoring systems. If you have never used credit before, it will take at least 6 months for FICO to give you your first credit score.
However, if you just want to improve your score slightly and qualify for credit cards or other funding, just making a few on-time CreditStrong payments might get you there.
Related: How to Get a Free Credit Score Report
Are there any fees?
Yes, CreditStrong currently has 7 plans. Fees and interest rates for each product can be found on their website, but typically range from $28 to $449 per month.
How does CreditStrong compare?
Compared to Self Financial, CreditStrong’s interest rate is more favorable, but Self’s management fee is slightly lower. Note, however, that neither of these companies offer instant cash access.
If that’s what you’re looking for, I’d recommend looking into SeedFi instead. SeedFi can provide up to $4,000 in cash upfront through the Borrow & Grow Plan. SeedFi’s traditional Credit Builder plan is also very affordable at just $1/month.
Below is a detailed comparison of CreditStrong with its competitors.
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Credit builder: $1/month Borrow and Raise: 6: 95% to 29.99% |
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Credit builder: $500 Borrow and raise: $7,000 |
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Credit builder: $0 Borrow and Raise: |
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Credit builder: 7-27 months Borrow and Raise: 8-44 months |
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How do I open an account?
You can open an account by visiting CreditStrong’s website. According to CreditStrong, it takes about 5 minutes to complete the application. CreditStrong does not check your credit, so your credit will not be affected by your application. However, to be eligible, you must have a valid phone number, SSN or ITIN, checking account, debit card, or prepaid card in good standing.
Is my money safe?
Yes, CreditStrong accounts are held with Austin Capital Bank, which is insured by the FDIC. FDIC Insurance We offer deposit protection up to $250,000 per account. And since none of CreditStrong’s loans come close to that level, your entire account is guaranteed.
How can I contact CreditStrong?
You can contact CreditStrong Customer Support by calling (833) 850-0850. Hours of operation are Monday through Friday, 7:00 AM to 7:00 PM (CT). You can also interact with the team via live chat on the website.
As of this writing, there are only 3 reviews of CreditStrong on Trustpilot. This pales in comparison to competitor SeedFi, which has over 1,000 reviews (nearly all positive). CreditStrong is rated B. Better Business Bureau (BBB) However, it is not currently BBB accredited.
Is it worth it?
For those looking to build credit, CreditStrong can be a good solution. It’s easy to get credit limit approval without a credit check, and most of the “loan” payments will be cool cash in your pocket later.
Be sure to compare CreditStrong’s interest rates and fees with other companies that offer credit builder accounts like Self. See Self’s review for a more detailed comparison of the two companies.
For interest on savings accounts, don’t expect to make money. After accounting for loan fees, the net is the overall cost. If interest is what you’re after, consider one of our favorite high-yield savings accounts instead.
CreditStrong Frequently Asked Questions
Here are some frequently asked questions about CreditStrong.
Can I receive money up front from CreditStrong?
No, their plans are simply meant to build credit and savings, not act as an emergency loan.
Does CreditStrong require a security deposit?
No, CreditStrong does not work like a secure credit card and does not require an upfront payment.
How does CreditStrong appear on my credit report?
CreditStrong accounts are reported to credit bureaus as installment loans.
Can I withdraw my accumulated savings from my CreditStrong account?
No, you cannot withdraw until the payment period ends or you cancel your account.
Features of CreditStrong
Available in all states except: |
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minimum income requirement |
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Reporting to credit bureaus |
Yes, Experian, Equifax, TransUnion |
Mon-Fri 8am-5pm CST |
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