If you’re looking for credit builder loans you should check out Credit Strong! They offer a quick sign up and penalty free cancellation!
They have allowed many different people to sleep easier at night with their approach to credit builder loans. Credit Strong lends a helping hand to anyone that needs it whether you have bad credit or no credit at all!
The chief aim of Credit Strong is to give people an affordable and clear solution to improving their credit scores and growing their savings account.
The mission of Credit Strong is great and the opportunities they provide for individuals to build their credit are some of the best in the market.
In this full review we’ll tackle anything and everything related to Credit Strong and their credit builder loans…the good, the bad, and the ugly!
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Table of Contents
What Is Credit Strong?
This is a short description from the company itself:
“A Credit Strong account is the first fusion of credit building and an FDIC insured savings account available nationwide. Credit Strong allows you to grow your savings as you build credit, instead of spending on purchases with a credit card or making a large upfront deposit for a credit builder loan.”
On the surface it appears the company will be helpful to many different people, we shall see if that’s the case later on…
Who Owns Credit Strong? Austin Capital Bank
Founded in 2006, Credit Strong is a division of Austin Capital Bank. Austin Capital Bank is located in Austin, Texas and have a 5-star rating with the FDIC insured Texas State Savings Bank.
Full In-Depth Credit Strong Review
In the deep dive we are going to cover the many different facets of Credit Strong and when the three credit bureaus get involved. We are going to look this division of Austin Capital up and down, giving you a full unbias, unaffiliated review!
Where Is The Credit Strong Service Available?
Credit Strong is available in 47 states. It is not available in Wisconsin, North Carolina, and Vermont. Wisconsin requires you to have spousal support which cannot be authenticated in their online process. In North Carolina there is a legal struggle excluding the military so they decided to not offer to everyone altogether until the military issue can be solved. In Vermont, deposit secured consumer lending is illegal.
Credit Strong Features
Loan Amounts: $1,000 to $18,000
APR: 5.83% to 14.89%
Terms: 12 Months to 10 Years
Administration Fees: $8.95 to $25
Early Termination Fee: None
Prepayment Penalty: None
Credit Check Required: No
Availability: Available in all states except:
Minimum Income Requirement: None
Reports to Credit Bureaus: Yes, Experian, Equifax, and TransUnion
Customer Service Number: 1-833-850-0850
Customer Service Hours: Mon–Fri 8 AM to 5 PM (CST)
Mobile App Availability: None
FDIC Certificate: 58082
Is Credit Strong Legitimate?
Credit Strong is a good solution for anyone who wants to build credit. Their approval process for a credit line without a credit check is easy and the lions share of your “loan” payments eventually become cash in your pocket.
Don’t just hop into this because they seem to be doing ok…always do your research and look at what other competitors may have to offer.
Don’t expect to make money though…even though your savings account may look like its gaining interest…the overall loan fees will turn that into a net expense.
Does Credit Strong Do A Hard Pull?
Nope! No worries here!
When you apply for a Credit Strong account, a hard credit inquiry isn’t made which means your credit score is safe!
Are There Any Fees?
Yes, Credit Strong currently has seven plans. The fees and interest rates for each are detailed in the table below:
Unfortunately there are fees. According to the list below you will notice Credit Strong has 7 different plans. You can see all their plans, fees, interest rates and terms associated below.
$15 per month
$15 per month
Build & Save 1,000
$8.95 per month
Build & Save 1,000
$8.95 per month
Build & Save 2,000
$8.95 per month
$25 per month
$25 per month
$25 per month
How Do I Open An Account?
You can visit their website to open an account. It will take roughly 5 minutes to complete the application and you can rest assured your credit won’t be affected since Credit Strong does not pull on your credit. To qualify however you need a checking account, debit card, or even a prepaid card that is in good standing for you to actually qualify.
Can I Cancel Credit Strong?
Yes! You can cancel at anytime without worry of prepayment or a termination fee!
When Does Credit Strong Report To Credit Bureaus?
Your credit report will appear on your account somewhere in-between 30-60 days after your first payment. Although they provide the credit bureaus your payment history…it can still take time for them to process that info and apply it to your credit history report.
With this process of monthly payments and the three credit bureaus consistently updating your info, you’ll find that it was easy to build your credit.
How To Get Started With Credit Strong
Interested in seeing what Credit Strong can do for you? Here’s how to start!
What Are The Eligibility Requirements?
The first thing you need to do is make sure you’re eligible for a Credit Strong account.
Here’s what you’ll need:
- Be a US citizen
- At least 18 years old or older
- Valid Social Security Number or ITIN (Individual Taxpayer Identification Number)
- Phone number and email
- Bank account or prepaid / debit card
Credit Strong shines when it comes to requirements…they don’t require a minimum income as well!
Credit Strong Application Process
The Credit Strong application is quick and straightforward, needing only 5 minutes of your time to complete.
- To apply, go to the Credit Strong website and click the apply now tab.
- It will walk you through their product selector to help find the best option for you based on your financial goals.
Upon completion of filling out the application, Credit Strong will use a database of past bank records to determine whether or not you should be accepted.
To be clear…they do not run a credit check for that process.
When you are approved…you can start making the credit building payments ASAP!
Does Credit Strong Care About Your Credit Score?
They don’t care about your credit score in the slightest. Whether you have little credit, bad credit, or no credit it doesn’t matter. Your credit score is not one of the deciding factors for this.
Not A Credit Repair Service
It is worth noting that Credit Strong isn’t a credit repair service. A credit repair service helps remove negative marks on someone’s credit report. Credit Strong doesn’t do credit repair…all they do is provide the payment history of the customer to the three credit bureaus.
If you have good credit management, reporting can help your score increase…but if you miss payments on your credit installment loans with your credit builder accounts…it can work against you.
Credit Strong will report these missed payments to the bureaus and posts will be made on the report about it. Not making timely payments can decrease your credit score. You should treat Credit Strong like you do with other creditors, even though they aren’t a credit card issuer.
Credit Strong: Is It A Good Option For Credit Builder Loans?
A high credit score can get you in almost anywhere…but a low credit score…not so much. When you want to build your credit, it can seem as though there aren’t many options…
That’s where Credit Strong makes an introduction…
If you are looking to build credit, then Credit Strong offers the ability to improve your credit profile with 7 different plan. You are also able to cancel at any time without payment penalties.
Take action today in order to see results as soon as possible.
See how they can help you today!
Many customers have given Credit Strong 5 star reviews, explaining their progress with loans and how it increased the credit score by many points in just 30 days.
What Is The Fastest Way To Build Credit?
Here are a few of the tips we recommend for building credit fast:
- Pay your bills on time
- Make frequent payments
- Ask for higher credit limits
- Dispute credit report errors
- Become an authorized user
- Use a secured credit card
- Keep credit cards open
- Mix it up.
Which Card Builds Credit Faster?
The Discover It card is always a favorite among the people along with the Capital One Mastercard.
What Credit Card Is Best For Bad Credit?
There are few different cards that are very popular among people today, they are:
- Discover It
- Credit One
- Capital One
What Are The Three Major Credit Bureaus?
The three major credit bureaus are Equifax, Experian, and TransUnion.
How Can I Make My Credit Score Increase?
One of the best ways to make your credit score increase is to make sure and keep your balance low on your cards, make the monthly payment on time.
How Are FICO Scores Calculated?
A FICO score is calculated by using many different pieces of your credit data from your report and credit history. It is grouped into 5 categories: payment history, amounts owed, length of credit history, new credit, and credit mix.
By paying back your “loans” with Credit Strong on time, your credit score points will increase.
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How Can You Make Money?
It’s pretty simple actually…
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