When it comes to building your credit, there are a few options out there.
Some ways to improve your credit score are getting a secured credit card, asking to be an authorized user on someone else's account, or taking out a credit builder loan.
Each method has its benefits and drawbacks, so it can be tough to decide which is the best route for you.
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In this Credit Strong review, we'll be taking at the features of Credit Strong, one of the newer players in the credit builder loan game.
I've recommended this credit builder ever since I started my credit repair business online.
So what exactly is it, and how does it compare to other options that can help you build credit history? Let's find out!
Best Credit Builder Loan
Experian, Equifax, TransUnion
Eddy recommends this credit product.
What is Credit Strong?
Credit Strong is a credit-building app and financial education company that helps consumers understand and improve their credit scores. This service allow you to build credit and act as a savings account all at the same time.
The company claims to increase your credit score depending on your situation and reports to all three major credit bureaus.
It also provides resources and tools to help consumers make informed decisions about their finances, including credit repair tips, budgeting assistance, and information about responsible borrowing practices.
The platform also offers various debt management services to help consumers get out of debt and improve their financial health.
How Does Credit Strong Work?
Credit Strong is not your typical credit repair company, but a credit-builder service that strives to help you improve your credit score.
The company, however, is a bit different from other credit builder loans in that you don’t receive the money you’re borrowing. Instead, it’s held in an FDIC-insured account and only released to you once you’ve made all of your payments.
We all know credit repair takes time, but Credit Strong makes this process much easier.
The first step is to assess your current credit situation and identify areas where you can improve.
This includes looking at your payment history, credit utilization, and any poor credit history on your report.
Once this is done, the platform will work with you to create an installment loan plan to improve your score and remove negative credit history from your financial records.
The Best Part:
A Credit Strong account can help build a good score because it reports to the three credit bureaus.
As you make on-time payments, your credit score will begin to improve.
This credit repair service can help you qualify for better rates in the future and access more financial opportunities.
It will also help you keep track of your progress and provide support along the way inside of their user dashboard.
CreditStrong can be a great resource if you're looking for help repairing your credit using their marketplace as well. Their experience and knowledge can help you make the necessary changes whether you need to rebuild or increase your credit score.
Credit Strong Features
The Credit Strong loan platform has many features worth looking into and at an affordable cost. The most important ones are:
Low Qualification Barrier:
You don’t need a high score to qualify for these credit builder loans. You can even have bad credit and still be approved because a credit check is not required for approval.
This makes the platform a great option for those who are just starting to build their credit or who have had some setbacks in the past. Everyone gets love at CreditStrong.
The application process is quick and easy, and you can start building your credit immediately.
Credit strong claims that you can open an account within 5 minutes, and they don’t require a credit check.
Moreover, the Credit Strong customer support team is always ready to assist you if you get stuck anywhere during the process.
Builds credit quickly:
One of the best things about this service is that it can help you build your credit quickly.
The credit reports are sent to all three major credit bureaus, so you can see a credit score increase in as little as three months.
Helps You Avoid Debt:
With Credit Strong, you’re only borrowing what you can afford.
This helps you avoid getting into debt and keeps you on the path to building your credit.
There are no hidden loan fees or charges with Credit Strong's loans.
You’ll know exactly how much you’re paying in interest rates or fees from the get-go, which makes it easy to budget for your payments.
The platform offers automatic payments, so you never have to worry about missed payments.
This is a great feature for account holders who are forgetful or want to ensure their payments are always on time.
14 days Grace Period :
If you're worried about making a payment on time, Credit Strong offers a 14-day grace period.
This means you won't be charged a late fee if you pay within 14 days of the due date.
Multiple Credit Strong Accounts:
You can open up to two active credit builder accounts at a time.
This can be helpful if you want to keep your credit utilization low or need to make a large purchase and pay it off over time.
No Early Termination Fee:
If you decide that Credit Strong isn’t for you, you can cancel Credit Strong account at any time without having to pay a prepayment penalty or early termination fee.
Credit Strong Pricing
Credit strong offers a variety of plans to meet your needs and budget.
Credit Strong has the right plan, whether you’re just starting to build your credit or need to make a large purchase.
The plans with the lowest monthly payment are:
With the Revolv plan, revolving credit is reported as up to $500.
You can make monthly payments of $8.25, and the plan is customizable for up to 12 months.
As mentioned earlier, you can cancel the account anytime without any penalties.
The Instal plan is similar to the Relvov plan but has a few key differences.
First, the account can be reported up to $2500 instead of $500. Second, you make monthly payments of $15-$96.
And finally, the plan is customizable for up to 36 months instead of 120 months.
The Magnum plan is the most comprehensive plan offered by Credit Strong.
With this plan, the account can be reported up to $5,000-$10,000, and you make monthly payments of $55-$110.
The plan is also customizable for up to 120 months.
Credit Strong Alternatives
Now that you know all about Credit Strong and what they offer, you may wonder if there are any alternatives.
Here are a few alternatives to achieve the same target:
Credit Builder Card:
One of the best alternatives to Credit Strong is a credit builder card. It is a type of secured credit card that can help you build your credit quickly and easily.
With a credit builder card, you deposit into a savings account, which acts as your collateral.
This deposit is usually equal to your credit limit. Once you make your deposit, you can use your card just like a regular credit card.
Each month, you will make payments on your card, and with good credit management, you can improve your score in no time.
Self Credit Builder:
Self Credit Builder is a credit-building program that helps people improve their financial standing.
The program offers various services, including credit counseling, debt management, and credit repair. It also provides educational resources to help people understand credit and how to manage it effectively.
The program aims to help people build strong credit to access the financial opportunities they deserve.
Self Credit Builder is committed to helping people achieve financial success.
Kikoff Credit Builder:
Kikoff Credit Builder is a credit-building tool that helps you improve your credit score.
It allows you to track your progress, see where you need to improve and provides tips and resources to help you along the way.
Kikoff Credit Builder is a great resource for anyone looking to improve their financial standing.
It is a financial technology company that offers a suite of products and services that helps consumers and businesses access credit.
Grow Credit's mission is to make credit more accessible and affordable for everyone.
Sable credit can also provide credit builder loans that help you build your credit history and improve your credit score.
This can make it easier for you to get approved for loans, credit cards, and other financial products in the future.
Sable credit is a good option for people with little or no credit history or those who are trying to improve their scores.
If you're considering applying for sable credit, here's what you need to know.
Is Credit Strong Legit?
Yes, Credit Strong is a legit company. They are a division of Austin Capital Bank, an FDIC-insured Texas State Savings Bank.
The Austin Capital Bank is regulated by the Federal Deposit Insurance Corporation and the Texas Department of Savings and Mortgage Lending, both of which have jurisdiction over it.
Does Credit Strong Require SSN or ITIN?
Credit Strong requires you to have a valid Social Security Number (SSN) or Individual Taxpayer Identification Number (ITIN).
They need this information for multiple reasons. First, it allows them to provide you with your credit score.
They also report your payment history and credit profile to the three credit bureaus. When they report your credit profile and payment history to the credit bureaus, it increases your score.
Additionally, having your SSN/TIN lets Credit Strong make interest payments on your savings account.
All of these factors contribute to helping you build credit.
How To Sign Up With Credit Strong?
If you're interested in signing up for Credit Strong, there are some things you need to know. First, you must be at least 18 years old and a US citizen or legal resident.
You also need to have a Social Security number. To sign up, visit the Credit Strong website and click on the "Subscribe" button.
You'll be prompted to enter your personal and financial information. You will have to provide them with a valid bank account, prepaid card, or debit card.
Once you've entered all the required information, you'll need to review and agree to the terms and conditions.
After that, you'll be able to start using Credit Strong's services.
Credit Strong Review: Frequently Asked Questions
Does credit strong raise your credit score?
Yes, Credit strong can help you build credit and increase your score in a few ways.
First, by reporting to each credit bureau (credit reporting agency) every month, they help create a positive payment history on your credit report.
Second, they offer a relatively high credit limit of $10,000 credit builder loan, which can also help improve your credit report.
Of course, the biggest factor in whether or not Credit Strong can help improve your credit report is whether or not you make timely payments.
If you do, you can expect to see a decent bump in your score. If you don't, however, you could see your score drop significantly.
So it's important to be sure you can make your monthly payment before signing up for Credit Strong. Credit Strong does offer a 14-day grace period on your monthly payment.
Credit Strong is a decent option if you're looking to build your credit.
While other options may be better suited for some people, Credit Strong can help you raise your credit score if you use it wisely. Read the features we listed in this Credit Strong Review before deciding.
Does credit strong do a hard pull?
No, Credit Strong does not do a hard pull when you sign up for an account.
This is one of the benefits of using Credit Strong to build your credit – they don’t check your credit score or report when you apply.
This means that signing up for Credit Strong will not impact your credit score, good or bad.
Credit Strong is worth considering if you're looking for a way to build your credit without having to worry about a hard pull.
Just be sure to make your payments on time – otherwise, you could do more harm than good.
How many points do you get from Credit Strong?
Credit Strong reports that the average customer sees a 25-point increase in their FICO 8 Score after just three months.
The Fico Score increases to almost 40 points after nine months, and customers can see a 70-point jump after a year if they make timely payments.
These results are based on studying 50,000 credit builder accounts.
Credit Strong is a good way to build credit, and customers can see significant increases in their FICO 8 Scores after just a few months.
Credit Strong is worth considering if you are looking for a way to build a good credit score without any security deposit.
What information do I need to provide?
To apply for a Credit Strong loan, you’ll need to provide basic information such as your name, address, and Social Security number.
You’ll also need to create an account with them and link it to a savings account.
Once approved, you can choose your loan amount and repayment schedule.
The minimum loan amount is $500-$1000, and the maximum is $10,000. You can customize the plan according to your requirements, and you’ll have up to 120 months to repay the loan.
What are the advantages of using Credit Strong?
Credit Strong account comes with many advantages, some of which are listed below:
No credit check
This is one of the main advantages of getting these credit builder loans. You don’t have to undergo a credit check to be approved for financing.
You don’t have to worry about accidentally spending the credit builder loans and not having enough to make your payments and build credit.
The funds are FDIC-insured, so you don’t have to worry about them being lost or stolen.
There’s no risk of late payments since the money isn’t released until after you’ve made your last payment. So you can build credit without any hassle.
It can help you develop better financial habits since you have to budget carefully to ensure you don’t overspend and end up unable to make your payments.
Are there any downsides to Credit Strong?
The only downside is that it can take a bit longer to get the money than any other traditional installment loan since Credit Strong deposits are not released to your bank account until after you’ve made all of your payments.
However, this also means that you won’t have to worry about making payments while you wait for the funds, which can be a plus.
Another thing to remember is that you have to pay interest on these loans. So, make sure that you check the interest rates with the annual percentage rate before signing up with your debit card or checking account.
The company has a good rating on the better business bureau as well. So, we would say it's worth a try.
Wrapping Up This Credit Strong Review
Credit Strong is a top credit builder loan company that can help you build credit.
Their features and pricing are competitive, and they offer various services to help you improve your credit score. Credit Strong is a great option if you're looking for a reputable company to help you build credit.
Have you tried their services to improve bad credit scores?