There are a lot of different methods to construct your credit score, either by opening a credit card account or taking a personal loan, car loan, or a home loan, or building a line of credit. Also, you need to make payments on time to build a strong credit score. However, it is impossible to open a credit card account or apply for a loan for individuals who are poor or don’t have a credit history. The best option will be to take help from a good financial service.
Your one-stop solution is Credit Strong, which permits you to make installments to yourself. How does this work? You can plan for a credit-building loan offered by Credit Strong as it’s easy to sign up, and there are no extra charges for cancellation. Credit Strong will inform the three significant credit agencies regarding your loan installments to assist you in building your credit. Once you finish the reimbursement term, you will have a good amount of funds with you. As per many Credit Strong reviews, it is an amazing chance to build a strong credit score. So let us see how does this works.
What is a Credit Strong?
Credit Strong is a division of Austin Capital Bank, established in Jan 2006 self-supporting community bank and a member of the Federal Deposit Insurance Corporation. Their main role is to build credit, and they do a great job. Credit Strong offers credit-builder loans to buyers who are poor or have no credit history and who want to gradually construct their credit reports without any hazel or any higher expenses. It is different from regular loans.
When you take a loan from the bank, you receive the funds from the bank, and then you repay as a monthly installment until your loan is repaid. No funds will be left with you once you have finished paying the loan. With Credit Strong, when you apply for a loan, you dont receive the fund at that time; instead, it is kept in a savings account until you finish off your reimbursement term. However, you still need to make regularly scheduled installments, and the interest applied on loan is just like the regular one. They will inform the credit agency and further help you develop your credit score. Once your reimbursement term closes, you have all access to your account, and you can use your money the way you want.
It is very simple to get approved for Credit Strong account. Also, they help you save your money. Once you have cleared your account, you get back the part of your monthly installments that you made to take care of the principal amount of the loan. It is available in all the states except Wisconsin, North Carolina, and Vermont. They haven’t registered with Better Business Bureau; however, they have a profile with BBB.
How Does Credit Strong Work?
They reserve your monthly installments made towards your loan. Instead of providing you the funds in advance, you get them at the end of your repayment term once you have cleared the loan amount. Once your loan is approved with Credit Strong, a certain amount of your scheduled installments goes to your bank account. It takes 30 to 60 days to reflect in Credit Strong; however, you need to make sure that you pay the monthly installments on time, or else this won’t help you build your credit score.
Benefits of opting for a Credit Strong account?
Credit Strong allows you to pay small payments towards your monthly installment, making it easy if you have a low income as there is no certain amount of income required to open a Credit Strong account. It helps you build a good credit score for the future. It will help you in the future if you plan to take up a traditional loan. You are allowed to select the loan type according to your requirement. If you feel you can’t make the payment on time, you can cancel it anytime without any extra amount.
What are the Eligibility Requirements to open a Credit Strong account?
You need to ensure that you are qualified for a Credit Strong account. The below are the detail that you’ll require:
- Need to be 18 years old and a citizen, or a US permanent resident.
- There is no minimum salary required.
- Need to have a valid SSN or Individual Taxpayer Identification Number.
- You should have a bank account, debit card, or prepaid card.
- Need to have an active cell phone number and an active email ID.
How to Sign Up for Credit Strong?
Signing up for a Credit score account is very easy; sign up by visiting the credit score website and fulfilling the above eligibility requirement.
The best part of credit scores is that they provide a chance to everyone who wants to improve their credit score. They help you enhance credit scores and build savings at a minimal expense with proper guidance. In this blog, we tried to cover all the details you need to know about Credit Strong, how it works, and how it can help you improve your credit score.