How Does A CreditStrong Account Work?
Build strong credit
while you save
CreditStrong offers two kinds of accounts: Installment and Revolving. These accounts are a fusion of a savings account and either a secured installment loan or a secured revolving line of credit.
CreditStrong installment accounts are cash-secured installment loans for building your credit.
When you open your installment account, the loan proceeds are originated by Austin Capital Bank and placed in a locked savings account, securing the loan. Each month, as you make payments, your activity is reported to the three major credit bureaus, building payment history that accounts for 35% of your FICO® score.
Just like any other conventional loan, each payment is divided into principal and interest, with the principal portion going towards paying down your loan balance and the interest being the cost we charge for the service.
At the end of your term, the principal portion of your payments is returned to you minus any unpaid interest or fees.
If you’re looking to build or rebuild large amounts of credit, our largest credit builder, MAGNUM, also happens to be the biggest credit builder in the nation. MAGNUM empowers you to add a large bank loan to your credit profile at a low monthly cost, raising your credit score by an average of 86* points.
With up to $30,000 of credit history available, we gave MAGNUM a long term (up to 120 months/10 years), with no prepayment penalties, no early withdrawal fees, and the ability to cancel anytime for any reason — penalty-free.
Click here to review our installment credit builder products.
CreditStrong Revolv is a secured revolving line of credit designed to lower your utilization and build your credit while you save.
When you open a Revolv account, Austin Capital Bank extends you a secured revolving line of credit at 0% utilization, increasing your total available credit and lowering your overall utilization.
If you want to supercharge your credit score, add an optional monthly savings contribution to add even more payment history. Every monthly savings contribution builds savings — 100% of which is unlocked at the end of your Revolv subscription.
Don’t want to make a savings contribution? Set it to $0 and skip that month — your savings are up to you! Making consecutive on-time savings contributions allows you to reach the maximum credit limit.
Learn more about Revolv pricing here and explore more ways to reliably build your credit and savings at www.CreditStrong.com.
Credit Strong is NOT a credit repair service and does not remove negative credit history from your credit profile. Disclaimer: Credit profile improvement is not guaranteed. Changes in your credit score reflect individually specific financial behavior and history.sample loans: >28/mo, 48 mos, >15 admin fee, 15.61% APR; >38/mo, 24 mos, $15 admin fee, 15.73 % APR;$48/mo, 24 mos, >15 admin fee, 15.51% APR; 749/mo, 60 mos, >25 admin fee, 6.99% APR; 399/mo, 60 mos, $99 admin fee, 7.21% APR; $199/mo, 60 mos, $25 admin fee, 7.31% APR; $30/mo, 120 mos, $25 admin fee,7.86% APR: S60/mo. 120 mos. $25 admin fee. 7.86% APR: S125/mo. 120 mos. $25 admin fee. 7.86% APR$175/mo, 120 mos, $25 admin fee, 7.15% APR; $350/mo, 120 mos, $25 admin fee, 7.15% APR;
FICO® is a registered Trademark of Fair Isaac Corporation.
CreditStrong helps improve your credit and can positively impact the factors that determine 90% of your FICO score.
