How Does A Credit Strong Account Work?
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. Click here to review our installment product pricing.
At the end of your term, the principal portion of your payments is returned to you minus any unpaid interest or fees.
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.
Set an optional monthly payment at 0% interest to maximize the benefits of your Revolv account by adding usage and payment history to the line of credit, all while you build savings.
Making three consecutive on-time payments of $10 or more will increase your total line of credit by $250, allowing your Revolv account to reach a maximum of $3,000.
Learn more about the reliable way to build 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.
FICO® is a registered Trademark of Fair Isaac Corporation.
