Who are MAGNUM® Accounts designed for?

Sometimes bigger is better

Credit Strong MAGNUM® accounts are good for customers who need to demonstrate their ability to reliably repay larger credit obligations. This may include customers who want business credit down the line, or a large personal loan.

Please note that because of their large size, Credit Strong MAGNUM® accounts are not for everyone.

If you are focused solely on building your credit score, a Credit Strong Subscribe or Build & Save account might be better suited to your goals.

Priming Personal Credit for Commercial Credit Goals

Credit Strong MAGNUM® accounts report credit using the accountholder’s personal tax identification number (SSN or ITIN). However, they may help individuals in cases where a lender will include the borrower’s personal credit history as part of a commercial loan credit decision.

Some lenders may look past an applicant’s credit score and make credit decisions based on the tradelines reported in a credit profile. They may also discount small $1,000 or $2,000 credit builder accounts in their underwriting criteria.

Decreasing Cost – Increasing Savings

With MAGNUM® accounts, every month your interest cost goes down and your savings progress accelerates. 

The tables below illustrates interest expense vs. savings progress for MAGNUM® 4500, MAGNUM® 9000, and MAGNUM® 18000 accounts.

MAGNUM® 4500

One-time, non-refundable administrative fee: $25.00
Annual percentage rate: 5.92%

Monthly PaymentAvg. Monthly Savings ProgressAvg. Monthly Interest ExpenseAnnual Savings ProgressCumulative Savings ProgressAvg. % of Payment Applied to Savings Progress
Year 1$49.50$28.51$20.99$342$34258%
Year 2$49.50$30.21$19.29$363$70561%
Year 3$49.50$32.01$17.49$384$1,08965%
Year 4$49.50$33.92$15.58$407$1,49669%
Year 5$49.50$35.93$13.57$431$1,92773%
Year 6$49.50$38.07$11.43$457$2,38477%
Year 7$49.50$40.34$9.16$484$2,86881%
Year 8$49.50$42.74$6.76$513$3.38186%
Year 9$49.50$45.28$4.22$543$3,92491%
Year 10$49.50$47.96$1.52$576$4,50097%

MAGNUM® 9000

One-time, non-refundable administrative fee: $25.00
Annual percentage rate: 5.86%

Monthly PaymentAvg. Monthly Savings ProgressAvg. Monthly Interest ExpenseAnnual Savings ProgressCumulative Savings ProgressAvg. % of Payment Applied to Savings Progress
Year 1$99.00$57.03$41.97$684$68458%
Year 2$99.00$60.42$38.58$725$1,40961%
Year 3$99.00$64.02$34.98$768$2,17865%
Year 4$99.00$67.83$31.17$814$2,99269%
Year 5$99.00$71.87$27.13$862$3,85473%
Year 6$99.00$76.15$22.85$914$4,76877%
Year 7$99.00$80.68$18.32$968$5,73681%
Year 8$99.00$85.48$13.52$1,026$6,76286%
Year 9$99.00$90.57$8.43$1,087$7,84891%
Year 10$99.00$95.92$3.04$1,151$9,00097%

MAGNUM® 18000

One-time, non-refundable administrative fee: $25.00
Annual percentage rate: 5.83%

Monthly PaymentAvg. Monthly Savings ProgressAvg. Monthly Interest ExpenseAnnual Savings ProgressCumulative Savings ProgressAvg. % of Payment Applied to Savings Progress
Year 1$198.00$114.06$83.94$1,369$1,36958%
Year 2$198.00$120.85$77.15$1,450$2,81961%
Year 3$198.00$128.04$69.96$1,536$4,35565%
Year 4$198.00$135.66$62.34$1,628$5,98369%
Year 5$198.00$143.74$54.26$1,725$7,70873%
Year 6$198.00$152.29$45.71$1,827$9,53677%
Year 7$198.00$161.36$36.64$1,936$11,47281%
Year 8$198.00$170.96$27.04$2,052$13,52386%
Year 9$198.00$181.14$16.86$2,174$15,69791%
Year 10$198.00$191.84$6.08$2,302$18,00097%

Note: All amounts above are estimates based on on-time loan payments, actual amounts may vary depending on timing, amount, and number of payments.