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 Payment Avg. Monthly Savings Progress Avg. Monthly Interest Expense Annual Savings Progress Cumulative Savings Progress Avg. % of Payment Applied to Savings Progress
Year 1 $49.50 $28.51 $20.99 $342 $342 58%
Year 2 $49.50 $30.21 $19.29 $363 $705 61%
Year 3 $49.50 $32.01 $17.49 $384 $1,089 65%
Year 4 $49.50 $33.92 $15.58 $407 $1,496 69%
Year 5 $49.50 $35.93 $13.57 $431 $1,927 73%
Year 6 $49.50 $38.07 $11.43 $457 $2,384 77%
Year 7 $49.50 $40.34 $9.16 $484 $2,868 81%
Year 8 $49.50 $42.74 $6.76 $513 $3.381 86%
Year 9 $49.50 $45.28 $4.22 $543 $3,924 91%
Year 10 $49.50 $47.96 $1.52 $576 $4,500 97%

MAGNUM® 9000

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

Monthly Payment Avg. Monthly Savings Progress Avg. Monthly Interest Expense Annual Savings Progress Cumulative Savings Progress Avg. % of Payment Applied to Savings Progress
Year 1 $99.00 $57.03 $41.97 $684 $684 58%
Year 2 $99.00 $60.42 $38.58 $725 $1,409 61%
Year 3 $99.00 $64.02 $34.98 $768 $2,178 65%
Year 4 $99.00 $67.83 $31.17 $814 $2,992 69%
Year 5 $99.00 $71.87 $27.13 $862 $3,854 73%
Year 6 $99.00 $76.15 $22.85 $914 $4,768 77%
Year 7 $99.00 $80.68 $18.32 $968 $5,736 81%
Year 8 $99.00 $85.48 $13.52 $1,026 $6,762 86%
Year 9 $99.00 $90.57 $8.43 $1,087 $7,848 91%
Year 10 $99.00 $95.92 $3.04 $1,151 $9,000 97%

MAGNUM® 18000

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

Monthly Payment Avg. Monthly Savings Progress Avg. Monthly Interest Expense Annual Savings Progress Cumulative Savings Progress Avg. % of Payment Applied to Savings Progress
Year 1 $198.00 $114.06 $83.94 $1,369 $1,369 58%
Year 2 $198.00 $120.85 $77.15 $1,450 $2,819 61%
Year 3 $198.00 $128.04 $69.96 $1,536 $4,355 65%
Year 4 $198.00 $135.66 $62.34 $1,628 $5,983 69%
Year 5 $198.00 $143.74 $54.26 $1,725 $7,708 73%
Year 6 $198.00 $152.29 $45.71 $1,827 $9,536 77%
Year 7 $198.00 $161.36 $36.64 $1,936 $11,472 81%
Year 8 $198.00 $170.96 $27.04 $2,052 $13,523 86%
Year 9 $198.00 $181.14 $16.86 $2,174 $15,697 91%
Year 10 $198.00 $191.84 $6.08 $2,302 $18,000 97%

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