Magnum Accounts - Credit Strong

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® 5000 and MAGNUM® 10000 accounts.

MAGNUM® 5000

One-time, non-refundable administrative fee: $25.00
Annual percentage rate: 5.907%

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 $55.00 $31.68 $23.32 $380 $380 58%
Year 2 $55.00 $33.57 $21.43 $403 $783 61%
Year 3 $55.00 $35.57 $19.43 $427 $1,210 65%
Year 4 $55.00 $37.68 $17.32 $452 $1,662 69%
Year 5 $55.00 $39.93 $15.07 $479 $2,141 73%
Year 6 $55.00 $42.30 $12.70 $508 $2,649 77%
Year 7 $55.00 $44.82 $10.18 $538 $3,187 81%
Year 8 $55.00 $47.49 $7.51 $570 $3,756 86%
Year 9 $55.00 $50.32 $4.68 $604 $4,360 91%
Year 10 $55.00 $53.29 $1.69 $639 $5,000 97%

MAGNUM® 10000

One-time, non-refundable administrative fee: $25.00
Annual percentage rate: 5.851%

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 $110.00 $63.36 $46.63 $760 $760 58%
Year 2 $110.00 $67.14 $42.86 $806 $1,566 61%
Year 3 $110.00 $71.13 $38.87 $854 $2,420 65%
Year 4 $110.00 $75.37 $34.63 $904 $3,324 69%
Year 5 $110.00 $79.85 $30.15 $958 $4,282 73%
Year 6 $110.00 $84.61 $25.39 $1,015 $5,298 77%
Year 7 $110.00 $89.64 $20.36 $1,076 $6,373 81%
Year 8 $110.00 $94.98 $15.02 $1,140 $7,513 86%
Year 9 $110.00 $100.63 $9.37 $1,208 $8,721 91%
Year 10 $110.00 $106.58 $3.38 $1,279 $10,000 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.