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Build - CreditStrong

Who are Build accounts designed for?

Low Cost

Build accounts are designed for consumers focused on long-term, low-cost credit building.  Starting at just $15 a month, Build accounts are our most affordable option to start building your credit.

Customizable

Customize your credit building to suit your goals. Don’t need all 120 months of credit building?  Build accounts allow you to partially prepay, payoff, or close your account at any time with no fee or penalty.

Long Run

Length of credit history comprises 15% of your FICO® Score. Build offers a way to keep a long tradeline on your profile and consistently build up a healthy length of credit history.

Constantly replacing a 12-month credit builder loan is more costly and may dip your credit score each year. Every time the 12 month loan matures it will decrease your length of credit history.

Decreasing Cost

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

The tables below illustrate interest expense vs. savings progress for Build 1000 and Build 2500 accounts.

Build 1000

One-time, non-refundable administrative fee: $15.00
Annual percentage rate: 13.50%

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 $15.00 $4.32 $10.68 $52 $52 29%
Year 2 $15.00 $4.93 $10.07 $59 $111 33%
Year 3 $15.00 $5.61 $9.39 $67 $178 37%
Year 4 $15.00 $6.39 $8.61 $77 $255 43%
Year 5 $15.00 $7.28 $7.72 $87 $342 49%
Year 6 $15.00 $8.30 $6.70 $100 $442 55%
Year 7 $15.00 $9.46 $5.54 $113 $556 63%
Year 8 $15.00 $10.77 $4.23 $129 $685 72%
Year 9 $15.00 $12.28 $2.72 $147 $832 82%
Year 10 $15.00 $13.97 $1.01 $168 $1,000 93%

Build 2500

One-time, non-refundable administrative fee: $15.00
Annual percentage rate: 7.75%

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 $30.00 $14.36 $15.64 $172 $172 48%
Year 2 $30.00 $15.51 $14.49 $186 $359 52%
Year 3 $30.00 $16.76 $13.24 $201 $560 56%
Year 4 $30.00 $18.11 $11.89 $217 $777 60%
Year 5 $30.00 $19.56 $10.44 $235 $1,012 65%
Year 6 $30.00 $21.13 $8.87 $254 $1,265 70%
Year 7 $30.00 $22.83 $7.17 $274 $1,539 76%
Year 8 $30.00 $24.66 $5.34 $296 $1,835 82%
Year 9 $30.00 $26.64 $3.36 $320 $2,155 89%
Year 10 $30.00 $28.76 $1.22 $345 $2,500 96%