If you cancel early, you may get less back than you expect! RevolvĬredit Strong’s Revolv product adds a revolving credit account to your credit file, making it a good choice if you are already paying an installment loan (like a student loan) but don’t have a credit card. You should be aware that a large percentage – up to 44% – of your early payments will be applied to interest. You can cancel the loan, and the money you have paid toward the loan principal will be refunded. Of course, you will have to make on-time payments to build credit effectively! Longer loan terms will have a greater impact on your credit score, as you will build the length of your credit history and your payment history simultaneously. You get 48 months of credit history, and you get $1,010 at the end of the loan period. The 48-month plan has a $28/month payment and reports a $1,010 installment account.You get 36 months of credit history, and you get $1,100 at the end of the loan period. The 36-month plan has a $38/month payment and reports a $1,100 installment account.You get 24 months of credit history, and you get $1000 at the end of the loan period. The 24-month plan has a $48/month payment and reports a $1,000 installment account.Each plan carries a one-time fee of $15 and a 15.61% APR. They can offer loans with no credit check. When the loan is fully paid, the entire sum is released to you.īecause Credit Strong keeps the money, there’s no real risk to them. You make monthly installments toward principal and interest. The money you borrow is placed in a locked account. These loans work like reverse installment loans. InstalĬredit Strong’s Instal product offers credit-builder loans. Start Building Credit → How Does Credit Strong Work?Ĭredit Strong offers several types of accounts, all designed to help you build credit. No credit required, no security deposit, easy approval! ⚠️ You’d save far more money if you just committed to putting the same amount each month into a savings account, so don’t use Credit Strong as a way to save money.īuild credit while you save money. Once you’ve paid off your account, you get back the portion of your monthly payments that went toward paying off the principal amount of the loan. That’s true in some sense, but only in that signing up for your monthly Credit Strong payments commits you to put some of your paychecks aside. In addition to helping you build credit, Credit Strong claims that they help you save money. They hold onto your loan proceeds until the end as collateral, so they don’t even have to check your score. The advantage of Credit Strong is that it’s easy to qualify for their accounts. You could probably get the same or better results by sticking with a traditional installment loan for a year. These are solid results but not irreplicable. □ People who started the process with no score and paid on time for a year finished with a credit score between 630 and 650. Just shy of a 70-point increase after a year if they made all payments on time.An almost 40-point increase after nine months.A 25-point increase within three months.They claim to have studied 50,000 of their customers’ accounts and found that people saw the following changes to their FICO 8 score on average: Credit Strong’s primary purpose is to build credit, and it does a reasonably good job.
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