If you're looking to get a mortgage for a new house, find a better rate on auto insurance, or buy a brand-new home, good credit will help. Credit scores are important because they can make you more eligible for lower rate loans.
Your credit score affects all aspects of your life. This includes getting a job or renting an apartment. Even if they don't ask for credit, an employer could still look at your credit score to gauge your willingness to pay on time and your level of responsibility.
To improve your credit rating, you must make all payments on time. Credit Strong's credit builder loan is easy to manage, and will not harm your credit score as long as your payments are made on time.
Credit Strong provides three credit builder options that can help improve your credit rating and allow you to start saving while building credit. Each of these credit builder products offers a free FICO(r), score 8 monthly to help track your progress.
Credit Strong’s credit builder account does not ask you to provide security. Credit Strong's credit builder loans require you to choose a loan term and amount, then set up a monthly payment schedule.
Credit Strong makes money through monthly payments that include both principal (to assist you in building your credit score) and interest. At the end of your plan, you'll have a savings account with a Credit Strong lock that is all yours!
Credit Strong sends your monthly Credit Strong payments to all major credit bureaus. This builds a credit rating and history. If you continue to make payments on time in full, over time your payment history will improve.
You will receive a full refund if you cancel your credit builder before the term of the loan. However, you'll lose the money you paid toward interest and the administrative fee.
Credit Strong's business account can be cancelled without any penalty before the end of its 25-month term. Credit Strong must be notified in advance if you wish to cancel. They will not refund funds that have been used for interest.
Credit Strong customers reported being charged for canceling their plans too early. They were then charged a large percentage of what they had paid towards the principal of their loan. That may not be a good fit for some people, especially those with limited access to funds or who want to save a lot of money on their credit builder payments.
Good credit is essential to financial independence. Strong credit scores will enable you to obtain a better job and get more credit. They can also help lower your interest rates. It will also give you more flexibility and options in terms of your lifestyle and finances.