Good credit can be helpful when you are looking to purchase a home, obtain a mortgage or get a lower rate on car insurance. With a high credit score, you're more likely to be approved for loans and lines of credit with lower interest rates, which can save you a lot of money over the life of the loan.
Your credit history can impact every aspect in your life. From getting a new job to renting an apartment, it's important. Even if credit is not being sought, employers may still check your credit report to see if you can be trusted to pay your bills.
To improve your credit rating, you must make all payments on time. Credit Strong designed its credit builder loans so that they are easy to handle and won't damage your credit score if you pay on time.
Credit Strong offers 3 credit builder products which can help you start building credit, improve your score and accumulate savings. Each of these credit builder products offers a free FICO(r), score 8 monthly to help track your progress.
Credit Strong does not require security deposits for its credit builder accounts. Credit Strong's credit builder loans require you to choose a loan term and amount, then set up a monthly payment schedule.
Credit Strong earns its money by dividing each monthly payment between principal (to build your credit) as well as interest. At the end of your plan, you'll have a savings account with a Credit Strong lock that is all yours!
Your monthly Credit Strong payment gets reported to all three major credit bureaus, so you're building a credit history and a credit score. Your payment history and credit score will increase over time, as long as you make your payments on time and in full.
If you choose not to renew your credit builder, you can receive a complete refund of all the money that you have paid toward the principal. The money you spent on interest and administrative fees will be lost.
Credit Strong's business account can be cancelled without any penalty before the end of its 25-month term. If you decide to cancel, be sure to let Credit Strong know in advance, as they won't refund the funds that have already been applied to interest.
Credit Strong customers who canceled early have been charged a significant amount of money for the money they paid to the principal portion of their Credit Builder 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. A strong credit score will help you get a better job, more credit and lower interest rates on your debts. Additionally, a high credit score gives you more choices in your financial and lifestyle.