A good credit score can help you get a loan, a mortgage or a cheaper car insurance. If you have a high score, you are more likely to qualify for lower interest rate loans and credit cards, saving you money throughout the term of the loan.
Your credit rating affects your entire life. You may be unable to get a job, or rent an apartment if you have a poor score. Your employer may review your credit even if you are not applying for a credit card. They want to know if your attitude towards paying bills on time is responsible.
If you want to improve your credit score, you'll need to make payments on time and in full. 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 has three credit builder programs that will help you improve your credit score and begin saving money while improving your credit. Each product includes a free monthly score of FICO (r) 8 to help you keep track of your progress.
Unlike traditional credit card accounts, Credit Strong's credit builder loans don't require you to deposit security. Credit Strong credit builders loans allow you to select a term and loan amount. You can then choose your monthly payment plan.
Credit Strong earns its money by dividing each monthly payment between principal (to build your credit) as well as interest. By the end, you will have your own Credit Strong-locked savings account!
Credit Strong reports your monthly payment to the three major credit bureaus. You're thereby building up a credit history, and you are also increasing your credit score. As long as you pay on time and in complete, your credit history and score will grow over time.
If you decide to cancel the credit builder loan prior to the end of its terms, you will be refunded the entire amount you paid towards the principal portion. You will lose any money paid for interest or administrative fees.
Credit Strong allows you to cancel your business account at any time before the expiration of the 25 month term. Credit Strong will not refund any interest that has already been paid.
Some Credit Strong customers have reported that they canceled their plans early, only to be charged a significant percentage of the money they put down toward the principal portion of their credit builder loan. This may not work for everyone, especially for those who are short on funds or wish to save big money.
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. Additionally, a high credit score gives you more choices in your financial and lifestyle.