Credit Strong is an excellent option for individuals and business with no credit history. It provides a straightforward and effective way to start building a credit score through disciplined savings and payments. This method is particularly helpful for those who are new to credit, offering a solid foundation to establish a positive credit history.
1. How Credit Strong Works:
Conclusion:Think of Credit Strong like a piggy bank that helps you get a better credit score. When you pick a plan, it's like deciding how much money you want to put in your piggy bank every month. Each time you put money in, Credit Strong tells the credit score people that you're doing a good job. This helps make your credit score better!
When you've finished putting in all the money for the plan you picked, you get all that money back. It's like filling up your piggy bank, then getting to open it and use all the money you saved, while also having a better credit score because you showed you're good at saving.
So, with Credit Strong, you're saving money and making your credit score better at the same time!
- Credit Builder Loans: Unlike traditional loans, with Credit Strong's credit builder loans, you don't receive a lump sum of cash upfront. Instead, the loan amount is held in a locked savings account while you make monthly payments towards the loan. These payments are reported to the major credit bureaus (Experian, Equifax, and TransUnion), helping to build your credit history.
- Savings Component: As you pay off the loan, you gradually build savings. Once the loan is fully repaid, the lock is removed from the savings account, and you gain access to the money, which now includes the full principal amount of the loan.
- No Credit Check for Approval: Signing up for Credit Strong is straightforward. They don't pull your credit report or check your credit score, which makes it accessible for those with no credit or poor credit. The main requirements are being 18 years old, a U.S resident with a physical address, a valid social security number or taxpayer identification number, and a checking account, debit card, or prepaid card in good standing.
- 1. Revolv Plan:
- Annual Subscription: $99 per year.
- Features: Acts as a digital credit card with 0% APR. Suitable for improving credit utilization and credit mix.
- Credit Limit Increases: If you make three on-time payments in a row, you get a $100 credit limit increase, up to a maximum of $1000.
- Additional Costs: There are no monthly payments required for this plan.
- 2. Instal Plans:
- Pricing: Monthly payments vary depending on the plan. The options are typically around $28, $38, and $48 per month.
- Loan Amounts: Adds $1,000 to $1,100 installment loan to your credit history.
- Administrative Fee: There is a one-time, non-refundable administrative fee of $15.00.
- Duration: These plans help build credit history over 24, 36, or 48 months.
- Pricing: Monthly payments based on the plan chosen. Options include $49, $99, $199, and $449 per month.
- Loan Amounts: Adds a larger installment loan amount ($2,500 to $25,000) to your credit history.
- Administrative Fee: A one-time, non-refundable administrative fee of $25.00.
- Duration: Designed for a term of 60 months.
- 3. CS Max Plans:
- Pricing: Monthly payments based on the plan chosen. Options include $49, $99, $199, and $449 per month.
- Loan Amounts: Adds a larger installment loan amount ($2,500 to $25,000) to your credit history.
- Administrative Fee: A one-time, non-refundable administrative fee of $25.00.
- Duration: Designed for a term of 60 months.
- 4. Business Accounts:
- Pricing: Various plans are available, with monthly payments like $100, $115, $200, and $220, depending on the plan.
- Loan Amounts: Ranges from $2,500 to $10,000 installment accounts.
- Administrative Fees and APR: Vary based on the chosen plan. Interest-free plans are available with higher upfront fees.
- General Considerations:
- Interest Rates: The APR for various plans varies, with some plans offering 0% APR.
- Cancellation: You can cancel any plan at any time without penalty. However, the initial administrative fee is not refundable, and the amount you get back depends on how much of the loan you've paid off.
- Credit Reporting: Payments are reported to major credit bureaus, aiding in credit building.
- How to Start:
- Sign Up: You can sign up via the by clicking the button below (get started), filling in basic information and selecting the desired plan.
- Payment Method: You'll need a valid checking account, debit card, or prepaid card for payments.
- Administration Fee: Pay the one-time fee to start your plan.
Conclusion:Think of Credit Strong like a piggy bank that helps you get a better credit score. When you pick a plan, it's like deciding how much money you want to put in your piggy bank every month. Each time you put money in, Credit Strong tells the credit score people that you're doing a good job. This helps make your credit score better!
When you've finished putting in all the money for the plan you picked, you get all that money back. It's like filling up your piggy bank, then getting to open it and use all the money you saved, while also having a better credit score because you showed you're good at saving.
So, with Credit Strong, you're saving money and making your credit score better at the same time!