When trying to improve their credit score, most consumers only think about the negative accounts they have on their credit report. They believe that using our services to remove those accounts is their best way of improving their credit scores. Removing derogatory or negative accounts from a credit report will improve a credit score. However, having positive accounts on your credit reports is just as important. I know that it seems like a conundrum. How can I get more positive accounts if I have a low credit score and companies won’t give me credit? That’s where a credit builder loan can help dramatically.
Let Us Introduce Credit Strong
Credit Strong is a division of Austin Capital Bank which is 5-star rated and a member of the FDIC. Credit Strong has also been on the Inc. 5000 list of the fastest-growing private companies in America for the last 4 years.
What a Credit Strong Account Does for You
By opening a Credit Strong account, you start building up your credit score and accumulating savings.
There is no credit check whatsoever. You do not even need a credit score! So, Credit Strong is great for people that want to establish credit as well as those that are building an existing credit score. And, you can cancel your account at any time.
Here’s How a Credit Builder Loan with Credit Strong Works
Austin Capital Bank gives you an installment loan and places the funds in a savings account for you. You cannot access these funds. They are placed in an account to secure the loan being made to you.
Each month you make a small payment, as low as $15, that is applied to the principal and interest on the loan. You are also earning interest on your savings account!
When the loan is paid in full, the savings account is unlocked, and the funds become available to you.
You can open an account with a $1,000 credit builder loan up to a $10,000 credit builder loan.
An Example of How a Credit Strong Account Can Work for You
Let’s say you open a $1,000 credit builder loan account with Credit Strong for a period of 24 months.
Your monthly payment will be $48. At the end of 24 months, you’ve paid $1,152.
Your savings of $1,000 is unlocked and you now have access to those funds.
Plus, you’ve had a loan reported to all 3 major credit bureaus for the last 24 months.
In effect, it has cost you $6.33/month to have this loan reported to the credit bureaus.