Whether you want to buy a new home, get a mortgage, or find a better car insurance rate, good credit can help. 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 history affects every aspect of your life, including getting a job and renting an apartment. 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.
You'll have to pay on time in full if you want to increase your credit score. Credit Strong created their credit builder to be simple to manage. It won't affect your credit rating as long you pay your bills on time.
Credit Strong offers you three credit building products to help you build your credit and get your credit back in shape. 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 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. At the end of your plan, you'll have a savings account with a Credit Strong lock that is all yours!
Credit Strong will report your monthly Credit Strong payment to all three major bureaus of credit, so that you can build a history and score. As you make timely and complete payments, your payment history and credit rating will increase.
You will receive a full refund if you cancel your credit builder before the term of the loan. However, you will lose the money that you paid towards interest and the administration fee.
Credit Strong allows you to cancel your business account at any time before the expiration of the 25 month term. Credit Strong requires advance notice if you want to cancel. Otherwise, they will not reimburse the interest already paid.
Credit Strong has reported that some customers cancelled their plans before the end of the term, only to have a significant portion charged towards the principal part of their Credit Builder Loan. This is not a suitable option for many people, including those who do not have access to money or wish to reduce their payments.
A good credit score is a key step in achieving financial freedom. Strong credit scores will enable you to obtain a better job and get more credit. They can also help lower your interest rates. A high credit score will also allow you to have more freedom and flexibility when it comes to your finances.