Credit Strong Review

By: Heather Hanks Apr. 20, 2020

A Credit Strong account can help you build your credit and expand your savings. You can apply with no credit required, and even build your credit without using a credit card. There are several plans that you can choose from. By opening a Credit Strong account, you can instantly gain access to a loan and put the funds in an FDIC insured account.

There is no upfront security deposit required and no hard inquiry required. Plus, Credit Strong will report your activity to all three major credit reporting bureaus. You can cancel your account anytime. Managing your account is easy with the Credit Strong mobile app. Payments start as low as $8.95. For more information, check out our Credit Strong review below to see if an account is right for you.

What is Credit Strong?

A Credit Strong account is a blend of a secured installment loan and a savings account. Credit Strong is a five-star rated community bank that is a division of Austin Capital Bank. The bank is a member of the FDIC and one of the most predominant banks headquartered in central Texas. Since opening, they have become a leader in financial services with over 50,000 account holders. They have also been a member of Inc. 5000 for three years in a row. Credit Strong strives to be trustworthy to keep your credit information secure and your money safe. They have bank level security and transparent actions that are easy to understand.

Credit Strong works directly with the three major credit reporting bureaus. You can work with them to boost your credit by paying your dues on time each month. You can also monitor your FICO score 24/7 and track your progress when you become a Credit Strong member. According to the Credit Strong website, approximately 90% of lenders use FICO scores to make decisions. The company also offers flexible plans. You can pick the one that works best for your budget and timeline. Credit Strong states that they are there to help you succeed. As an independent community bank, they aim to bring you trust and transparency into the finance world one step at a time.

Credit Strong uses Austin Capital Bank’s Trident technology platform to grow and protect its customer’s wealth. The trident platform benefits the customer at the individual, community, and national levels. It allows the bank to offer financial services through the internet, and ensures that all of your personal, credit, and financial information is safe and secure. All accounts and funds are managed on the Trident platform and fully insured by the FDIC. The platform encrypts sensitive financial and personal information on many levels. It uses a HTTPS/SSL 256 bit encryption layer to protect this information on your web browser. You can trust that your money is safe with Credit Strong.

What Does It Offer?

Credit Strong offers several prices and plans to help you build your credit without a credit card. They allow you to take out an installment loan. This money is kept in a secure account for you. When you pay the loan back in full, Credit Strong will unlock your account so that you will have access. This helps you build your savings and credit in an affordable way.

They don’t do a hard inquiry on your credit and there is no upfront security deposit required. The company allows you to build credit by reporting your activity to all three major credit reporting bureaus. You can use the service to build a nest egg because every part of your payment helps increase your savings. Plus, you can cancel your service anytime. There are no contracts.

Here is a breakdown of the eight different pricing plans they offer and what they include:

Subscribe 1000

This plan features the lowest monthly payment at $15 per month with a 13.12% interest rate. It comes with a $1,000 installment account reported. In addition to a low payment, this plan also allows you to put your payments on autopilot with autopay so that you never forget a due date. You can use this plan to build up to 120 months of payment history and build a savings of up to $1,000. Plus, you can cancel anytime with no penalty.

Subscribe 2500

The Subscribe 2500 plan is available for $30 per month and comes with a $2.500 installment account reported. The APR is 7.75%. It features low easy monthly payments that you can put on autopilot with autopay. You can build up to 120 months of payment history and establish savings of up to $2,500. Cancel anytime without penalty.

Build and Save 1000 (24 months)

The Build and Save 1000 plan comes with two tiers. The first is a 24 month plan with a 13.97% APR. It allows you to build $1,000 of credit history. You can also get $1,000 in savings in just 24 months and you’ll get 24 months of payment history. This plan costs $48 per month.

Build and Save 1000 (12 months)

The second tier of the Build and Save 1000 plan is a 12 month plan offered at $89 per month with a 12.32% APR. You can use it to build $1,000 of credit history. It also allows you to build $1,000 in savings in 12 months and earn 12 months of payment history.

Build and Save 2000

The Build and Save 2000 plan is a 24 month plan that costs $96 per month with a 13.97% APR. It allows you to build $2,000 of credit history and $2,000 of savings in 24 months. Plus, you’ll get 24 months of payment history.

MAGNUM 4500

The MAGNUM 4500 plan is offered for $45.50 per month and a 5.80% APR. It comes with a $4,500 installment account reported. This plan allows you to supercharge your personal credit and turn it into commercial use. It allows you to demonstrate repayment on larger credit dues. You can build up to 120 months of payment history and build a savings of up to $4,500. You can cancel anytime with no penalties.

MAGNUM 9000

The MAGNUM 9000 plan is available for $99 per month with a 5.80% APR. It offers a $9,000 installment account reported. You can use this plan to turn your personal credit into commercial use. It allows you to build up to 120 months of payment history and savings of up to $9,000. Cancel anytime without fees.

MAGNUM 18000

This plan costs $198 per month and offers a $18,000 installment account reported. You can use this plan to turn your personal credit into something that can be used for commercial use. It shows that you’re capable of paying off larger dues. You can build 120 months of payment history and savings of up to $18,000. As with all plans, you can cancel anytime with no fees.

You can also use Credit Score to get a personal loan. According to the website, this feature is coming soon and is not yet available. The Credit Strong personal loan is designed to help you build credit while you also set aside savings. They suggest that you check out a traditional personal loan if you need money today. Check back with the website for more information about their personal loans to see when they are available.

How Does It Work?

When you open a Credit Strong account, Austin Capital Bank will give you an installment loan. They will place the funds in a savings account in your name. Keep in mind that you will not receive the funds the very first day. However, they will be instantly deposited into your savings account. Credit Strong will place a lock on the funds in your savings account to keep the loan secure. Every month, you will make a fixed payment that includes the principal and interest on your loan. Your principal payment is put toward the lock on your savings account. The interest payment covers the cost of Credit Strong’s service to you.

Credit Strong allows you to pick from eight different plans. Each plan has a different objective and monthly fee. All plans ensure that your payment history is reported so that you build credit and savings at the same time. You will end up with a payment history for an installment loan on your credit report. This is important because it makes up approximately 35% of your FICO credit score. You also get to keep the money you’ve saved in your savings account.

Here are some quick facts about the Credit Strong service:

  • Credit Strong is available in all states within the United States except for North Carolina, Wisconsin and Vermont
  • Once your loan is paid in full, you will receive a notice that the lock has been taken off your account and you are free to access it
  • Loan amounts range from $1,000, $2,000, $2,500, $4,500, $9,000 and $18,000
  • APRs range from 5.80% to 13.97%, based on the type of plan you select
  • Admin fees range from $8.95 to $25, based on your plan
  • There are no prepayment fees if you want to pay your account off early
  • No co-signers are allowed and you can only open one account at a time

Keep in mind that your installment loan money will be kept in a savings account. You will not have access to this money until after your loan is paid off. The objective is to help you build credit history while also establishing a savings account. Be sure to choose a plan that works for you. Be aware that there is a small admin fee to pay with each account. Your APR will also vary based on your plan. Monthly payments range between $15 and $198 and extend 12 to 24 months.

Credit Strong Pros and Cons

Opening a Credit Stong account is a great way to build credit history and a savings account at the same time. You can open an account even if you do not have credit and pick your plan. It’s an excellent option for people with bad credit or no credit at al. It’s also a great way to establish a savings account if you are not good at saving money. The Credit Strong platform is secure and easy to use. You can choose a low monthly payment and enroll in autopay so that you never miss a payment. This information will be reported to the credit reporting bureaus and your credit history will benefit, as long as you make timely payments. Here are some other pros and cons.

Credit Strong PROS

  • You don’t need a credit score to apply
  • There is no upfront security deposit required
  • Approval is easy and there is no credit check required
  • You can cancel your membership anytime at no cost
  • There is no ChexSystems inquiry
  • You can manage your account 24/7 through the mobile app
  • There are eight different plans to choose from
  • The cheapest plan starts at $15 per month
  • Low APRs start at 5.80%
  • There are no prepayment fees
  • You can build your credit history and a savings account at the same time
  • You can enroll in autopay so that you never miss a payment
  • Credit Strong is an FDIC insured bank that you can trust
  • You will have access to your money after you pay off your loan

Credit Strong CONS

  • There are no co-signers allowed. However, you should not need a co-signer as you do not need to have good credit to open an account.
  • You will not receive access to your loan right away. Instead, Credit Strong will keep this money in a savings account for you. You will earn the rights to the account only after you make all payments. If you need money right away, then consider another loan.

What To Expect After You Apply

The application process is easy. When you’re ready to apply, visit the Credit Strong website and pick your plan. You will receive your Credit Strong credit dashboard within two weeks of opening up your account. Here, you will see your next score refresh date. Your first loan payment is due one month after your account opening. You can elect to have your account enrolled in autopay. This will help ensure that you make each payment on time. You can access this feature by clicking on the My Account/Payments tab.

Your Credit Strong account should start to show up on your credit report 30 to 60 days after your first payment. Your information will be provided to all three major credit reporting bureaus. However, it may take them some time before they add this information to your report. The most important thing to remember is to continue to pay on time. Payment history accounts for approximately 35% of your FICO score. Late payments will affect this score.

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CreditNervana promises to keep our information as accurate and up-to-date as possible. However, you should always consult a financial advisor for specific questions about personal or business finances and investment opportunities, especially if you are looking in your area. Working with a trained professional who is familiar with your case is a safe and guaranteed way to make the best investment decision possible. Please review our terms and conditions before making any decision based on the information we provide. Financial institutions are constantly changing. Because of this, it’s a good idea to cross check the information you read here with any company you are considering working with.

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