Good credit can be helpful when you are looking to purchase a home, obtain a mortgage or get a lower rate on car insurance. Credit scores are important because they can make you more eligible for lower rate loans.
Your credit history can impact every aspect in your life. From getting a new job to renting an apartment, it's important. 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.
If you want to improve your credit score, you'll need to make payments on time and in full. Credit Strong designed its credit builder loans so that they are easy to handle and won't damage your credit score if you pay on time.
Credit Strong offers 3 credit builder products which can help you start building credit, improve your score and accumulate savings. Each product includes a free monthly score of FICO (r) 8 to help you keep track of your progress.
Credit Strong's credit builders loans do not require you deposit any security. Credit Strong offers credit builder loans that allow you to set your own monthly payments.
Credit Strong makes money through monthly payments that include both principal (to assist you in building your credit score) and interest. When you finish your plan, a Credit Strong account will be yours.
Your monthly Credit Strong payment gets reported to all three major credit bureaus, so you're building a credit history and a credit score. You will see your credit score and payment history increase as you make on-time and full payments.
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.
You can also cancel your Credit Strong business account before the end of the 25-month term without penalty. Credit Strong must be notified in advance if you wish to cancel. They will not refund funds that have been used for interest.
Credit Strong clients have reported canceling plans early and being charged a significant portion of the money that was paid toward the principal amount of their credit builder loans. It may not be the best option for all people, but it is a great choice for those with limited finances or who wish to save lots of money.
Having good credit is the first step to financial freedom. A strong credit score will help you get a better job, more credit and lower interest rates on your debts. A high credit score will also allow you to have more freedom and flexibility when it comes to your finances.