Building a Strong Credit History with Credit Strong: A Comprehensive Guide

In today’s financial landscape, building a strong credit history is essential for accessing various financial opportunities, from securing loans to getting favorable interest rates. For individuals looking to build or improve their credit scores, offering a unique and effective solution.
It is a financial technology company that specializes in providing credit-building solutions. It is a division of Austin Capital Bank, a 5-star rated bank located in Austin, Texas. Having a strong credit history combines the benefits of installment loans and savings accounts to help users build creditworthiness.
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How Does Credit Strong Work?
When you open a Credit Strong account, Austin Capital Bank takes out a small loan in your name and secures the funds in an FDIC-insured savings account. Your monthly loan payments are reported to the three major credit bureaus (Experian, Equifax, and TransUnion), which helps build your credit history. A portion of your payment goes into your savings account, and when the loan is repaid in full, you unlock your savings funds.
Key Features and Benefits
- No Upfront Deposit: Unlike secured credit cards, Credit Strong does not require a large upfront security deposit. There is a small administration fee to open the account, which can be paid with a debit card, checking account draft, or prepaid card.
- No Hard Credit Pull: Applying for an account does not involve a hard credit inquiry, so it won’t negatively impact your credit score.
- Flexible Payment Options: Credit Strong offers various products tailored to different credit-building needs. For example, the MAGNUM product is designed for those looking to build a large amount of credit with a low monthly payment, while the Revolv product helps rapidly improve credit utilization.
- Track Your Progress: Customers can track their credit score progress through the Credit Strong Dashboard, which provides free access to their FICO® 8 Score.
- No Termination Fee: If you need to close your account early, there is no termination fee. You can simply close your account and request your accumulated savings to be deposited back into your bank account.
Credit Strong offers a powerful and flexible solution for individuals looking to build or improve their credit scores. By combining the benefits of installment loans and savings accounts it helps users establish a solid credit history while also growing their savings. Whether you’re just starting your credit journey or looking to rebuild your credit, it provides the tools and support you need to succeed.
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