A good credit score can help you get a loan, a mortgage or a cheaper car insurance. Credit scores are important because they can make you more eligible for lower rate loans.
Credit history impacts every aspect of life. It can affect your job search and apartment rental. Even if they don't ask for credit, an employer could still look at your credit score to gauge your willingness to pay on time and your level of responsibility.
If you want your credit score to improve, you will need to make timely and full payments. Credit Strong's credit builder loan is easy to manage, and will not harm your credit score as long as your payments are made on time.
Credit Strong has three credit builder programs that will help you improve your credit score and begin saving money while improving your credit. These products include a FICO(r), 8 score each month to help you monitor your progress.
Unlike traditional credit card accounts, Credit Strong's credit builder loans don't require you to deposit security. Credit Strong credit builders loans allow you to select a term and loan amount. You can then choose your monthly payment plan.
Each monthly payment goes toward both principal (to help you build your credit) and interest, which is how Credit Strong makes its money. At the end of your plan, you'll have a savings account with a Credit Strong lock that is all yours!
Credit Strong's monthly payment is reported to three of the major credit bureaus. As a result, you build up your credit history and credit score. As long as you pay on time and in complete, your credit history and score will grow over time.
If you choose to cancel your credit builder loan before the end of its term, you'll receive a refund for all of the money you put down toward the principal portion of the loan. You will lose any money paid for interest or administrative fees.
Credit Strong will not charge you a penalty if you cancel before the 25-month period. Credit Strong requires advance notice if you want to cancel. Otherwise, they will not reimburse the interest already paid.
Credit Strong customers who canceled early have been charged a significant amount of money for the money they paid to the principal portion of their Credit Builder loan. 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.
Good credit is essential to financial independence. Your credit score can help you to get a higher paying job, access to more credit, and lower rates of interest on your debt. In addition, it will give you more options and flexibility in your finances and lifestyle.