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.
Credit history impacts every aspect of life. It can affect your job search and apartment rental. Even if you're not applying for credit, your employers might review your credit to assess your responsibility and willingness to pay bills on time.
Payments must be made on time and fully if you wish to improve your 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 products includes a free monthly FICO(r) Score 8 to help you track 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 earns its money by dividing each monthly payment between principal (to build your credit) as well as interest. By the end, you will have your own Credit Strong-locked savings account!
Credit Strong reports your monthly payment to the three major credit bureaus. You're thereby building up a credit history, and you are also increasing your credit score. As long as you pay on time and in complete, your credit history and score will grow over time.
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. However, the interest and administrative fee you paid will not be refunded.
Credit Strong will not charge you a penalty if you cancel before the 25-month period. 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 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. 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 scores are the first step towards financial freedom. A high credit score will allow you to find a better career, get more credit and have lower interest rates for your debts. It will also give you more flexibility and options in terms of your lifestyle and finances.