If you're looking to get a mortgage for a new house, find a better rate on auto insurance, or buy a brand-new home, good credit will help. You're more likely, with a good credit score, to get approved for loans or lines of credit that have lower interest rates. This can save you lots of money.
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.
You'll have to pay on time in full if you want to increase your credit score. 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. Each of these credit builder products offers a free FICO(r), score 8 monthly to help track your progress.
Credit Strong credit builder loan does not require you to put up security. Credit Strong loans are based on a combination of loan amount and repayment term. Then, you choose your monthly payment.
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.
Credit Strong sends your monthly Credit Strong payments to all major credit bureaus. This builds a credit rating and history. 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. However, you will lose the money that you paid towards interest and the administration fee.
Credit Strong's business account can be cancelled without any penalty before the end of its 25-month term. 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. Some people may find this option unsuitable, particularly those who have limited funds or want to save money on credit builder payments.
Good credit is essential to financial independence. A high credit score will allow you to find a better career, get more credit and have lower interest rates for your debts. A high credit score will also allow you to have more freedom and flexibility when it comes to your finances.