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. With a high credit score, you're more likely to be approved for loans and lines of credit with lower interest rates, which can save you a lot of money over the life of the loan.
Your credit rating affects your entire life. You may be unable to get a job, or rent an apartment if you have a poor score. 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.
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 provides three credit builder options that can help improve your credit rating and allow you to start saving while building credit. These products include a FICO(r), 8 score each month to help you monitor your progress.
Credit Strong’s credit builder account does not ask you to provide security. Credit Strong's credit builder loans require you to choose a loan term and amount, then set up a monthly payment schedule.
Credit Strong's money is made by the monthly payments, which are divided between interest and principal. After your plan is complete, you'll own a Credit Strong savings account that includes a Credit Strong locking system.
Credit Strong will report your monthly Credit Strong payment to all three major bureaus of credit, so that you can build a history and score. If you continue to make payments on time in full, over time your payment history will improve.
You will receive a full refund if you cancel your credit builder before the term of the loan. 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 requires advance notice if you want to cancel. Otherwise, they will not reimburse the interest already paid.
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. This is not a suitable option for many people, including those who do not have access to money or wish to reduce their payments.
Having good credit is the first step to 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. A high credit score will also allow you to have more freedom and flexibility when it comes to your finances.