Credit Strong: a tool to help you recover from a bad score

With bad credit, it seems impossible to get a credit card that doesn’t have hefty fees or require a security deposit. That’s why many people look for something that can help them improve their scores.

Credit Strong has an interesting and innovative offer that could be the help you are looking for.

What is Credit Strong?

Credit Strong is a kind of loan, but you do not receive any money at the time of application. You will have access to a line of credit, which will positively impact your credit score.

The security of the process is guaranteed by Austin Capital Bank. Credit Strong will help you get a secured loan that will allow you to create a good payment history and a better debt ratio.

Your monthly payments will be reported to US reporting agencies. At the end of the loan, you will see a significant increase in scores that will give you access to new financial tools, such as no-fee credit cards.

How do credit building loans work?

When you sign up for Credit Strong you get a loan, but the real money is deposited in a savings account. You will then make payments to build your credit history. When it’s all over, the loan amount will be available for withdrawal and your scores will be higher overall.

While you pay off your loan with interest, the savings account pays off, as the money stored there also earns interest.

In other words, it’s kind of like a secured loan that helps you plan for the future. Keep in mind that Credit Strong does not work as a credit repair service. It will provide the means to build a new and improved history, rather than pointing out problems in your report.

Also, know that Credit Strong is not a savings account as you do not have full access to your money until the program ends. However, it will pay interest according to how much you are paying, which guarantees that the loan will depreciate over the 120 months you will repay.

How fast can I improve my credit score with Credit Strong?

Credit Strong is a great tool for boosting your score, but how quickly your score improves will depend on the severity of your score problems, how much debt you have, and whether you already have a payment history.

A person who is new to credit and has no history can take six months to see any results. However, if you’re looking for a small raise, a few on-time payments are enough to see your numbers soar.

It’s good to keep in mind that no credit solution is quick and foolproof. You have to wait, pay everything on time and deal with other debts that can make your score drop even more.

Should I apply for Credit Strong?

Before signing up, know that this is an expensive program. The program includes monthly installments and some fees for the service, such as administration fees and interest rates. Interest will make a difference, even if it’s lower than conventional low-score credit cards.

An advantage of Credit Strong is the ease and speed of approval. You will also be able to cancel it whenever you want and get all the money you reserved back.

This service will be great for people who need a more robust approach to credit score recovery. In case you can wait or need cash right away, there are other personal loan services for those with low scores that may serve you better.