topic Re: CreditStrong -- Legit? in Personal Finance

CreditStrong -- Legit?

Charmante — Sat, 11 Jul 2020 14:04:45 GMT

CreditStrong.com sounds AWESOME...

They even offer an $18,000 Installment Loan!!! Up to 10 YEARS!!!

Then you're left with $18,000 in a savings, too!!!

This sounds amazing...

An $18,000 Installment Loan reporting on my credit would GREATLY help me out!!!

BUT is it legit? Safe?

Will it initially report the full $18,000 limit or small, then grow?

Thank you so much!!!

Re: CreditStrong -- Legit?

Brian_Earl_Spilner — Sat, 11 Jul 2020 14:13:58 GMT

Yes, they're legit. I have no idea how it reports, but I assume it will report like any installment loan, maxed out utilization until you start paying it down. This can be a bad thing if your rebuild goes quicker than anticipated as you can be denied credit for having a too high balance in an installment loan. Luckily, I believe you can cancel and close the account with no penalties, but you'd have to double check with them on that as well as how it would report it during that process.

Re: CreditStrong -- Legit?

macinjosh — Sat, 11 Jul 2020 14:21:13 GMT

They are a division of Austin Capital Bank, which claims they are a well respected community bank. Austin Capital only offers checking, savings, mortgages, no credit cards, and their credit building and personal loan service. Sound's intriging though. I wonder if the credit building loans are true "SSL" type loans?

Although I really find it strange for a bank to have a bat as their logo.

Re: CreditStrong -- Legit?

Red1Blue — Sat, 11 Jul 2020 15:05:59 GMT

They are legit. I have an account with them for $1000 / 24 months. I'll be paying it off in 12 months by this December. I am not sure what is the point of paying interest on $18,000 when you did not borrow the money from them. It would be great to have $18,000 in Bank in 10 years but you'll be paying $8,000 - $10,000 ( or substantial amount ) on interest for the money you did not borrow. That is certainly a bad decision. Also as others said with high balance on loan installment account you would have difficult time with other creditors in getting credit. Also if you prepay the principle it will reduce the loan term and number of installments posted on the report. My suggestion look at other options.

Re: CreditStrong -- Legit?

core — Sat, 11 Jul 2020 17:40:03 GMT

@macinjosh wrote:
Although I really find it strange for a bank to have a bat as their logo.

I pulled up the CreditStrong site and can't find the logo you refer to, but I disagree: A baseball bat is an excellent image to use if you want your borrowers to pay on time.

Re: CreditStrong -- Legit?

Revelate — Sat, 11 Jul 2020 17:46:22 GMT

@macinjosh wrote:
They are a division of Austin Capital Bank, which claims they are a well respected community bank. Austin Capital only offers checking, savings, mortgages, no credit cards, and their credit building and personal loan service. Sound's intriging though. I wonder if the credit building loans are true "SSL" type loans?

Although I really find it strange for a bank to have a bat as their logo.

The bats under the Congress avenue bridge in Austin are legendary around here. Not strange at all based on that.

More on topic unless you need the money I don't know how this is any better than other options from a credit scoring perspective TBH. A 10 year loan might be nice for reindeer games if they work with them, but that would need testing.

Re: CreditStrong -- Legit?

macinjosh — Sat, 11 Jul 2020 20:23:47 GMT

@core wrote:
@macinjosh wrote:
Although I really find it strange for a bank to have a bat as their logo.
I pulled up the CreditStrong site and can't find the logo you refer to, but I disagree: A baseball bat is an excellent image to use if you want your borrowers to pay on time.

The bank that owns Credit Strong has a bat in their logo.

Re: CreditStrong -- Legit?

tropolis — Sun, 12 Jul 2020 00:32:53 GMT

I have the 15 a month plan that reports a 1,000 installment loan. Just started a month ago. First payment was taken out a couple days ago, waiting for it to report.

I can cancel anytime which I like.

Re: CreditStrong -- Legit?

Anonymous — Sun, 12 Jul 2020 11:28:42 GMT

It is legit just not the best option. Do you already have an installment loan? Car note or mortgage? If so it won't help you at all. You will pay a significant amount of interest to force yourself to save for the future.
look into grain line of credit much better and set everything on auto.
it is a soft pull won't affect your score but reports as a revolving line of credit. On auto it will send small amounts to your bank account then pull those amounts back out. For the months I've had it it doesn't do more than 8% or so so your utilization stays low. And it reports every month as a cc paid on time

Re: CreditStrong -- Legit?

Red1Blue — Sun, 12 Jul 2020 11:33:16 GMT

@Anonymous wrote:
It is legit just not the best option. Do you already have an installment loan? Car note or mortgage? If so it won't help you at all. You will pay a significant amount of interest to force yourself to save for the future.
look into grain line of credit much better and set everything on auto.
it is a soft pull won't affect your score but reports as a revolving line of credit. On auto it will send small amounts to your bank account then pull those amounts back out. For the months I've had it it doesn't do more than 8% or so so your utilization stays low. And it reports every month as a cc paid on time

With Grain there is 1% fees for each withdraw. Were you paying 1% fees every month?

Re: CreditStrong -- Legit?

tropolis — Sun, 12 Jul 2020 11:47:43 GMT

I agree that you pay more than you get back overtime, which is why I went with the subscribe 1000 at 15 dollars a month. I'm essentially paying a netflix subscription fee to report that line, might get a little back when I cancel it, but I'm free to cancel at any time. So I can use this for a better score, then cancel if I get another installment loan down the road. Grain is interesting though, will look into that.

Re: CreditStrong -- Legit?

tropolis — Sat, 18 Jul 2020 11:51:28 GMT

Credit Strong just reported on my account, 75 point jump.

I have to assume that was because I had no other installments and that makes you look good to have one, but I will take it.

This is a good temporary option or an easy long term option.

Re: CreditStrong -- Legit?

Anonymous — Thu, 26 Nov 2020 22:11:54 GMT

@tropolis wrote:
Credit Strong just reported on my account, 75 point jump.

I have to assume that was because I had no other installments and that makes you look good to have one, but I will take it.

This is a good temporary option or an easy long term option.

______

You saw that jump on your fico scores? I have never had a installment loan, but have 735+ fico scores, with no negatives, do you think credit strong would help me by adding a installment loan to my mix?

Credit Strong Company is it any good?

Society1 — Thu, 21 Jan 2021 04:51:56 GMT

Creditstrong.com i was referred to for establishing credit and getting installment loans is anyone familiar with this company? could they help me and my credit? just dont want to waste time or have a extra inquiry

Re: Credit Strong Company is it any good?

AllZero — Thu, 21 Jan 2021 05:17:02 GMT

@Society1 wrote:
Creditstrong.com i was referred to for establishing credit and getting installment loans is anyone familiar with this company? could they help me and my credit? just dont want to waste time or have a extra inquiry

Do you have any open installment loans, e.g. auto, personal, student, mortgage? If yes, then adding another installment loan may be redundant to your needs.

Re: Credit Strong Company is it any good?

Society1 — Thu, 21 Jan 2021 05:25:54 GMT

No i have none of those only credit cards no other loans

Re: Credit Strong Company is it any good?

FinStar — Thu, 21 Jan 2021 05:34:29 GMT

@Society1 - please reference posts upthread.

Re: CreditStrong -- Legit?

sjt — Wed, 05 May 2021 21:39:47 GMT

@Charmante wrote:
CreditStrong.com sounds AWESOME...

They even offer an $18,000 Installment Loan!!! Up to 10 YEARS!!!

Then you're left with $18,000 in a savings, too!!!

This sounds amazing...

An $18,000 Installment Loan reporting on my credit would GREATLY help me out!!!

BUT is it legit? Safe?

Will it initially report the full $18,000 limit or small, then grow?

Thank you so much!!!

It's legit, but I would avoid it. You would be paying a high rate of interest for money that you never borrowed. There are other ways to establish credit.

Re: CreditStrong -- Legit?

joltdude — Thu, 06 May 2021 14:54:26 GMT

Really interesting is that Austin Capital originates Self loans as well... i presume they decided to do the loans direct under the CreditStrong name...