topic Credit Strong really does work in Rebuilding Your Credit

Credit Strong really does work

CreditBob — Thu, 11 Jun 2020 18:53:39 GMT

Credit Strong has helped my credit rating. I had to start all over again since the filing of my bankruptcy. Here is a video link that will help you better understand.

https://www.creditstrong.com/how-does-a-credit-strong-account-work-video/?utm_source=EM&utm_medium=NL&utm_content=blog

Re: Credit Strong really does work

Anonymous — Thu, 11 Jun 2020 20:09:04 GMT

This looks interesting to me. It does sound a little scammy or too good to be true. I'd love to hear feedback from others.

Re: Credit Strong really does work

Anonymous — Thu, 11 Jun 2020 21:00:37 GMT

If you do not have any installment loans then it can boost your score for having a good credit mix. Other than that you are essentially paying for them to report good behavior to the CRA's. Some of there plans:

$48 for 24 months to have $1000 in savings. $48 x 24 months= $1152 So you lose $152

$89 for 12 months to have $1000 in savings. $89 x 12 months= $1068 So you lose $68

$96 for 24 months to have $2000 in savings. $96 x 24 months= $2304 So you lose $304

Unless you need the credit mix to boost your score, you are better off finding a savings account with a decent rate and putting your money in there. At least that way you get all of the money in the end plus a little interest. You could also find a Credit Union and use that money to start a savings account with them and build that relationship. Thats just my 2¢.

Re: Credit Strong really does work

FireMedic1 — Thu, 11 Jun 2020 22:01:48 GMT

We always say finances over FICO. Years ago I paid off my truck. Boom! Score dropped. Then went to the Alliant SSL route which they dont do any more. And it did help a bunch. Got the points right back.

If you can get in with NFCU and do the SSL. Borrow from your own savings. It helps a lot. There's another credit union that does it also but its geo-fenced. Cant remember the mnemonic.

Re: Credit Strong really does work

Anonymous — Thu, 11 Jun 2020 22:07:53 GMT

These credit builder loans from Credit Strong, Self, etc. work to an extent.

A lot of credit unions have their own version that doesn't make you shell out an insane amount on interest. While at it you can pay those down early, getting a better boost than the loans from CS/Self that depend on your balance only slowly going down to harvest interest from you. Not to mention the account opening fees.

Had Self, replaced it with paid down credit union loans, score went even higher, much less interest, no fee to open.

Re: Credit Strong really does work

Anonymous — Sat, 27 Jun 2020 12:05:43 GMT

I recommend Kikoff. It's free, unsecured, reports to all 3 bureaus, and you can only spend the money they give you to pay them back. So it's a win/win in my opinion. Plus it's only a $12 loan so DTI isn't affected while credit mix is affected positively.