Anyone using Credit Strong by Austin Capital Bank?

[19eighty5]

I ran across this website a few days ago and upon further inspection, it seems like a really cool idea and an interesting competitor to Self Lender. Does anyone have experience with the product since it launched?

Credit Builder Loans - Credit Strongwww.creditstrong.com › credit-builder-loans

"With no upfront security deposit, no hard credit inquiry or credit score required, plus low monthly payments, a Credit Strong account makes building credit easy and affordable.   Consumers can apply online and be approved in just minutes. Additionally, Credit Strong accountholders receive a free monthly FICO® Score to track their progress. FICO Scores are used in more than 90% of lending decisions, including credit cards, mortgages, and automobile financing."

[Revelate]

Not reindeer gameable, $8.95 for 120 months = 1080 so total of roughly $80 in finance charging.  No idea how it really reports (CFA?).

I'd still squirrel away money and do the secured loan route via NFCU or Penfed or whoever and pay it forward for the credit win, though it wouldn't surprise me if whoever put that product together at least is cognizant of the information found either here or some other places.

[Iusedtolurk]

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@19eighty5 wrote:

I ran across this website a few days ago and upon further inspection, it seems like a really cool idea and an interesting competitor to Self Lender. Does anyone have experience with the product since it launched?

Credit Builder Loans - Credit Strongwww.creditstrong.com › credit-builder-loans

"With no upfront security deposit, no hard credit inquiry or credit score required, plus low monthly payments, a Credit Strong account makes building credit easy and affordable.   Consumers can apply online and be approved in just minutes. Additionally, Credit Strong accountholders receive a free monthly FICO® Score to track their progress. FICO Scores are used in more than 90% of lending decisions, including credit cards, mortgages, and automobile financing."

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I have heard of them and did a little resaerch on their offers and they seem to be very similar to Selflender (now Self). I have used Self for a 2 year 25 dollar monthly account which just finished a month ago. It was pretty smooth no hiccups along the way and when it completed I got a direct deposit to bank account in 10 days.

I was looking for a SSL that would allow you to pay it down quickly without shortening the loan term (like Alliant used to do) but haven't found one yet.

I have one installment loan which will be paid in 4 months so I will be opening another  SSL I might try Creditstrong because they have longer terms but then again I may stay with selflender I already know how they work and it was smooth sailing. (need that open installment for credit mix points... you know).

Hopefully someone who is using Creditstong will add their data points.

[Anonymous]

I have 1 pending unsecured credit card approval.... 3 secured cards (Opensky, First Premier, and Citibank- happy that Citi graduates in 18 months). I recently started a Selflender account for $48/mo for 12 months. I wanted to add another credit builder like Credit Strong, I think I am going to follow through with doing the $96/mo for 24 months (might help me with saving more money). I want more good payment history to give my score a boost. I have a car loan that I made all payments on time all the time (2yrs) I will be paying that off soon and that will drop my score, and 10yr old student loans (in good standing). I did Self Lender before and it was successful, I am ready to try a similar account from a different company. 

[19eighty5]

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@Anonymous wrote:

I have 1 pending unsecured credit card approval.... 3 secured cards (Opensky, First Premier, and Citibank- happy that Citi graduates in 18 months). I recently started a Selflender account for $48/mo for 12 months. I wanted to add another credit builder like Credit Strong, I think I am going to follow through with doing the $96/mo for 24 months (might help me with saving more money). I want more good payment history to give my score a boost. I have a car loan that I made all payments on time all the time (2yrs) I will be paying that off soon and that will drop my score, and 10yr old student loans (in good standing). I did Self Lender before and it was successful, I am ready to try a similar account from a different company. 

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If you try the product, let us know how it goes with DPs!

[Anonymous]

@19eighty5 I Signed up with Credit Strong ($96/mo) and started gardening for a while untill I get bigger and better card options. I do that until October 2020 ( if not longer) I stick with my 3 primary cards and 2 installment accounts that should help me get a big bump. I am so close to the getting in the 600 club, I am trying to get there before summer.