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.
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.
@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.
@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.
