CreditStrong Overview

The credit system can be tricky. How do you get approved for a credit line when you don’t have a high credit score, but to improve your credit score you need a credit line? The cycle continues, but it can be broken with CreditStrong as a CreditStrong account works for those with bad or non-existent credit. 

                By                    Caitlyn Moorhead

  • Overview

  • Features

  • Comparable Options

  • How To Apply

  • Who It Is For

  • Fees

  • 3.9

  • Rates

  • 3.9

  • Plans

  • 4.3

  • Security

  • 4.2

Pros

  • No credit check
  • No termination fees
  • Reports to the three credit bureaus

Cons

  • High administration fees
  • Cannot get it without a bank account or debit card
  • No mobile app

CreditStrong doesn’t do a hard pull credit check, in fact, they don’t require a credit check at all. This saves you from having to worry about affecting your credit score and information that you don’t have or that will not help you with your application. 

CreditStrong Key Features

The consensus is CreditStrong is better for those trying to build their credit or those who have poor or no credit history. You can also secure the loan without getting a credit check. CreditStrong has competitive fees, rates and offers a wide variety of plan options. 

Fees

Within CreditStrong’s separate plans there are varying options. Because some fees are monthly and some are upfront, which plan you select may depend on your financial situation when you are applying. Below the plans are broken into their tiers along with the varying fee information.

Rates

Depending on the plan and the loan amount, your interest rate or APR will vary. CreditStrong’s interest rates are competitive when compared to some lenders, though some of their initial administration fees do seem high but this is not necessarily abnormal. A benefit is many of the plans not only build your credit but also help you build a savings account. The interest you pay is determined by your loan amount and the length of the term in which you repay it. 

Plans

CreditStrong offers several plans at different levels which can make securing the right loan for you more accessible. They also design the plan types for different needs such as plans that will build your credit fast, build your payment history or build big credit. As aforementioned, there are different tiers within each plan but below is a general breakdown of the plans CreditStrong offers.

Security

All CreditStrong accounts are through Austin Capital Bank, which is FDIC-insured, so your money is safe. Because it is FDIC-insured your deposit is protected up to $250,000 per account. You would only have to worry about loans over that amount which are not offered through CreditStrong. 

How Does CreditStrong Compare?

When comparing credit-building options it is important to do your research and find what company and plans best suit your needs. CreditStrong has a few companies it is often compared such as SeedFi, MoneyLion or Self.

SeedFi

SeedFi is comparable to CreditStrong in that it operates with a similar business model of loaning, credit building and savings building. 

  • Loan amount: $500 to $7,000
  • Credit Check: None for the Credit Builder account. Credit check needed for the Borrow & Grow Plan.
  • APR: 12.96% to 29.99%
  • Monthly fee: $1

MoneyLion

Like CreditStrong, MoneyLion is a credit building company but they also provide more financial products and services. 

  • Loan amount: $500 to $1,000
  • Credit Check: Yes
  • APR: 11.99%
  • Monthly fee: $19.99

Self

Though Self and CreditStrong are very similar, Self does seem to generally offer lower costs on plans.

  • Loan amount: $520 to $1,663
  • Credit Check: Yes
  • APR: 12.44% to 15.97%
  • Monthly fee: $9

How To Apply for CreditStrong

To create an account with CreditStrong you can simply visit their website. In a matter of minutes, you can apply without affecting your credit. When applying you will need to have either an active prepaid card, checking account or debit card. The application doesn’t take long but just in case you need to leave before you are done, you can just log back in at a later time and pick up where you left off as the information will have been saved under your login. 

One minor inconvenience is that CreditStrong does not have a mobile app which means all applications and subsequent transactions done online would have to be done through the website. This isn’t the end of the world, as you can still access the website through your phone, but it is somewhat less user-friendly.

Who CreditStrong Is Best For

If you are not happy with your current credit situation or have no credit to speak of, CreditStrong may be the right decision for you. You can build your credit rather quickly as well as savings from your payments. There are fees and interest rates to factor in, so make sure to research which plan and which loan would be best for you. If you do decide to go with CreditStrong, on-time payments will be the secret to building a successful credit history.

Final Take

CreditStrong offers a good system with many benefits. Since it is FDIC-insured, you can rest easy knowing your money is safe and your monthly payments will be reported to all three major credit bureaus. If you are looking to get your credit back on track or start building your credit initially, CreditStrong might be worth checking out.

Information is accurate as of Nov. 10, 2022.

  • Is CreditStrong legitimate?

  • A CreditStrong account is a legitimate secured consumer installment loan as well as an FDIC-insured savings account.

  • Does CreditStrong do a hard pull?

  • CreditStrong does not do a hard pull or inquiry to open the account as it does not require an initial credit check. This means going with a CreditStrong Account will not affect your credit.

  • What is a CreditStrong account?

  • A CreditStrong account is a secured consumer installment loan as well as an FDIC-insured savings account.

  • How much does CreditStrong help your credit?

  • All loan payments to CreditStrong get reported to three major credit bureaus, and once the loan is completely paid off you have now built a credit history. By making these monthly payments and paying off the loan you can greatly increase your credit score, which helps if you have no or low credit. This can benefit your overall FICO score which is determined by payment history, amount of credit, length of history and credit mix.

  • What are other credit-building companies?

  • Many financial institutions offer lines of credit or credit-building opportunities, companies with similar business models as CreditStrong are MoneyLion, Self or SeedFi. Fees, APRs, loan amounts and length of terms vary by company and by the plan.

  • What is the difference between a soft pull and a hard pull credit inquiry?

  • Credit checks can be problematic as they can affect your credit every time that information is asked for by an individual or institution. The difference between a hard pull and a soft pull inquiry is that a hard pull will affect your credit score, whereas a soft pull inquiry will not.

  • How long will it take to apply for a CreditStrong account?

  • According to the CreditStrong website, the application process takes about five minutes. If for some reason you cannot finish the application in one sitting, your information will be saved under your login and you can finish the application at another time.

  • A CreditStrong account is a legitimate secured consumer installment loan as well as an FDIC-insured savings account.

  • CreditStrong does not do a hard pull or inquiry to open the account as it does not require an initial credit check. This means going with a CreditStrong Account will not affect your credit.

  • A CreditStrong account is a secured consumer installment loan as well as an FDIC-insured savings account.

  • All loan payments to CreditStrong get reported to three major credit bureaus, and once the loan is completely paid off you have now built a credit history. By making these monthly payments and paying off the loan you can greatly increase your credit score, which helps if you have no or low credit. This can benefit your overall FICO score which is determined by payment history, amount of credit, length of history and credit mix.

  • Many financial institutions offer lines of credit or credit-building opportunities, companies with similar business models as CreditStrong are MoneyLion, Self or SeedFi. Fees, APRs, loan amounts and length of terms vary by company and by the plan.

  • Credit checks can be problematic as they can affect your credit every time that information is asked for by an individual or institution. The difference between a hard pull and a soft pull inquiry is that a hard pull will affect your credit score, whereas a soft pull inquiry will not.

  • According to the CreditStrong website, the application process takes about five minutes. If for some reason you cannot finish the application in one sitting, your information will be saved under your login and you can finish the application at another time.

Editorial Note: This content is not provided by any entity covered in this article. Any opinions, analyses, reviews, ratings or recommendations expressed in this article are those of the author alone and have not been reviewed, approved or otherwise endorsed by any entity named in this article.

  • The College Investor. 2022.
  • “Credit Strong Review: Build Credit And Savings At The Same Time.”