There are two factors in life that are the most important – your savings account and your credit score.
Your savings account gets you through tough times. If 2020 showed us anything it’s that life is unpredictable. It can change in the blink of an eye, even when you think you have everything figured out. Stable jobs and steady income are a thing of the past as millions of people found themselves suddenly unemployed and without savings. They were scary times and millions of people are still trying to bounce back today.
Your credit score is what determines what or how you’ll get any type of financial support in life. It determines if you qualify for a mortgage, car loan, personal loan, or credit card. It may even affect your ability to secure a new job, get new insurance, or even pay the lowest utility rates.
If 2020 brought your savings account and credit score to unthinkable levels, it’s time to turn the tide.
Why Good Credit is Important
You may not be worried about your credit score at the moment – you probably think you have bigger things to worry about and won’t be applying for a loan anytime soon.
It’s more important than you think. Your credit score dictates just about anything you do in life. Banks, insurance companies, employers, utility companies, and even cellphone companies check your credit score periodically.
If you have late payments, defaulted loans, or public records, like a bankruptcy or foreclosure, it affects your life in more ways than you can imagine.
Good credit helps you:
- Get the best interest rates on loans and credit cards
- Secure the best loan programs and the most attractive credit cards
- Increase your chances of getting approved to rent a house or apartment
- Save money on insurance rates
- Secure services with no security deposit, such as cellphone service
- Avoid security deposits for utilities
How Credit Strong can Help
If 2020 raked you over the coals, causing your credit score to drop and your savings to diminish, let Credit Strong help.
Credit Strong is a credit builder account. Not only does it help you build your credit score up again, but it also helps you save. With a low monthly payment and minimal cost, you can increase your credit score and have money set aside for an emergency.
Here’s how it works:
- You open a Credit Strong account, paying the one-time, minimal administrative fee
- They don’t pull your credit (all you need is a checking account in good standing, a valid Social Security number, and to be at least 18 years old)
- You instantly receive the loan where they ‘lock’ in a savings account in the form of a CD
- You make monthly payments, and they report them to all three credit bureaus
- You build your credit score and your savings account
- When you repay the loan in full, you gain access to the savings account and your earnings
The Benefits of Credit Strong
Credit Strong helps people who suffered financially whether it was due to COVID or other personal reasons. They help you build your credit score and save money at the same time. The loan affects 90% (4 out of 5) credit scoring factors, helping you increase your credit score fast.
Besides the increased credit score, a Credit Strong account offers the following benefits:
- Affordable monthly payments ($15 – $30 a month)
- Low administrative fee of just $8.95
- You can pay off the loan at any time
- No credit check
- You can keep the savings account even after you pay off the loan
In addition to the credit building, all Credit Strong borrowers receive free monthly FICO Score reports and 24/7 access to their account.
How Credit Strong Helps your Credit Score
It seems strange that a savings account could help build your credit score, but that’s the beauty of a Credit Strong account.
You get the best of both worlds with a savings account and an affordable loan that’s reported to the credit bureaus. Credit Strong takes advantage of the four largest factors that affect your credit score. With a credit builder loan that you pay on time, you help the following four factors of your credit score:
- Payment History – This is the largest portion of your credit score. Credit Strong reports your payment history to all three credit bureaus. With its low payment ($15 – $30), borrowers have a good chance of establishing a positive payment history and increasing their credit score.
- Amount of debt – Credit utilization refers to the amount of outstanding debt to the credit line. If you have a large amount of a credit line outstanding, it hurts your credit score. Installment loans, like the Credit Strong loan, though, don’t hurt your credit utilization rate, but give you the credit for a large loan amount.
- Length of credit history – Your ‘credit age’ is 15 percent of your credit score. Since the only way to affect this part of your credit score is to let time pass, a Credit Strong account of 12 to 120 months may help.
- Credit Mix – If you have a credit history heavy in revolving debt (credit cards), a Credit Strong account can balance it out.
Make 2021 the Year you Save and Build your Credit
2021 is a rebuilding year for many things in our lives including our savings and our credit scores. If your credit fell apart and your savings account is as close to $0 as it gets, let Credit Strong help.
With less than the cost of a fast food meal to go, you can build your credit score and a savings account at the same time. It’s like having your cake and eating it too. Let Credit Strong take the stress and overwhelm out of fixing one of the most important factors in your financial life – your credit – and make it better than ever before.
Now is the time to jump on board so in a short amount of time, you’ll be the person with the attractive rates on their loans and approvals on all accounts without security deposits or unnecessary hassle. To learn more visit Credit Strong.