Credit Strong Review: Can Help Boost Score, But Expensive

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Key Takeaways

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• 4/5Here's a breakdown of the four products Credit Strong offers to help build credit.

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Some links on our website are sponsored, and we may earn money when you make a purchase or sign-up after clicking. Learn more about how we make money and read our review methodology. 4/5

Here's a breakdown of the four products Credit Strong offers to help build credit.

• Revolv: Costs $99 per year and gives you a $500-$1,000 credit line. You can’t spend it, but it reports to the credit bureaus and lets you grow the limit by saving more.
• Instal: Costs $28-$48 per month and provides a $1,000-$1,100 installment loan over 24-48 months, helping build payment history.
• CS Max: Costs $49-$199 per month for $2,500-$10,000 in installment credit over 60 months. It’s aimed at people who need bigger credit limits quickly.
• MAGNUM: Costs $30-$350 per month and provides $2,000-$30,000 in installment credit for up to 10 years, for those who want the largest credit lines.

These products help by reporting to all three credit bureaus, which can improve your credit score. But they’re expensive compared to other options.

• Secured credit cards. These frequently cost less and let you actually use the credit for purchases.
• Credit-builder loans from credit unions. These are typically much cheaper.

Credit Strong products can work if you need to boost your credit score quickly for something specific, like getting an apartment or a loan. But they should only be used for the short term. Once you reach your target credit score, switch to cheaper, long-term options for building credit.

Pros:

• No hard credit check.
• No income requirements.
• Reports to all three major credit bureaus.

Cons:

• Prices are higher than similar products offered by local credit unions.
• Does not allow you to transition to no-fee products once your credit score improves.

Visit Credit Strong

Note: While Credit Strong serves businesses, this review is focused on their products for individuals. 

Table of Contents

Toggle

• How Credit Strong Works
  • Revolv
    • Revolv (without savings)
    • Revolv + Savings
  • Instal
  • CS Max and MAGNUM
    • CS Max
    • MAGNUM
    • MAGNUM XL
• Credit Strong Alternatives
• Credit Strong FAQ
• My Credit Strong Analysis

How Credit Strong Works

To understand how Credit Strong works, it’s key to understand the factors that impact your credit score and the difference between revolving and installment credit.

First, the factors that impact your credit score are:

• Payment history (35%). Your record of making on-time payments.
• Credit utilization (30%). The amount of credit used compared to your credit limit.
• Credit history (15%). The longer you’ve been using credit responsibly, the better your score will be.
• Credit mix (10%). The mix of different types of credit you have. Ideally, it’s best to have a variety of credit types on your account.
• Credit inquiries (10%). New credit inquiries can temporarily lower your credit score.

Regarding the credit mix factor, understand that there are two general types of credit: revolving credit and installment credit.

Revolving credit is credit that can be used repeatedly, up to a certain limit. The credit limit is determined by the credit issuer, based on factors like credit score and income. Credit cards are the most common type of revolving credit.

Installment credit is credit that must be repaid in fixed payments over a set period of time. Two common examples of installment credit are mortgages and auto loans.

With this information, you can evaluate different strategies to improve your score, depending on your particular situation.

For example:

• If your credit utilization is on the high side, one of the quickest ways to increase your score is to increase the amount of revolving credit available.
• If you only have installment credit on your credit profile , e.g., a car payment but no credit cards , you may be able to increase your credit score by taking out a revolving credit line.

Tip: If you want to see how various strategies may impact your credit score , such as adding $500 in revolving credit , we recommend Credit Karma, which allows you to track your credit score for free, see credit report cards for each credit bureau, and get personalized recommendations for increasing your score. (Learn more in our Credit Karma review.)

With that in mind, here’s an overview of Credit Strong’s three products.

ProductRevolvInstalMagnumWhat it is:A revolving credit account that builds up to $3,000 of credit history, reported to the three major credit bureaus.An installment account that builds up to $1,100 of credit history, reported to the three major credit bureaus.A $2,000 to $30,000 installment account that builds credit history, reported to the three major credit bureaus.

Revolv

Product:Revolv.Credit limit reported:$500 to $1,000 (base plan), up to $3,000 (with savings).Fees:$99 per year.Type of credit:Revolving line.Best for:Those with no credit history, or those who can benefit from adding a revolving line credit mix to their credit history.

With the Revolv product, Credit Strong essentially opens a secured credit card under your name. But you don’t have access to this card; while your credit limit starts at $500, you cannot spend against this amount.

The product comes in two options:

Revolv (without savings)

• Just pay the $99 annual fee.
• Get a $500 revolving credit line that can grow to $1,000.
• No monthly payments required.
• Reports to all three major credit bureaus.

Revolv + Savings

• Same $99 annual fee, plus optional monthly savings deposits.
• Start with a $500 credit line.
• Make monthly savings “commitments” (you choose the amount).
• Each three consecutive on-time payments increases your credit limit by $100.
• Can build up to $3,000 in revolving credit through regular payments.
• 100% of your savings are returned when you close the account (no interest is earned).
• Lets you establish payment history while building savings.
• Reports monthly payments to credit bureaus.

My take: While this might be worth it if you need quick credit improvement for a specific goal, like an apartment approval, traditional secured credit cards typically offer the same credit-building benefits with no annu

Final Thoughts

The bottom line: a little research on credit strong review can goes a long way. Compare your options, watch for seasonal offers, and never pay full price when a better deal is one click away.

Originally published at thewaystowealth.com.