When you open a Credit Strong account:
- Austin Capital Bank gives you an installment loan and places the borrowed funds in a savings account in your name.
- You do not receive the funds on day one, they are instantly deposited into the savings account
- A lock is placed on the funds in the savings account to secure the loan.
- Each month you make a single, fixed monthly payment of principal and interest on the loan.
- The principal portion of your loan payment is credited towards the lock on your savings account and the interest portion of your payment is how we cover the costs of providing the service to you.
- During the term of your account we report your loan payment history to all three major credit bureaus and you earn interest on your savings account balance
- When the loan is paid in-full, the lock is removed from the savings account and the funds become available to you.
You end up with payment history for an installment loan on your credit report, which accounts for 35% of your FICO credit score, and the money you’ve saved up in your savings account.
? Start building credit on autopilot with Credit Strong. Best decision ever!
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