CREDIT STRONG: Build Business and Personal Credit

Dec 29, 2023
Credit Strong Credit

Unlock Business Success with Credit Strong Business Credit Builder

Embarking on the journey to build a robust business credit profile? Credit Strong, a division of Austin Capital Bank, stands out as a pivotal player in the credit building game for both personal and business credit. Wondering if it's the missing piece to your credit puzzle? The answer lies in understanding how it seamlessly integrates into a comprehensive credit building system.

Credit Strong Business Credit Builder: A Strategic Investment

At the core of Credit Strong's offerings is the Business Credit Builder program, a unique blend of a cash-secured commercial installment loan and a commercial savings bank account. Choose between the 5-year plan at $199 per month or the 10-year plan at $115 per month. Both programs make a powerful statement on your business credit report, showcasing responsible management of a $10,000 installment loan.

Here's the catch – the loan amount doesn't land in your pocket. Instead, it's securely stashed in a savings account as collateral, inaccessible for the loan's duration. While you can't touch the funds, the positive payment activity on the loan gets diligently reported to commercial credit bureaus, meticulously shaping your business's credit profile.

Who Qualifies for Credit Strong Business Credit Builder?

To tap into this credit-building opportunity, your company must have a registered EIN, be at least 3 months old, and operate as an LLC, Partnership, or Corporation. Individuals must meet specific criteria, including 25% ownership, permanent U.S. residency, and valid identification documents. Note: currently not available in Florida, with certain industries and activities being restricted.

How Does Credit Strong Work Its Magic?

Yes, Credit Strong works, but it's not a solo act. To create a symphony of success, understand that one account alone won't compose a strong business credit score. Reporting to Equifax, Paynet, and SBFE, this program excels as part of a holistic business credit-building process.

Accessing Your Funds and Closing the Account

You're probably wondering, "How do I get my money?" Once the loan balance and outstanding interest are settled, and your account closes, there's a brief 6-business day processing period before the savings account unlocks. You can either keep the funds or request a transfer after this period, minus interest and fees.

Closing Your Account Early: What You Need to Know

If financial circumstances change, you can close your Credit Strong Business Credit Builder account anytime without prepayment penalties. Be cautious though – late payments beyond 30 days get reported, and using locked account funds to pay off the loan triggers a "paid out of collateral" report. Consistency is key.

Credit Strong and BBB: Separating Fact from Fiction

With a BBB rating of B, Credit Strong has faced criticism primarily related to the personal credit builder product. Understanding the product nuances is crucial; it's not a full refund but the full amount minus interest and fees. Knowing the details before committing is essential.

The Verdict: Credit Strong is Legitimate and Effective

In the realm of business credit, Credit Strong stands as a legitimate division of an FDIC bank, delivering on its promise to help build credit in your business's name. Remember, it's a tool – a powerful one when combined with other credit-building accounts. Discover more avenues for building business credit without your SSN in our comprehensive ebook.

Ready to elevate your business credit? Get started with Credit Strong:

  • Build up to $25,000 of commercial credit
  • Reports to Equifax, Paynet, and SBFE
  • Build up to 25 months of payment history
  • A great addition for a quick reporting tradeline




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