Overview
This article walks through the basics of getting started with CreditStrong, including how to apply, what to expect once your account is open, when credit reporting begins, how payments work, and how to open additional accounts in the future.
Applications
To start an application, visit our product selector.
Each CreditStrong account is made up of two parts:
- A bank credit account (either an installment loan or a revolving line of credit)
- A linked savings account provided by Austin Capital Bank
Because CreditStrong accounts are issued by a bank, Austin Capital Bank is required to verify your identity during the application process.
During your application, you will:
- Create your user profile and password
- Complete identity verification
- Choose a product
- Review and e‑sign required disclosures and agreements
- Link your method of payment
- Pay the initial opening fee
Submitting your payment at the final Sign & Pay step completes the application.
Eligibility
CreditStrong is designed to be accessible for people with low or no credit who want to build positive credit reporting history.
All CreditStrong accounts are secured. This means you do not receive cash when you apply, but it allows our credit‑builder products to be available regardless of your starting credit score.
Key points to know:
- No credit check is required to apply
- There is no minimum credit score requirement
- Applying does not impact your credit score
To be eligible, you must:
- Be at least 18 years old
- Have a valid Social Security Number (SSN) or Individual Taxpayer Identification Number (ITIN)
- Have a checking account or debit card to make payments
Because CreditStrong is an online service, you will also need:
- A valid email address
- A mobile phone number
- A physical U.S. address
CreditStrong is not currently available to residents of Vermont or Wisconsin.
When will my account start reporting?
When your account begins reporting depends on the type of account you open.
Installment accounts (Instal, Magnum)
Credit reporting begins the month after your first monthly payment is made. After that, updates are typically sent within the first few business days of each month.
Reporting facts
- Reported as an installment loan from Austin Capital Bank, SSB
- Reported to Experian, TransUnion, and Equifax
It is normal to see a temporary dip in your credit score when new debt is added. Many customers begin seeing improvements after the first few on‑time payments, often within 3 to 6 months.
Installment accounts may close automatically if:
- The administrative fee is not paid within 10 days of opening
- Three administrative fee payment attempts fail
- The first monthly payment is not made within 30 days of its due date
- A payment reaches 80 days past due
Read more about our installment accounts.
Revolv accounts
Revolving accounts are typically reported within 15 days of opening and then at the end of each monthly statement period going forward.
Reporting facts
- Reported as a secured line of credit from Austin Capital Bank, SSB
- Reported to Experian, TransUnion, and Equifax
If adding a Revolv account lowers your overall credit utilization below 30 percent, you may see an increase in your score when the account first reports. Results vary based on your overall credit profile.
Revolv accounts may close automatically if:
- The subscription fee is not paid within 30 days of its scheduled billing date
- Three subscription fee payment attempts fail
- A monthly savings payment becomes 80 days past due, if monthly savings payments are set up
Read more about Revolv accounts.
CreditStrong Business accounts
CreditStrong Business accounts report similarly to installment accounts.
Reporting details
- Reporting begins the month after your first monthly payment
- Updates are sent at the beginning of each month
- Reported as commercial financial tradelines from Austin Capital Bank, SSB
- Reported to Equifax, Experian, PayNet, and SBFE
Business accounts may close automatically if:
- The administrative fee is not paid within 10 days of opening
- Three administrative fee payment attempts fail
- The first monthly payment is not made within 30 days of its due date
- A payment reaches 80 days past due
Read more about CreditStrong Business.
Making payments
Opening fees
An opening fee is collected when each CreditStrong account is opened. Fees vary by account type.
Instal
- Administrative fee: $15
- Monthly payments start at $28
Magnum
- Administrative fee: $25
- Monthly payments start at $16
Revolv
- Your first subscription payment is due at signing. Subscriptions are available in either monthly or annual plans, depending on the Revolv tier you choose.
- Add an optional monthly savings payment to add usage and payment history to your Revolv credit line. Monthly Savings Plans are customizable, optional, and are interest-free.
For installment accounts, the administrative fee is due at signing.
If you'd like to change the account you selected during an application, you can do so at the final Sign & Pay step before submitting payment.
Monthly payments
Installment accounts require a monthly payment. Revolv users may set up custom, optional monthly savings payments.
Payments are drafted from the checking account or debit card you link during sign‑up. The payment method must belong to the CreditStrong account holder. Attempts to link someone else’s account will fail authorization.
Credit cards are not accepted as a payment method.
AutoPay
AutoPay is enabled by default and strongly recommended to help keep payments on time.
When AutoPay is on, the required minimum payment is drafted on the due date. You can manage AutoPay settings in your portal by selecting the account and choosing Update AutoPay Settings.
Recurring Revolv Subscription fees are automatically billed on their due date until the subscription is cancelled.
Paying with a checking account (ACH)
ACH payments are drafted from your linked checking account. Accounts can be verified instantly using online banking credentials or manually using routing and account numbers with micro‑deposits.
ACH payments may take up to four business days to clear. During that time, your external account must remain funded.
While an ACH payment is pending, additional payments cannot be submitted to prevent duplicates.
Paying with a debit card
Debit card payments typically process the same day. A fee of 2.99% of the payment amount plus $0.30 applies to debit card payments.
Late payment and NSF fees
- A late fee equal to 4 percent of the missed payment is assessed on the 14th day past due
- Returned payments due to insufficient funds incur a $14 NSF fee
Opening additional accounts
You may have up to two accounts of each type open at the same time: installment, revolving, and business.
Only one profile per person is allowed. All additional accounts must be opened from your existing customer portal, including business accounts.
To open a:
- Second installment account, the first monthly payment on the original account must be made
- Second Revolv account, the initial subscription fee on the original account must be paid
Opening multiple accounts can help build credit across more tradelines, but it is important to keep payments affordable and manageable. Too many open accounts at once can negatively impact your credit.
All set? Next, read our article on managing your account from the Customer Portal.