Overview
While we hope you’ll stay with us, we understand that there may come a time when closing your account makes sense.
Whether the timing is not quite right or you’ve reached your credit building goals, CreditStrong accounts can be closed at any time, and there are no early cancellation fees or penalties.
How can I close my CreditStrong account?
You can close your account directly through your online portal:
- Log in to your CreditStrong account
- Select the account tile on the homepage, or choose the account from the Accounts menu to open the Account Details page
- Under FAQs, select “How can I close my CreditStrong account?”
- Review the information about what closing your account means and follow the prompts
If you prefer help, or have questions along the way, you can also contact our Support Team and we’ll walk you through the process.
Closing Revolv accounts
Revolv is a secured revolving line of credit. Because of how revolving credit works, closing a Revolv account will reduce your overall available credit, which may impact your credit score.
Revolv accounts can be billed either annually or monthly, depending on the plan you choose.
Revolv Basic and Revolv Plus accounts offer monthly billing options. Annual billing options are still available for all plans.
Monthly savings commitments may be added to Revolv accounts – These are optional and separate from your subscription payment.
If you are on a monthly plan and making an additional monthly savings payment, you may be able to customize your monthly savings payment to as low as $0, depending on your account status.
If you are on a monthly plan and making an additional monthly savings payment, you may be able to customize your monthly savings payment to as low as $0, depending on your account status.
If you've already paid for a full year on an Annual subscription, you may want to consider keeping your account open until at least your next renewal date to get the most value from your subscription.
What happens if you have a balance?
Statement balances are created when funds are advanced from your credit line to your linked savings account.
If you close your Revolv account while a balance is outstanding, you do not need to make an extra payment first. Any unpaid balance will be paid automatically from the linked savings account, which settles the advance.
Closing installment accounts
Instal, CS Max, Magnum, and CreditStrong Business accounts are secured installment loans. Understanding how these accounts work helps explain what happens when they are closed early.
Here’s a quick refresher:
- The loan is originated by Austin Capital Bank
- Loan proceeds are placed into a locked savings account, which secures the loan
- Your monthly payments reduce the loan balance over time
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Once the loan is paid in full, the savings account is unlocked and funds are released to you
If your installment account is paid off
Once the loan is paid in full, you can close the linked savings account to trigger the withdrawal of your funds.
If your installment account is closed early
Closing an installment account early works in a similar way:
- The original savings collateral is used to pay off the remaining loan balance
- If there is money left in the savings account after the loan is paid in full, those funds are unlocked and released to you
The amount you receive is equal to the principal you have paid down, minus any unpaid interest or fees at the time of closing.
Example:
If your original loan amount is $1,000 and you’ve paid the balance down to $300, the $1,000 held as collateral is used to pay off the remaining $300. The remaining $700 is released back to you from the savings account.
You can read more about how interest is calculated in our related article.
Closing your savings account
Opening a CreditStrong account includes two parts:
- The loan or credit line
- The linked savings account
Closing your account also happens in two steps.
The savings account can only be closed once the credit account has been closed or paid in full. Closing the savings account triggers a transfer of the available balance to your payment method on file.
Savings accounts are not closed automatically. You can close them through your portal or with help from our Support Team.
Restrictions and timing
In many cases, savings accounts unlock automatically once the credit account is closed. However:
- If there are pending payments, the savings account will remain locked until those payments clear
- If multiple external bank accounts were used to make payments, additional review may be required before funds can be released
If any waiting period or review is needed, we’ll let you know what to expect and why.
Prepayment and early payoff
For installment accounts, you can:
- Make multiple payments within a statement period
- Pay more than the minimum payment
Prepaying can reduce the amount of interest you pay over time. There are no penalties or fees for prepayment.
Because CreditStrong is designed to help build monthly payment history, the minimum payment must still be made at least once per month.
If you decide to close your account early, you do not need to pay off the remaining balance in a lump sum.
If you have questions about closing your account or want help deciding what’s best for your situation, our Support Team is always happy to help!