Overview
If you’re worried about falling behind on payments, you’re not alone, and you do have options.
CreditStrong accounts are designed to support credit building, not to penalize you for temporary financial stress. Knowing what happens ahead of time can help you make the best decision before a payment becomes late.
Late payments and reporting
Payments are not reported as late to the credit bureaus until they are more than 30 days past due.
If you think you may have trouble making an upcoming payment, it’s best to take action early rather than wait until the account becomes delinquent.
If you need to close an installment account
Installment accounts can be closed at any time.
If an installment account is closed early:
- The loan funds held in your locked savings account are used to pay off the remaining loan balance
- The savings account is then unlocked
- Any remaining balance after the loan is paid off is released to you
- The loan is reported as paid and closed
This allows you to exit the account without leaving an open or unpaid balance.
Read more about exactly how our Installment accounts work here.
If you need to pause or close a Revolv account
Revolv accounts are paid annually, and monthly payments are optional.
If you need to cut back on expenses:
- You can log in to your Customer Portal and set your monthly payment amount down to $0
- This allows you to keep the account open while taking a break from monthly payments
You may also choose to close your Revolv account at any time. Keep in mind that annual subscriptions cover a full year, even if monthly payments are paused!
Read more about Revolv Savings Plans here.
The most important thing to know
If you’re concerned about making a payment, acting early gives you more flexibility.
Whether that means adjusting payments, pausing activity, or closing an account, our Support Team can help you understand your options before a payment becomes late!