Build $2,000 to $25,000 of installment credit starting at just $30/month
Plans and Pricing
MAGNUM
Minimum Required Monthly Payment
Installment Credit Tradeline Reported
$30/month
$2,000
$55/month
$4,000
MAGNUM XL
Minimum Required Monthly Payment
Installment Credit Tradeline Reported
$135/month
$10,000
$310/month
$25,000
All MAGNUM accounts have a $25 non-refundable administrative fee. For complete plan details including interest rates please click here.
Frequently Asked Questions
Do I get the loan funds today?
No
Is there a hard or soft pull on my credit?
No
Is this a traditional personal loan?
No
Are MAGNUM accounts designed to build savings?
No
Is the installment tradeline reported to Experian, Equifax, and TransUnion?
Yes
Can I pay off, pay down, or close my account early?
Yes
An installment credit builder account is a cash-secured credit builder loan where the loan funds are deposited in a deposit account in your name and locked to secure the loan. You do not receive loan funds until the loan is paid off in full or closed.
The secured loan and the monthly payments you make are reported to the three major credit bureaus, building valuable credit history.
Your monthly payment is part loan principal and part interest; the principal is returned to you when your account is closed — the interest is how we earn money to provide the service.
You may pay off, pay down, or close your account at any time with no penalty.
MAGNUM credit = MAXIMUM impact
MAGNUM accounts are our largest and longest credit builder accounts.
MAGNUM accounts maximize:
Payment history
Amount of Credit
Age of Credit
Build Payment History
35% of FICO® Score
Building payment history has never been easier
Large Amount of Credit
30% of FICO® Score
Build big installment credit
Longer Age of Credit
15% of FICO® Score
Build up to 120 months of credit history
These factors determine 80% of your FICO® credit score
Is MAGNUM Right for You?
MAGNUM is our most powerful credit-building account — designed for people who are serious about building a strong credit profile and want maximum results.
MAGNUM is a great fit if you want to:
- Maximize your potential long-term credit score increase
- Are new to the US and want to establish a US credit profile with a large amount of credit
- Build personal credit that supports your business goals
- Qualify for credit cards with higher limits
- Access larger personal loans in the future
MAGNUM may not be right for you if:
- You’re not able to consistently make monthly payments on time
- You may need to close the account within 24 months
- You’re applying for a home mortgage or large personal loan in the next 12 months
ProTip:
Planning to buy a home soon? Try CreditStrong Revolv instead — Revolv can give your score a fast boost without affecting the debt-to-income ratio lenders use to approve your mortgage.
MAGNUM Alternatives
If you want to build credit fast, have high credit card balances, or have limited financial resources and are just starting to build credit, CreditStrong Revolv or Instal may be a better option for you
Build Credit Fast
Build Revolving Credit
Revolv
- Build revolving credit without a credit card
- Plans start at just $99/year with no monthly payment
- Reports a revolving tradeline from $1,000 up to $10,000
- No security deposit required.
- Best if large credit card balances and high utilization are holding your score down
New to Credit
Build Installment Credit
Instal
- Small installment credit builder account that builds credit and savings
- $28/month payment
- Reports a $1,010 installment tradeline
- Build up to 48 months of payment history
- Build $1,010 in savings in 48 months
Compare MAGNUM to other large credit builder accounts.
| MAGNUM 4000 | Self X-LARGE BUILDER | MAGNUM XL 10K | |
|---|---|---|---|
| Amount of Credit Built | $4,000 | $3,076 | $10,000 |
| Monthly Payment | $55 | $150 | $135 |
| APR | $11.11% | 15.88% | 10.57% |
| Length of Credit History Built | Up to 120 months | Up to 24 months | Up to 120 months |
vs Self’s X-Large Credit Builder
MAGNUM 4000: Build bigger credit for less than half the monthly payment
MAGNUM XL 10K: Build 3x the credit with a lower monthly payment
How MAGNUM works
Build up to 120 months (10 years) of payment and credit history or cancel at any time with no penalty
Apply in minutes. Open an account in under 3 minutes – No hard credit pull.
Pick a plan. Select an account that fits your budget and goals
Make monthly payments. Make on-time monthly payments to build positive credit history
According to FICO, the average ‘Length of Credit History’ for consumers with an 800+ credit score is a little over 10 years (128 months)2
Potential benefits of larger amounts of credit
Higher credit
card limits
Obtain larger
personal loans
Establish larger amounts
of US credit history
Build personal credit
for business purposes
Additional Information
To protect you and your money, we may limit changes to your payment account during the term of your MAGNUM account, and the funds you build in your MAGNUM account will be sent back to the bank account(s) they came from.
Your account and payment history will be reported to Experian, TransUnion, and Equifax. Because of their large size, your MAGNUM account may need to be open and in good standing for a minimum of 90 days, and you may need to successfully make a minimum of 3 required monthly payments before your account is reported to the 3 major consumer credit bureaus.
While MAGNUM accounts are not designed to build savings, the principal you pay on your loan will be returned when you close your account, less any outstanding interest or fees. If you want a smaller credit builder account that is designed to build savings while building credit, Credit Strong Instal may be a better option for you.
No Credit?
Bad Credit?
No Problem
Whether you’re just starting your credit journey or in the process of rebuilding your credit, we are here for you.
Reports to
all 3 bureaus
MAGNUM reports to Experian, Equifax, and TransUnion
Free FICO®
Score monthly
FICO® Scores are used by 90% of top lenders
No hard
credit pull
There is no hard credit pull when you open a CreditStrong credit builder account
You can
cancel anytime
You can cancel anytime with no penalty
MAGNUM plan details
As seen in
