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Is the Nav Prime Card Right for Your Business? Let’s Find Out!

By Joe

Nav Prime Business Credit Card

In the world of small business, access to credit can be a game-changer. Whether you’re a seasoned entrepreneur or just starting, the financial flexibility to seize opportunities, manage cash flow, and fuel growth is essential. 

That’s where the Nav Prime Card might step in as a compelling tool to help you navigate the complex landscape of business credit. 

But, is it right for you?…That’s what I’m going to answer here.

This is what’s in store: 

  • What is the Nav Prime Card?
  • Nav Prime Card Overview
    • Business Credit Building Features
    • No Security Deposit Required
    • Daily Autopay Feature
    • Second Monthly Tradeline
  • Who Wouldn’t Want a Nav Prime Card?
  • How to Get Started with the Nav Prime Card
  • Frequently Asked Questions
  • So, is the Nav Prime Card legit?

Now, let’s roll! 

What is the Nav Prime Card?

The Nav Prime Card is a charge card offered by Nav Prime ($49.99/month), designed for small businesses. It allows users to build business credit without an annual fee or personal guarantee. Unlike a credit card, it requires no security deposit and is linked to the user’s business checking account for daily use.

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This card is more than just a piece of plastic. It can be a financial lifeline for small businesses, offering a range of benefits designed to help you build, strengthen, and leverage your business credit profile. 

The Prime Card is issued by Blue Ridge Bank, N.A., adding a layer of credibility. Moreover, Nav, the company behind Nav Prime, is a well-established player in the business credit space, offering a range of financial tools and resources for businesses.  

Nav Prime Business Credit Card Review

Before Nav became Nav in 2012, the company was called Creditera, and was helping to boost business credit scores before most of the other players in the game.

Let’s dive into the details and explore why the Nav Prime Card is becoming a top choice for savvy entrepreneurs.

→ Recommended: Nav Review: A Tool that Helps Build Up Your Business Credit Score 

Nav Prime Card Overview

When it comes to the financial success of small businesses, one element often stands out: building a robust business credit profile. But, this isn’t always straightforward to achieve, especially if you’re just getting started or have limited credit history. 

Nav Business Credit Card

That’s where the Nav Prime Card steps in, offering a solution to this common challenge.

Business Credit Building Features

Building a robust business credit profile is a cornerstone of financial success for small businesses. However, it’s not always easy, especially if you’re just starting or have limited credit history. 

The Nav Prime Card is specifically designed to address this challenge.

Here’s how it works: 

  • It’s a charge card – Unlike traditional credit cards, the Nav Prime Card is a charge card, which means you need to pay your balance in full every month.
  • There’s no credit check – One of the hurdles many small business owners face is the dreaded credit check. The Nav Prime Card removes this barrier by not requiring a credit check for approval. This is fantastic news for those with less-than-perfect credit or those looking to avoid inquiries on their personal credit reports.
  • The account reports as a tradeline – The Nav Prime Card reports your payment activity as a tradeline to major credit bureaus. This is where the magic happens; your responsible card usage translates into positive data on your business credit report, gradually boosting your business credit scores.

→ Recommended: Using 30 Day Net Vendors to Build Your Business Credit Score 

No Security Deposit Required

Securing a traditional business credit card often involves putting down a security deposit, which ties up your capital. The Nav Prime Card eliminates this requirement, giving you access to credit without tying up your cash. It’s a win-win for your business’s financial health.

Daily Autopay Feature

Managing your credit card balance can be a juggling act. The Nav Prime Card simplifies this process with its daily autopay feature. Instead of fretting over a big monthly bill, your card balance is automatically paid down daily, which reduces the risk of carrying a high credit balance and potential interest charges.

Second Monthly Tradeline

In the world of credit building, tradelines are your best friends – The Nav Prime Card provides a unique advantage by automatically sending two monthly tradelines to all three major credit bureaus. This means your positive payment history is widely reported, strengthening your business credit profile faster.

But, it’s not right for everyone. 

→ Recommended: Here’s How to [Actually] Get Business Credit With Just an EIN +More Options 

Who Wouldn’t Want a Nav Prime Card? 

Nav Prime Business Credit Card Reviews

While while Nav Prime has a good offer, here are some of the groups who might not want to take advantage of the card offer:

  1. Budget-savvy startups – If you’re a fresh-faced startup trying to make every dollar count and the Nav Prime Card asks for a monthly fee of $49.99 for Nav Prime, this could throw a curveball into your penny-pinching game. Early-stage businesses might steer clear to keep their costs in check
  2. Privacy buffs – If you need to guard their data like a treasure chest, keep in mind that the Nav Prime Card wants access to your bank accounts to set a credit limit. If you need to be all about data security and privacy, you might go, “No way!” and opt for another option. (But, nearly all card offers will require that you share at least some identifying info).
  3. Geographically-challenged folks – Is your business California, Nevada, North Dakota, or South Dakota? Unfortunately, the Nav Prime Card doesn’t roll out the welcome mat in these states. So, if you’re doing business in any of these areas, it’s a no-go. 
  4. Owners looking for a credit card – If you’re in the market for an unsecured credit card that you can use to expand and grow your business, you don’t need a business credit builder card (you might check out one of these instead). 

These are the kinds of folks who might give the Nav Prime Card a polite pass. Whether they’re all about frugality, data security, or just prefer a different financial vibe, they’ve got their reasons to set their eyes on a different offer.

→ Recommended: Torro Business Funding Review: Is This “Zero Hassle” Offer Legit?

How to Get Started with the Nav Prime Card

Now that you’re intrigued by the Nav Prime Card’s benefits, you might be wondering how to get your hands on one. 

Here’s a step-by-step guide to kickstart your journey to building and leveraging business credit with Nav Prime:

  • Step 1: Check your eligibility

Before applying for the Nav Prime Card, ensure that you meet the eligibility criteria. While the card is designed to be accessible, it’s essential to confirm that your business qualifies.

In simple terms, if you want to sign up for a Platform Account, you need to meet some requirements:

  • Your business must be based in the United States.
  • You should have an active Nav Prime subscription.
  • You have to complete identity verification, which means proving who you are.
  • Your business can’t be involved in certain activities like adult entertainment, selling cannabis, dealing with cryptocurrency, running gambling or online gaming, or anything else that doesn’t go well with this card.
  • The person applying for the account must be at least 18 years old and allowed to do this on your behalf.
  • They might look at some other things to decide if you can get an account or the card, but that’s up to them.
  • Step 2: Apply online

The application process for the Nav Prime Card is straightforward and can be completed online. Be prepared to provide basic information about your business, such as its legal structure and industry.

Nav Prime Business Credit Card Application
  • Step 3: Link your bank account

To set your credit limit and enable daily autopay, you’ll need to link your business bank account to your Nav Prime Card account – This step streamlines your finances, providing insights you can’t get from your bank alone.

  • Step 4: Use your card responsibly

Once you receive your Nav Prime Card, it’s time to put it to work. Use it for your everyday business expenses…but remember that it’s a charge card, so paying your balance in full each month is crucial.

  • Step 5: Watch your business credit grow

As you consistently use your Nav Prime Card and make on-time payments, you’ll start to see the positive impact on your business credit profile. Over time, your business credit scores will rise, opening doors to better financing options.

Nav Prime Business Credit Card Login

Frequently Asked Questions

What's the difference between a charge card and a credit card?

While both types of cards allow you to make purchases, there’s a key distinction. A charge card requires you to pay your balance in full each month, while a credit card allows you to carry a balance and make minimum payments. The Nav Prime Card is a charge card, offering the benefits of credit without the risk of long-term debt.

Can the Nav Prime Card help me secure business financing?

Yes, absolutely. By consistently using and managing your Nav Prime Card responsibly, you’ll build a strong business credit profile. This, in turn, enhances your eligibility for various financing options, including business loans, lines of credit, and more favorable terms.

Is the Nav Prime Card available nationwide?

Nav Prime Card is available in most states; however, it’s not currently offered in California, Nevada, North Dakota, or South Dakota.

How long does it take to see improvements in my business credit scores with the Nav Prime Card?

The timeline for credit score improvement can vary based on several factors. According to data tracking Experian® Intelliscore Plus business credit scores, many users have seen improvements of up to 50% in the first three months of having Nav tradeline reporting. Results may vary, but responsible card usage is key to achieving these improvements.

So, is the Nav Prime Card legit? 

The Nav Prime Card is more than just a business charge card; it can be a powerful tool for building, strengthening, and leveraging your business credit profile.

 With its unique features, including no credit checks, no security deposit, daily autopay, and the reporting of two monthly tradelines, it’s a valuable asset for small business owners looking to secure better financing options and improve their financial health. 

If you’re ready to take control of your business credit journey, you can spare $49 per month for full access to Nav Prime, and if you’re in a region where the offer is available, the Nav Prime Card is probably worth looking into.

Do you want to learn how to get up to $100K in business credit in as few as 30 days? Join Business Credit Workshop today!

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Should You Hire a Business Credit Consultant?

By Joe

BUSINESS CREDIT CONSULTING

Empower Your Business with Tailored Credit Solutions

Improve Cash Flow & Financing With a Skilled Business Credit Consultant

Accelerate your business’s financial success with our specialized business credit coaching. Let us assess your company’s creditworthiness, develop targeted strategies, and provide actionable guidance to optimize your credit profile. 

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Joe really knows his stuff!

“With Joe’s help, I obtained $320,000 in unsecured business credit.  It’s super powerful and now I’m able to expand my business…

…I did the step-by-step tasks, and it works!”

Sergey D.

Parker Management LLC

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Maximize Your Financial Strategy with Expert Credit Consultation


Enhance Your Credit Profile
Evaluate your current credit profile, identify areas for improvement, and develop strategies to enhance your creditworthiness.

Get Access to Funding 
Identify the best funding sources, improve your loan applications, and increase your chances to secure the funding your business needs..

Improve Business Cashflow 
Optimize your cash flow management strategies and get advice on techniques to shorten your cash conversion cycle and reduce penalties.

Negotiate Ideal Terms
Learn negotiation tactics and industry knowledge to help you land more favorable terms with suppliers, creditors, and lenders.

Mitigate Common Risks
Conduct a thorough credit risk assessment to minimize credit-related risks that can arise when you try to navigate business credit alone.

Save Time and Resources
Save valuable time and resources — Instead of mulling through the complex credit landscape, rely on expertise to focus on the most productive tasks.

Get Expert Guidance
Learn about credit management best practices to maintain a strong credit profile and cultivate a credit-conscious culture within your organization.

Start Optimizing Your Business Credit Today 

Hire a leading business credit consultant to provide you with valuable insights, actionable strategies, and personalized guidance to maximize your credit profile. Increase funding opportunities and improve your business’ financial stability.

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Do you need a business credit consultant?

Managing credit is vital for businesses seeking financial stability and growth. But, the complex world of business credit can be challenging — you often need expert guidance to navigate it. Here, I’ll explore the role of business credit consultants and give you some insights into whether hiring one is the right choice for your specific needs. 

Whether you’re in search of a business credit consultant in your area, interested in building business credit, negotiating business credit cards, or understanding the benefits and drawbacks of credit consultants, this article will give you all the information you need.

What Does a Business Credit Consultant Do? 

A business credit consultant specializes in helping businesses improve their credit profiles and access financing. 

They can help business owners by providing various customized services: 

  • Credit status evaluation
  • Credit-building strategy development
  • Connecting businesses with vendors and suppliers offering trade credit
  • Suitable financing option identification 
  • Documentation and application assistance
  • Business credit education  

Their expertise lies in credit scoring systems, lending practices, and creditor requirements. And, they work alongside business owners to enhance creditworthiness and facilitate access to funding.

Signs You Might Need a Business Credit Consultant

Not everyone needs a business credit consultant…but many do. 

Here are some indicators that your business could benefit from the expertise of a business credit consultant:

  • You have limited access to credit — If your business is struggling to obtain credit or is limited to low credit limits, a credit consultant can help you improve your creditworthiness and access larger lines of credit.
  • Your business has a lack of credit history — If your business has a limited or nonexistent credit history, a credit consultant can guide you in establishing a strong credit profile by building trade lines and diversifying credit sources.
  • Business loan applications have been denied — If your business consistently faces rejections when applying for loans or financing, a credit consultant can evaluate your credit profile, identify weaknesses, and provide strategies to increase your chances of approval.
  • Your existing accounts have high interest rates — If you’re paying high interest rates on loans or credit, a credit consultant can help you improve your credit profile, potentially qualifying you for lower rates and better terms.
  • You depend on personal credit to fund your business — If your personal credit is heavily relied upon for business expenses, a credit consultant can assist in separating your personal and business credit, protecting your personal credit score, and providing strategies to establish independent business credit.
  • Your credit report is Inaccurate — If you suspect errors or inaccuracies on your business credit reports, a credit consultant can help you identify and correct these mistakes, ensuring accurate information that reflects positively on your creditworthiness.
  • You have a need for funding or growth — If you’re planning to expand your business or require additional funding, a credit consultant can develop strategies to optimize your credit profile, increase lending options, and improve your chances of securing the necessary funds.
  • You have a lack of credit management knowledge — If you’re unsure about credit management best practices, credit scoring systems, or how to navigate the complex landscape of business credit, a credit consultant can provide education and guidance to help you make informed decisions.

In these situations, a credit consultant with expertise in business credit can provide valuable insights, customized strategies, and assistance to overcome credit challenges and improve your business’s financial standing.

Factors to Consider Before Hiring a Business Credit Consultant

Before you hire a business credit consultant, you need to look at expertise, reputation, location, cost, and understand the services they offer.

  • Assess their experience and qualifications in business credit.
  • Research their reputation through reviews and testimonials — In addition to looking at Google reviews and Trustpilot, ask around on anonymous sites like Reddit for uncensored experiences. 
  • Decide if a local or remote consultant is preferred.
  • Evaluate their pricing structure and fees.
  • Ensure they provide the specific services your business needs.

And, if you need a consultant to negotiate business credit, there are a few more items to look at. 

  • Look for a consultant with a proven track record in negotiating business credit.
  • Verify their understanding of the credit card industry.
  • Assess their ability to negotiate favorable terms.
  • Evaluate their fees relative to potential savings.
  • Consider client feedback that specifically mentions their negotiation services.

Considering these factors will help you select the right consultant for your business credit needs.

Debunking Myths: Is Business Credit Real?

Business credit is indeed real and plays a crucial role in financial management. 

So, let’s debunk some common myths:

  • Myth #1: Business credit is the same as personal credit. 
    • Reality: Business credit and personal credit are separate entities. Establishing business credit requires building a credit profile specifically for your business, distinct from your personal credit history.
  • Myth #2: Only large corporations need business credit.
    • Reality: Businesses of all sizes can benefit from building business credit. It helps demonstrate credibility, secure better loan terms, attract suppliers, and separate personal and business finances.
  • Myth #3: Business credit is not necessary if I don’t need a loan.
    • Reality: Even if you don’t currently require financing, establishing business credit is essential. It opens doors for future borrowing needs, enhances business credibility, and allows for favorable vendor terms or leases.
  • Myth #4: Personal credit doesn’t affect business credit.
    • Reality: While separate, personal credit can impact business credit, especially for small businesses or sole proprietors without a well-established business credit history. Lenders may consider personal credit when evaluating the creditworthiness of a business.
  • Myth #5: Business credit is only based on revenue.
    • Reality: Business credit is determined by a range of factors, including payment history, credit utilization, industry risk, years in operation, and public records. Revenue alone is not the sole basis for establishing business credit.

It is important to recognize business credit as a legitimate and vital component of financial management — Building and maintaining a strong business credit profile can help your business thrive, gain access to financing, negotiate favorable terms, and establish a solid reputation in the marketplace.

Alternatives to Hiring a Business Credit Consultant

Before you hire a business credit consultant, you should know that you’ve got options. Some popular choices are business credit courses and workshops, business credit builders, and diy business credit building. 

Let’s look a bit closer at each of these options. 

1. Business Credit Courses and Workshops

Business Credit Workshop helps small business owners and startups obtain large lines of unsecured business credit. We offer guidance on obtaining business credit cards that don’t appear on personal credit reports, accessing unsecured business lines of credit with no documentation, and getting loans for both new and established companies. 

Business Credit Workshop provides online workshops, personal coaching, and a simple three-step approval process for obtaining business credit. We also offer case studies, education, and free guides. Joe Lawrence, the founder, is a leading business credit coach and investor who helps small business owners obtain business credit and teaches methods to develop a strong business credit profile. 

Business Credit Workshop is based in Somerset, New Jersey, and offers services to businesses nationwide.

To learn how you can get up to $100K in business credit in as few as 30 days, join BCW online. 

2. Business Credit Builders

Business credit builders are services or programs designed to help businesses establish and improve their credit profiles. They focus on building a strong credit history, which can enhance a business’s credibility, borrowing capacity, and access to favorable financing terms.

One notable credit builder program is the Dun & Bradstreet Credit Builder. Dun & Bradstreet is a leading provider of business credit information and solutions. Their Credit Builder program allows businesses to establish a credit file and obtain a DUNS number, which is a unique identifier. By registering with Dun & Bradstreet, businesses can start building a credit profile and track their creditworthiness over time.

Recommended: Everything You Need to Know About a DUNS Number

The Dun & Bradstreet Credit Builder offers services such as credit monitoring, credit alerts, and access to business credit scores. This program enables businesses to proactively manage their credit and take necessary steps to improve it, such as making timely payments, maintaining low credit utilization, and ensuring accurate business information.

In addition to Dun & Bradstreet, there are other notable credit builder programs available. Some of these include Experian’s Business Credit Advantage, Equifax Small Business Credit Builder, and NAV Small Business Boost. These programs provide similar services, helping businesses establish credit profiles, monitor credit activity, and access resources for credit improvement.

Recommended: The Ultimate Tillful Review

By participating in credit builder programs like those offered by Dun & Bradstreet and other providers, businesses can take proactive steps to establish and improve their credit. This, in turn, can open up opportunities for better financing options, partnerships, and overall business growth.

3. Tradelines and Business Credit Cards

Using business credit cards helps build credit and establish a favorable credit history. 

Choose cards that report to business credit bureaus like Dun & Bradstreet. Popular credit card options include Chase Ink, Amex Business Platinum, Capital One Spark, and Discover it Business. Use cards responsibly, make timely payments, keep credit utilization low, and pay attention to balances. This improves creditworthiness and increases access to financing opportunities.

Recommended: What are the Best Unsecured Business Credit Cards for Startups? 

Net 30 accounts that report to credit bureaus are also beneficial for business credit building when they report to business credit bureaus — not all net 30 accounts report payment history. 

Recommended: 41 Companies That Help Build Business Credit

Is it Worth it to Pay a Business Credit Consultant? 

While managing credit can be complex, hiring a business credit consultant can provide the expertise and guidance needed to navigate this landscape successfully. Whether you’re seeking assistance with negotiating business credit cards, building business credit, or improving your credit score, a knowledgeable coach or mentor can help you achieve your goals. 

However, it’s essential to weigh the benefits, cost, and alternatives before making a decision. By understanding the role of credit consultants and conducting thorough research, you can choose the path that best suits your business’s credit management needs.

If you want to learn how to obtain up to $100K in as little as 30 days, join Business Credit Workshop. 

To get customized, one-on-one support from a business credit expert, apply to work with Joe. 

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Is Credit Strong Legit? A Complete Personal and Business Credit Builder Review

By Joe

Credit Strong Review

If you’re here, your credit profile might leave something to be desired. So, you’re presumably looking for a way to boost your score. Maybe you want to buy a house or obtain financing for another major purchase in the near future. Or, maybe you own a company, and you need to build out your credit profile to obtain business credit. 

Either way, Credit Strong’s name is floating around in your world, and you’re kicking the tires because you want to know if their offer is legit and helpful (or if it’s just another new gimmick). Here, you’ll find out about both their personal and business credit builder offers.  

This is everything I know about Credit Strong’s big-picture offer — which includes more than typical credit builder loans — so that you can find out if signing up is in your best interest. 

Here’s what we’ll look at: 

  • What is a Credit Strong Account?
    • How Does Credit Strong Work?
  • Credit Strong Terms & Fees
    • Personal Terms & Fees
    • Business Terms & Fees
  • Credit Strong Account Requirements
    • Personal Requirements
    • Business Requirements
  • Frequently Asked Questions
  • Credit Strong Company Overview
  • Credit Strong Competitors
  • More Answers to Related Questions
  • Conclusion: Is Credit Strong Legitimate?

Now, let’s get the show on the road. 

What is a Credit Strong Account? 

According to the company website a Credit Strong account is “the first fusion” of savings at an FDIC-insured bank and credit building. In my opinion, this isn’t a super clear value proposition. And, after reading user reviews, I think some account holders who have unsuccessfully tried to leverage the offer would agree. So, what does the company mean when they say “first fusion?”  

Credit Strong reviews

Some users say that the offer appeared in search results when seeking out a loan — it’s crucial to understand that Credit Strong’s credit builder offer is not a traditional loan. So, the generally-expected financing terms don’t apply. 

In a nutshell, Credit Strong provides a way to simultaneously build credit and fund a savings account with four secured-type financial product options:

  1. Revolv. – Add $500 to $1K revolving credit line to your credit profile without a credit card. Send “payments” to a savings account and get them reported to all three major consumer credit bureaus. Withdraw funds when your account is mature or after you cancel. 

Cost: $99 per year, plus monthly account payments

  1. Instal. – Add a $1K or $2.5K installment account to your credit profile. Send “payments” to a savings account and get them reported to all three major consumer credit bureaus. Withdraw funds when your account is mature or after you cancel. 

Cost: $15 or $30 per month, plus monthly account payments.  

  1. Magnum – Add a $5K or $10K installment account to your credit profile. Send “payments” to a savings account and get them reported to all three major consumer credit bureaus. Withdraw funds when your account is mature or after you cancel. This plan can be leveraged by small business owners, with no EIN, who want to establish a larger credit line.

Cost: $55 or $110 per month, plus account payments

  1. Business – Build $2.5K, $5K, or $10K of commercial credit. Send “payments” to a savings account and get them reported to all three major consumer credit bureaus. Withdraw funds when your account is mature or after you cancel. You’ll need an EIN to open a business account.

Cost: $149 to $749 account setup fee, and $100 to $440 per month

Note: The business offer is not easily found on Credit Strong’s website main navigation — You can find more information here. 

How Does Credit Strong Work? 

Credit strong accounts establish a credit line on your consumer credit profile without a loan or credit card. When you make monthly payments on time, they are reported as “pays as agreed,” to the credit bureaus. In the meantime, those payments go into an escrow account that you may withdraw from later — this offer gives you a chance to save money while building your credit. 

Credit Strong reviews MyFico

Funds saved in a Credit Strong account may be withdrawn if you choose to cancel your account. But, if you withdraw before the end of the amortization period (10 years on standard personal installment accounts), you will still have to pay the interest owed. 

This is standard with most credit builder financial offers and Credit Strong is transparent about amortization schedules. 

Credit Strong Terms & Fees

Here’s a breakdown of the fee structure for Credit Strong’s personal and business accounts. 

Personal Terms & Fees

Credit Strong’s personal account cost structure seems to be unpopular with many users who have canceled their accounts. 

Credit Strong reviews BBB

These unsatisfied users tend to expect traditional loans or traditional savings offers. But, what they’re actually getting is something different: a distinctive “credit-builder” offer with an escrow account. Many credit builder loans and secured credit cards come with high fees, as with most products and services designed for individuals with poor credit. 

Here’s a breakdown of terms & fees for personal Credit Strong accounts: 

Credit Strong Account Terms & Fees

If you have a difficult time saving money on your own and need to diversify the type of accounts on your credit profile to boost your score, a credit builder option like this can help. Expectedly, you will be charged for the service. 

After looking at the offer from a bird’s eye view, an Instal. account doesn’t seem like a good idea to me, simply because the standard loan term is 10 years, and payments toward savings are amortized. So, if you open an installment loan with Credit Strong, it could take a decade to save $1K to $2.5K — And, in the end, you will pay quite a bit to make it happen. With that said, you can always make additional payments to fulfill the terms early and save on interest (plus, Credit Strong does not charge prepayment penalties). 

Business Terms & Fees

There are two fee options with Credit Strong’s business offer: (1) with interest or (2) without interest. 

Of course, the interest accounts end up costing more than the no-interest accounts, but the initial account setup fees are lower than the latter. So, if you have the cash to pay the fees upfront, it’s best to go with the interest-free option. 

Here’s an overview of Credit Strong’s business terms & fees:

Credit Strong Business Terms & Fees

By the end of two years and one month, if you pay as agreed, you could have up to $10K in savings with a Credit Strong™ business account.  

Note that with the interest business accounts, payments are split between interest and “principal,” which means you’ll probably pay more toward the interest you owe during the first ¼ of your loan term. Toward the end of the terms, more of your payments will be applied toward principal — this is called amortization and is how most installment loans work.  

Credit Strong Account Requirements

To apply for a Credit Strong account, you should meet specific minimum requirements: 

Personal Requirements

To qualify for a personal Credit Strong account, you must meet the following requirements: 

  • US resident with a physical US address (other than Vermont & Wisconsin)
  • Valid SSN or ITIN (individual taxpayer ID)
  • Good-standing checking account, debit card, or prepaid card 
  • Working mobile phone number or Google Voice account
  • Valid email address

Credit Strong will not use a credit pull or consider your income to determine eligibility for an account — basically, they only need to properly identify who you are and where you live. 

Business Requirements

To qualify for a business Credit Strong account, you and your company need to meet certain requirements. 

Individual requirements are as follows: 

  • At least 18 years of age and a permanent US resident
  • US resident with a physical US address
  • At least 25% ownership in the company
  • No other co-owners that individually own 25% or more of the company
  • Valid SSN or ITIN
  • Valid, state-issued identification 

And, here are the company requirements: 

  • Registered EIN
  • At least 3 months since the business was legally established
  • LLC., Partnership, or Corporation
  • Located in the US with a valid, physical business address

Additionally, you must not take part in any prohibited business activities. 

Frequently Asked Questions

Does Credit Strong Raise Your Credit Score?

Credit Strong’s offer gets mixed reviews. Depending on why a credit score is low, on-time payments on a Credit Score account may improve account holders’ credit scores by reporting on-time payments to credit bureaus. However, unpaid accounts can be reported as delinquent. So, it is only one piece of the credit-building puzzle. 

Does Credit Strong do a hard pull?

Credit Strong vs Self vs Kikoff

No, Credit Strong does not do a hard pull to the applicants’ credit to approve accounts. So, if you apply for an account (so long as you make responsible payments) your credit score is safe. 

Is Credit Strong a tradeline?

If you open a Credit Strong Business account, you can establish a financial tradeline in the form of a secured (pre-paid) installment loan. However, the company doesn’t yet report to business credit bureaus but does claim that they plan to in the future.  

Does Credit Strong report to Dun & Bradstreet?

As of September 2022, Credit Strong does not report to Dun & Bradstreet (D&B) or any other business credit bureaus. The company reports to consumer credit bureaus Equifax and Paynet and claims that they do plan to eventually include Experian, D&B, and SBFE. So, the only way that Credit Strong might help build business credit currently is through helping to improve a business owner’s personal credit score and fund their savings account up to $10K. 

It takes a bit of work, and specific qualifications for lenders to report to business credit bureaus. So, I choose to be optimistic and assume Credit Strong is working on building its user base to meet these requirements,  and that they will start reporting to the business bureaus soon. 

How many points does Credit Strong give you?

How many points do you get from Credit Strong?

The number of points your credit score will increase with Credit Strong’s offer depends on the account holder’s current credit profile and their ability to make on-time payments on their account. There are several factors that influence credit scores: 

  • Payment history
  • Amounts owed & utilization
  • Length of credit history
  • New credit applications (inquiries/hard pulls)
  • Types of credit used

So, Credit Strong is merely a tool that can be used to build credit, but must be part of a comprehensive strategy — I recommend Credit Secrets for credit-building advice. 

What happens if you stop paying Credit Strong?

If you stop paying Credit Strong as agreed, they can report negative information to credit bureaus. However, you may terminate your account at any time with no fees or prepayment penalties.

If you stop paying because your account terms are fulfilled, you can either leave your money in the savings account to accrue interest or transfer the funds to your bank account — getting your money from Credit Strong can take about a week. 

Credit Strong Company Overview

Credit Strong was launched in 2019, so the offer is pretty new. However, the parent company, Austin Capital Bank, has been around for a decade and a half, since 2006. Austin Capital Bank is a trusted community bank in Austin, Texas. 

Who owns Credit Strong?

The bank’s founder and CEO, Erik Beguin, was previously a member of the Federal Reserve Board in Washington DC and served as a Chairman for the Federal Reserve Bank of Dallas before that, so he definitely knows finance. 

Credit Strong Competitors: Side-by-Side Comparison With Self & Kikoff

Here’s a quick view of how Credit Strong, Self, and Kikoff compare, side-by-side, as accounts that build credit.

Credit Strong vs Self vs Kikoff

Credit Strong, Self, and Kikoff have credit builder offers that report payments to consumer credit bureaus with no hard pull to the applicant’s credit report. And, each of them offers an escrow/savings account. 

None of the above companies report payments to any business credit bureaus, but Credit Strong promises that they will in the future. 

Credit Strong is the only company, from the list above, that has an offer for businesses, and their account options are quite a bit more robust than the other two. Furthermore, they have more options for larger accounts. Nevertheless, the offers from Self and Kikoff might be better for individuals that would prefer a simple setup. 

Credit Strong reviews Reddit

While these competitors seem to get the most interest in the credit builder and savings space, they are not your only options for credit builder loans or savings offers. Before you sign up for a Credit Strong account, I recommend you research offers from local community banks, such as a shared-secured loan, secured credit cards, and Individual Development Accounts (IDAs or “matched savings”) before you commit to anything new and shiny. 

Recommended: 3 Best Credit Unions for Small Business Banking 

More Answers to Related Questions

For those considering an individual credit builder offer, I feel like I should answer some general and more fundamental questions before I wrap up. But, if you’re a company owner exploring Credit Strong’s business offer, you might want to skip to the end. 

What is considered a good credit score?

A FICO score between 670 to 739 is considered “good.” 

What is an excellent credit score?

A FICO score of 800 and up is considered “excellent.”

How long does it take to build credit to 700?

The duration that it takes to increase a credit score to 700 depends on the individual’s existing credit profile and the tactics used. It can take from 60 days to several years to boost a score into this range.  

How can you raise your credit score by 200 points in 30 days?

If you paid your credit down to utilization in the 30% range or lower, optimized your debt-to-income ratio, and had always made on-time payments to diverse accounts, it’s possible you could raise your credit score by 200 points in 30 days. But, this answer is highly broad — it could take some people many years to grow their score by 200 points, and others might be able to do it by removing discrepancies from their credit report (which can be done in 30 days).  

How long does it take to build credit from 500?

Many people build credit from 500 within a few months. Again, this answer varies from credit profile to credit profile. 

How fast can you build credit?

You can build credit in as little as 30 days, which is how long it takes most reporters to notify credit bureaus of changes to a credit profile (including payments made). 

How fast can you rebuild credit?

If you have a smart strategy and funds, and your profile isn’t too messy, you can rebuild your credit in a month, but it often takes longer. 

How can you raise your credit score in 90 days?

The best way to raise your credit score is to make on-time payments to all lenders, keep your utilization below 30%, and include a diverse array of accounts (revolving, installment, etc.). You should also monitor your credit report to watch for discrepancies and mistakes, and report them when they arise. 

How long does it take to build credit to buy a house?

To buy a house, the credit score needed varies from lender to lender. It could take a few months or a few years to build a credit score high enough to qualify for a mortgage. 

Recommended: Credit Secrets Book Review: Can You Erase Bad Credit History? 

Conclusion: Is Credit Strong Legitimate? 

From my research, I gather that Credit Strong is absolutely a legitimate company with an honest offer, which is intended to simultaneously build credit and savings. Secured loans and lines of credit are often used to build credit while savings are difficult for some people to manage on their own, so it’s natural that an offer like this would exist. 

While there is a wave of poor Credit Strong reviews flooding the web, these seem to primarily come from account holders who did not understand the offer when they applied. 

This tells me that the company might be better off if they clarify the details upfront, for those who might not understand what they’re signing up for. While I found Credit Strong to be pretty transparent, I can see how someone without a lot of credit-building knowledge would have a contrary opinion. 

With that said, since they don’t yet report on-time payments to business credit bureaus, I don’t consider Credit Strong to be a particularly powerful offer to build business credit, but I look forward to watching that side of their offer evolve.

Now, if you’ve made it this far into this review, you should understand everything you need to decide whether the offer is right for your situation. Do you want to learn how to obtain up to $100K in business credit in as few as 30 days? Join Business Credit Workshop today.

Business Credit Blog

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