MAGNUM helps you build a large amount of credit with low monthly payments
Build $2,000 to $30,000 of credit history starting at just $30/mo
MAGNUM credit = MAXIMUM impact
Average credit score improvement for MAGNUM account holders that made 12 on-time payments1
|
Starting Credit Score |
MAGNUM 5000 |
MAGNUM 10000 |
|---|---|---|
| 550 |
+ 77 points |
+ 86 points |
| 600 |
+ 51 points |
+ 60 points |
| 650 |
+ 37 points |
+ 43 points |
| 700 |
+ 32 points |
+ 33 points |
MAGNUM
Plans and Pricing
We recommend paying 2x the minimum required monthly payment. See Pro Tips.
All MAGNUM accounts have a $25 non-refundable administrative fee. For complete plan details including interest rates please click here.
MAGNUM accounts have no prepayment or early withdrawal penalties, so you can pay any amount over the minimum required monthly payment or cancel at anytime for any reason with no penalty.
Minimum Required
Monthly Payment
Amount of
Credit Built
$30
$2,000
$60
$5,000
$125
$10,000
$175
$15,000
$350
$30,000
All MAGNUM accounts maximize your credit profile by adding a large credit account to your credit report
Not everyone needs MAGNUM-sized accounts, but they may be right for you, if you want to:
- Unlock higher credit limit credit cards
- Access higher-value personal loans
- Maximize your potential credit score increase
MAGNUM XL accounts are the largest and longest credit builder accounts in the nation
MAGUM XL accounts are for individuals wanting to MAXIMIZE the amount of credit on their profile. MAGNUM XL may be right for you, if you:
- Have or had a credit card or personal loan in the past with a good payment history and want higher credit limits, larger loan amounts, or lower interest rates
- Are new to the US and want to establish a US credit profile with a large amount of credit
- Want to build a sizeable personal credit history for business purposes (are a sole proprietor)
MAGNUM XL accounts are NOT recommended if you:
- Have limited financial resources and are just starting to build credit
- Are trying to obtain your very first credit card or personal loan
- Have many recent negative items on your credit report, such as multiple late or missed payments, bankruptcy, or collections
If you’re just starting to build credit and have limited financial resources, MAGNUM 2000, 5000 and/or Credit Strong Revolv may be better options for you.
MAGNUM IS optimized to build large amounts of credit with a low monthly payment
MAGNUM IS NOT optimized to build savings
MAGNUM is an installment credit builder account
- A cash secured credit builder loan where you do not receive the loan proceeds when the loan is originated
- The loan funds are locked in a deposit account and held as collateral to secure the credit builder loan
- You make monthly payments of principal and interest; the principal is returned to you when your account is closed, the interest is how we earn money to provide the service
While you will build savings with your MAGNUM account, it is optimized for building large amounts of credit, not building savings.
Compare MAGNUM to other large credit builder accounts.
|
MAGNUM |
Self |
MAGNUM XL |
|
|---|---|---|---|
| Amount of Credit Built |
$ 5,000 |
$ 3,076 |
$ 15,000 |
| Monthly Payment |
$60 |
$150 |
$ 175 |
| APR |
7.86% |
15.88% |
7.15% |
| 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 XL 5000: Build bigger credit for less the less than half the monthly payment
MAGNUM XL 15K: Build 5x the credit for just $25 more per month
We gave MAGNUM XL 15K and 30K the lowest possible interest rate – just 7.15% APR
That’s less than 1/2 the interest rate charged by Self for its X-Large Builder account
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
Pick a plan
Make monthly payments
According to FICO®, the average ‘Length of Credit History’ for consumers with an 800+ credit score is a little over 10 years (128 months)1
Potential benefits of larger amounts of credit
Reports to all 3 bureaus
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 apply
Cancel anytime
You can cancel anytime with no penalty
Because of their large size and long term, MAGNUM accounts are not for everyone
MAGNUM may not be your best credit building option if:
- You cannot afford to consistently make the minimum required monthly payment on time
- You do not have the ability to easily keep the account open for at least 24 months
- You have a bankruptcy that is less than 7 years old
- You have loans or credit cards with late/missed payments within the last 12 months
- You want or need money NOW
MAGNUM accounts are NOT recommended if:
- You are applying for a home mortgage in the next 12 months and are concerned about your DTI ratio (Debt-to-Income ratio)
- You are applying for a business loan that requires a personal guaranty in the next 12 months and are concerned about your DSCR (Debt-Service-Coverage-Ratio)
If MAGNUM isn’t for you, CreditStrong offers two smaller credit building options that build credit and savings
Revolv
Instantly build $1,000 of revolving credit with a low annual payment of just $99/yr and NO monthly payment requirement
Instal.
Entry level credit building with required low monthly payments of just $28, $38, or $48 that allow you to build credit and savings of $1,000+ in just 24, 36, or 48 months.
MAGNUM Details
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.
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 focus on building 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 accounts offer a variety of monthly payments and loan terms from 24 to 48 months.
