City
Lending
When you have the cash, but not the credit
MAGNUM builds BIG credit with our largest and longest accounts. MAGNUM accounts report up to $10,000 of installment credit to the 3 major credit bureaus. MAGNUM maximizes amount of credit and is not designed to build savings.
How it Works.
Apply for an account in just minutes.
No hard credit pull on your credit profile. Accounts are FDIC insured.
Pick your plan.
Pick an account that fits your objectives and budget.
Make on-time monthly payments to build positive credit history.
Free FICO score monthly to track your progress.
Cancel anytime for free or build your length of credit history.
Build up to 120 months of payment history.
MAGNUM accounts can positively impact factors that determine 90% of your FICO Score
- Payment History (35%)
- Amount of Credit (30%)
- Length of History (15%)
- Credit Mix (10%)
Who is MAGNUM for?
MAGNUM accounts are not for everyone. They are built for those who have cash, but need credit.
MAGNUM accounts may be right for you if:
- You want to apply for a larger personal loan
- You want to apply for credit cards with higher credit limits
- You want to maximize your credit profile and not just your score
- You are a sole prop business owner without an EIN and want to build personal credit for business purposes using your SSN
MAGNUM accounts may not be the best option for you if:
- You plan to apply for a home loan soon and are concerned about your DTI ratio (Debt to Income)
- You have a limited budget and cannot consistently make an on-time monthly payment of $55 or more
- You want to maximize building your savings while you build credit
How will MAGNUM help me?
MAGNUM accounts can help accountholders who want to demonstrate their ability to reliably repay larger credit obligations with higher fixed monthly payments.
Works great with other products.
Your credit mix matters – having a diverse blend of credit accounts builds your profile. Adding a Revolv account to MAGNUM can enhance your credit mix.
$
55/mo
- $5,000 Installment account reported
- Demonstrate repayment on larger credit obligations
- Build personal credit for business purposes
- Build up to 120 months of payment history
- Cancel any time without penalty
$
110/mo
- $10,000 Installment account reported
- Demonstrate repayment on larger credit obligations
- Build personal credit for business purposes
- Build up to 120 months of payment history
- Cancel any time without penalty
How soon can my credit score go up?
Your credit profile and your associated credit score are uniquely you. How quickly your credit profile improves and the impact on the score will vary, but the best thing you can do is make on-time payments and keep building your profile.
Could this negatively impact my credit score?
Occasionally, adding a new line of credit to your credit profile will cause a slight temporary dip in your credit score because it may reduce the overall age of your credit history. In this case, it’s typical for your credit score to quickly rebound and increase with on-time payment history for the CreditStrong account loan.
Can I cancel at anytime?
Occasionally, adding a new line of credit to your credit profile will cause a slight temporary dip in your credit score because it may reduce the overall age of your credit history. In this case, it’s typical for your credit score to quickly rebound and increase with on-time payment history for the CreditStrong account loan.
You may cancel or close your CreditStrong account at any time with no prepayment or early termination fee. Please note that any payments received more than 30 days late will be reported as ‘late’ to the credit bureaus.
When canceling or closing your account you should be aware that payment history is the most important factor for your FICO credit score and by closing your account early you will reduce the number of payments reported to the credit bureaus, potentially reducing the positive impact of the CreditStrong Account loan on your credit score.