Trying to improve your credit score? Check out Cheese Credit Builder and Credit Strong, two services that help establish credit for those with no or poor credit. But which is the best fit for you? Read our comparison of their features, benefits, and costs to decide.

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What is Cheese Credit Builder? 

Cheese Credit Builder is a credit builder loan. Cheese Credit Builder helps customers build credit and save money with monthly on-time payments. Customers’ repayments each month are reported to all three credit bureaus - Equifax, TransUnion, and Experian, and added to their credit builder account.

Cheese Credit Builder doesn't charge any upfront or admin fees, and signing up is free. Customers will only be charged an APR, which ranges from 5% to 16% depending on the state of residency. Additionally, Cheese Credit Builder offers flexible loan plans.

• Plan 1: $44.42/month for 12 months; receive $500 at the end of the loan term
• Plan 2: $23.54/month for 24 months; receive $500 at the end of the loan term
• Plan 3: $88.85/month for 12 months; receive $1,000 at the end of the loan term
• Plan 4: $47.07/month for 24 months;  receive $1,000 at the end of the loan term
• Plan 5: $177.70/month for 12 months; receive $2,000 at the end of the loan term
• Plan 6: $94.14/month for 24 months; receive $2,000 at the end of the loan term

*Please note that the actual monthly repayment amount may be lower. The interest is calculated based on California's 12% APR and APR varies by state of residency.

Once you are approved, you can start making monthly repayments. Cheese Credit Builder reports these repayments to all three major credit bureaus: TransUnion, Equifax, and Experian, which helps you establish a positive payment history. At the end of the loan term, you'll receive your money back minus the interest and have successfully built your credit.

If you only have revolving credit, such as credit cards, adding a personal loan through Cheese Credit Builder can diversify your credit mix, which may potentially improve your credit score. 

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What is Credit Strong? 

Credit Strong provides a variety of credit-building products tailored to fit customers' unique needs. Whether you prefer installment or revolving accounts, Credit Strong has options available to help you improve your credit score. 

Revolv.: The Revolv product works as a revolving credit. It allows you to add a revolving credit account to your credit report, which can improve your credit mix. It can also be used to optimize your credit utilization. By using it, you’ll build $500 of revolving credit. Every monthly payment builds your savings and payment history. Subscription fee: $99 annually. 

Instal.: The Instal. offers credit builder loans. The APR is 15.61% APR and they cost a one-time $15 admin fee. 

• Plan 1: $48/month for 24 months; receive $1,000 at the end of the loan term
• Plan 2: $38/month for 36 months; receive $1,100 at the end of the loan term
• Plan 3: $28/month for 48 months; receive $1,010 at the end of the loan term

CS Max: The CS Max also offers credit builder loans, however in large amounts. The APR is 6.99% and they cost a one-time $25 admin fee. 

• Plan 1: $49/month for 60 months; receive $2,500 at the end of the loan term
• Plan 2: $99/month for 60 months; receive $5,000 at the end of the loan term
• Plan 3: $199/month for 60 months; receive $10,000 at the end of the loan term
• Plan 4: $449/month for 60 months; receive $25,000 at the end of the loan term

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Compare Cheese and Credit Strong

Now that you have some basic information about Cheese Credit Builder and Credit Strong, let's compare their similarities and differences to help you decide which one suits your needs better.

Similarities between Cheese Credit Builder and Credit Strong

Credit reporting

Both Cheese and Credit Strong report to 3 credit bureaus: TransUnion, Equifax, and Experian.

Safety

The credit builder accounts with Cheese and Credit Strong are both kept safe in their partner banks.

Approval requirements

Both Cheese and Credit Strong are easy approval. They don’t require credit check. 

Differences between Cheese Credit Builder and Credit Strong

Next, we will examine the key distinctions between these two credit builder services. This includes their credit builder options, fees, and the speed at which they report to credit bureaus. By understanding these differences, you can determine which option is the best fit for your specific needs. 

‍Credit builder options

If you require a smaller loan, Cheese Credit Builder is a great option as it starts at $500. Additionally, if you prefer a shorter loan term, Cheese Credit Builder offers loans starting from 12 months, while Credit Strong’s loans start from 24 months.

The type of credit account you need also plays a role in your decision. If you already have installment loans, Credit Strong's Revolv product might be suitable as it offers revolving credit. On the other hand, if you have various credit cards, Cheese Credit Builder loans can help you build your payment history and diversify your credit mix without disrupting your daily life.

Costs

It is noticeable that Cheese overall doesn’t require any upfront fees or admin fees, while Credit Strong requires admin fees from $15 to $25 for its credit builder loans and a $99 annual membership fee for its revolving credit product. 

Timeline of credit reporting

Another big difference between Cheese and Credit is how long it takes that they report your credit builder account and your payments. 

At Cheese, you make your first payment the next business day after you open an account. This is one month sooner than other credit builder companies, allowing your payments to be reported to credit bureaus much faster. So generally, it takes 10-30 days* for your payments to show up on your credit report once reported. 

(*The time it takes for a Cheese Credit Builder Account and payments to appear on a credit report varies. It depends on when the credit bureaus update your credit report.)

At Credit Strong credit builder loans, payments may take longer to appear on your credit report because your first due date is the next month after you opened an account (30 days later).

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Cheese vs. Credit Strong: Which One Should You Use to Build Credit?

Ultimately, the decision of which credit builder account to choose depends on your individual needs and financial situation. It's always a good idea to do your own research and carefully consider the terms and costs of each option before making a decision.

Cheese and Credit Strong appear to be both viable options for those looking to build or improve their credit score. Both services report to all three credit bureaus and have easy approval requirements. However, there are key differences in their credit builder options, fees, and the speed at which they report to credit bureaus. Cheese Credit Builder offers flexible loan plans starting at $500 with APR ranging from 5% to 16%. Credit Strong provides a variety of credit-building products tailored to fit customers' unique needs, including installment loans, revolving credit, and large credit builder loans with APR ranging from 6.99% to 15.61%.

If you give it a try for a credit builder loan, Cheese Credit Builder can be a good start because it offers smaller loan amounts starting from $500 and shorter loan terms starting from 12 months. Plus, Cheese doesn’t charge any upfront fees or admins fees. 

Sign up now to start building your credit with Cheese today! 

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