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Revolv by Credit Strong Review: A Complete Guide to Building Credit
If you're looking to build or rebuild your credit score, you may have come across Revolv by Credit Strong. This innovative credit-builder account has been gaining attention for its unique approach to helping people establish credit history. But is it the right choice for you? Let's dive deep into what Revolv offers and how it can potentially help improve your credit score.
What Is Revolv by Credit Strong?
Revolv is a credit-builder account offered by Credit Strong, a division of Austin Capital Bank. Unlike traditional credit cards, Revolv combines a savings account with a credit-building loan to help you establish or improve your credit history while simultaneously building savings. When you open a Revolv account, Credit Strong reports your monthly payments to all three major credit bureaus: Experian, TransUnion, and Equifax.
The unique aspect of Revolv lies in its structure: instead of receiving a loan upfront, your monthly payments go into a savings account that you can access once you've completed your payment term. This setup helps ensure responsible credit building while encouraging savings habits.
Revolv Pros & Cons
Let's examine the advantages and disadvantages of choosing Revolv as your credit-building solution.
Pros:
- Reports to all three major credit bureaus
- No credit check required to apply
- Builds both credit and savings simultaneously
- Flexible payment terms (12, 24, or 36 months)
- FDIC-insured savings account
- Cancel anytime without penalty
- Monthly payment amounts as low as $48
Cons:
- Monthly administrative fee ($8-15)
- Must pay activation fee ($15)
- Cannot access savings until term completion
- Higher overall cost compared to secured credit cards
- Limited flexibility with payment amounts
Who is Revolv For?
Revolv is specifically designed for several types of consumers:
- Credit Beginners: If you're just starting to build credit and have no credit history, Revolv can help you establish a positive payment record.
- Credit Rebuilders: Those who have experienced credit challenges in the past and need to rebuild their credit score can benefit from Revolv's structured approach.
- Savings-Minded Individuals: People who want to build credit while simultaneously saving money will appreciate the dual-purpose nature of the account.
- Those Who Can't Qualify for Traditional Credit: Since there's no credit check required, Revolv is accessible to people who might not qualify for traditional credit cards.
Comparing Revolv with Other Credit-Building Options
When considering the Revolv, it's helpful to compare it with other popular options in the credit builder card category:
Chime Credit Builder Secured Visa® Credit Card:
- Annual fee: $0
- Security deposit: Flexible, based on the amount transferred to Credit Builder account
- Key features: No credit check to apply, reports to all three major credit bureaus
- Standout feature: No minimum security deposit required
Chime is a financial technology company, not a bank. The secured ChimeCredit Builder Credit Card is issued by The BancorpBank, N.A. or Stride Bank,N.A.
Capital One Quicksilver Secured Cash Rewards Credit Card (rate & fees):
- Annual fee: $0
- Security deposit: Minimum $200, which becomes your credit limit
- Key features: 1.5% cash back on all purchases, automatic credit line reviews
- Standout feature: Earn rewards while building credit
Current Build Visa® Credit Card:
- Annual fee: $0
- Security deposit: Flexible, based on the amount transferred to Build account
- Key features: No credit check required, reports to all three major credit bureaus
- Standout feature: Linked to Current banking app for easy fund transfers
Each card offers unique benefits tailored to different spending habits and preferences. Consider your personal financial goals when choosing the best card for you.
Key Takeaways:
- Revolv excels in combining a savings account with a credit-building loan
- Chime Credit Builder offers flexibility with no minimum deposit
- Capital One Quicksilver Secured provides cash back rewards
- Current Build integrates with banking app for convenient use
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Our Expert Takeaway
Revolv by Credit Strong offers a solid option for those serious about building credit while developing saving habits. While the fees are something to consider, the combination of credit building and savings makes it a unique product in the market. The lack of a credit check and guaranteed approval (subject to identity verification) makes it accessible to most consumers.
However, it's important to consider your financial goals and situation before committing. If you're primarily interested in building credit and already have good savings habits, a secured credit card might be a more flexible option. But if you want a structured approach to both credit building and saving, Revolv could be an excellent choice.
Revolv FAQ
How long does it take to see credit score improvements with Revolv?
Credit score improvements vary by individual, but many users report seeing positive changes within 3-6 months of consistent payments. However, results aren't guaranteed and depend on other factors in your credit profile.
Is Revolv legitimate?
Yes, Revolv is a legitimate product offered by Credit Strong, a division of Austin Capital Bank, which is FDIC-insured and has been in operation since 2008.
Can I close my Revolv account early?
Yes, you can cancel your Revolv account at any time without penalty. You'll receive your accumulated savings minus any fees and interest charges.
Does Revolv affect my credit score immediately?
While Revolv begins reporting to credit bureaus right away, it typically takes 30-60 days for your first payment to appear on your credit report.
What credit score do I need for Revolv?
No minimum credit score is required for Revolv, as there's no credit check during the application process. However, you must provide valid identification and meet basic eligibility requirements.
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Editorial Disclosure: Opinions expressed here are those of Kudos alone, not those of any bank, credit card issuer, hotel, airline, or other entity. This content has not been reviewed, approved or otherwise endorsed by any of the entities included within the post.
