Managing your credit score is tough, let alone improving it! That’s something we know very well. That’s why we began to turn to credit monitoring apps – so we could know exactly how to accomplish our goals when it comes to our credit scores. Through our use of these apps, we’ve discovered how easy it is to upgrade credit scores and adjust mortgages.
Our love for these apps is what has inspired us to write this article – so we can share our loves (and good fortune) with you!
Make checking your credit easy
Credit monitoring is actually a really easy process as long as you have the resources to do it. Regardless of the state of your credit – whether it’s good, bad, or even non-existent – you’ll want an app that has the information you need to make positive strides toward your goal of good credit.
TransUnion and Experian are two of the big three credit bureaus that collect and compile your credit history, score, and payment patterns. These resources are excellent for monitoring your credit; however, for a lot of people, this information can only be accessed once a year. For everyday credit checks, sites like Credit Sesame, Credit Karma, and myFICO are better options because you can check on your credit score and credit history whenever the need arises.
Credit history reports to teach you how to spend
Credit history is your record of how and where you spend money and repay loans (like credit cards). A credit history report displays information such as how much debt you have, whether or not you’ve paid off your debts on time, and what your pattern of payments looks like in general.
Credit history is a tool that is often offered for free by credit monitoring sites and even many credit monitoring apps. These stats are often reported to a credit bureau – the three major bureaus being Equifax, TransUnion, and Experian as we mentioned before – and these bureaus assist money lenders in determining whether or not to offer you a loan.
If credit management is not one of your strengths, you’ll want an app that helps you to identify patterns in your spending in addition to your debt repayment so you can improve your habits and finally achieve that high credit score. This will better your chances of getting a loan and taking out loans in larger amounts.
This is also true for you if you want to keep your good credit score and maintain a strong credit history. Knowing at all times where and how you’re spending and repaying your money will help you identify bad habits that you can adjust for the future.
Credit monitoring tools to help you with your mortgage
When it comes to making a big life purchase – like taking out a mortgage, for example – it’s highly likely that money lending agencies (i.e. banks) are monitoring more than just your credit score – they’re looking at your credit history as a whole.
There are certain elements in your own credit history that you pay attention to because they can influence whether or not you get your loan in the amount you want. Especially for new home buyers, you’ll want to find an app that focuses on your debt-to-credit ratio.
High debt plus a low credit score typically suggests that an individual is unable to afford a high loan amount and/or will be unable to pay it back on time. This is a major reason for loan denial.
On the other hand, a low amount of debt and a high credit score imply that an individual will not only make their mortgage payments in a timely manner but may even be able to pay off the debt sooner rather than later. Banks see this individual as a good candidate for a loan, which is exactly where you want to be, and credit monitoring apps can help you get there.
We hope we’ve done a decent job of explaining exactly why we love these apps so much. But, by all means, don’t take our word for it. We’ve done a ton of research on this topic and we think you should too – it’s always good to know as much as possible when it comes to improving your credit score.
One of the best resources we found when researching this topic is a website called AppGrooves, and we’ve linked it below for your own convenience.
AppGrooves actually has a list of the best credit monitoring apps, and from there we were able to dig into the pros and cons of each app and exactly what you need to look out for in order to choose the one that’s right for you. It’s definitely something worth checking out!