There was a time when your credit score only mattered if you were trying to finance a purchase or get a credit card. Unfortunately, your credit score has become increasingly important over the years. It can now make a difference in whether you are hired for a job, and insurance companies use it to help determine your rate. It is definitely in your best interest to maintain the highest score possible, but doing so can be tricky. Fortunately, there are some apps that can help you track and improve your credit score.
Credit Sesame – (Free)
This app is nothing short of a magic trick. Linked directly with Experian, it provides you with monthly information regarding your outstanding balances, monthly payments, home value and other information.
MyFICO – (Free)
Your credit score is referred to as your FICO. When someone pulls a copy of your credit report, they receive that magic number as part of the information. When you pull your credit report, you have to pay an additional amount to get that information. This app allows users to estimate their credit score based on a series of questions, and it is relatively accurate. Studies have shown that the information shown on the app is usually within 50 points of what the credit score actually is.
This app won’t tell you what your score is, but it will let you know if you are in an area that has challenges with credit fraud. Skimming devices can snag your number and your pin, making it easy for criminals to charge on your card. With the click of a button, you can find out if an area you are in is at high risk for this type of activity.
Debt Reduction Calculate – (Free)
There’s more to your credit score than just making timely payments. While a great payment history is vital, you also need a low debt ratio. This app will help you eliminate debt by calculating how long it will take to pay off accounts using different payment amounts. As your debt ratio improves, your credit score will naturally rise.
CreditScore – (Free)
Credit scores are mysterious things, even to people who are experienced in dealing with their credit. This app gives you valuable information you can use to improve your credit score. It comes with tips and tricks to help you make better credit decisions, as well as detailed explanations about the different items that can damage your score or improve it.
Pay Off Debt – ($2.99)
Financial experts recommend using the snowball method to pay off debt. All extra payments are focused on one account, and when that account is paid off, the payments are applied to the next one. This app makes it easier to get motivated and stay on track with the program.
BillTracker Lite – (Free)
Use this app to keep track of due dates, payment histories and the amount you currently owe. It will alert you when bills are due, while also allowing you to easily carry your financial information with you. Avoiding any missed payments is a great way to start improving your credit score, and this app can help you with that.
Your credit score is not something that should be ignored. Maintaining a good score will help you when you are applying for jobs, trying to lower insurance rates or applying for credit. Download a few of these handy apps today and take control or your credit score.
Author Sally Heinlich is an accountant and blogs for wisebread.com, where you can read reviews on which are the best travel credit cards.