Credit is a very important part of personal finance. There are many types of credit building apps available to help manage all elements of your credit which we will take a look at in this post.
These include; credit score apps to help you check and build on your credit score, credit building apps that help you to build or repair your credit score and credit card apps that help you select the right type of credit card.
Additionally we’ll look at some other debt management apps that can help save money on debt repayments. So if you’re looking for the best credit building apps to help boost your finances, read on.
Are you in danger of defaulting on your debts? View this post explaining the debt default consequences.
Credit Score Apps
A credit score is a number used by lenders to assess your creditworthiness. Your creditworthiness deems how likely you are to pay back any borrowings based upon your credit history.
When applying for any type of credit, the lender needs to know the risks of lending to you. They can do this by accessing your credit report and assessing it alongside your credit score.
The better your credit score, the more likely you are to be accepted for credit or to get the best deals. Read our post to learn more about the importance of a good credit score.
FICO
FICO is a credit score app – FICO scores are the industry standard for assessing creditworthiness and are used by 90% of the top US lenders.
Through this credit score app users can;
- Compare FICO Scores and credit reports from all 3 bureaus;- Experian, TransUnion, and Equifax, side-by-side.
- Check scores for mortgages, auto loans & more.
- Review credit reports.
- Score and credit monitoring.
- Identity monitoring, restoration and identity theft insurance.
What makes FICO great is the ability to compare your scores and reports from all 3 of the main credit bureaus. These are Experian, Equifax and TransUnion. This makes it easy to spot any errors between providers and have them corrected.
There are some good analysis tools that allow you to set goals and review your progress. Plus some good educational tools to help you take action to improve your score.
FICO is a paid for service but comes with 3 different monthly plans so you can select the most appropriate for your circumstances. These range from $19.95 for basic, $29.95 for advanced and $39.95 for the premier plan.
Pros;
- Ability to check and compare scores from the top 3 credit bureaus.
- Great tools for checking and monitoring your score.
- Educational tools to help you improve your score and keep on track.
- Accessible through the website or credit score app.
Cons;
- No free plan available.
Find further information; Visit FICO
Credit Building Apps
Credit building apps can help those with no credit history to build credit. They can also help those with poor credit to rebuild and repair their credit ratings. We have listed 2 of the best credit building apps below that both work in slightly different ways.
Cleo
Cleo is an AI powered credit builder app that allows users to save, borrow, budget and build credit easily.
They offer a dedicated credit builder card that focuses on helping you boost your credit score. Once registered for the card, all you need to do is deposit cash which becomes your credit limit. Then use the card at least once a month for purchasing or paying bills. As this is paid with cash you already deposited there is no interest to pay and means you won’t go over your credit limit.
Cleo also provide some great budgeting tools that work alongside your card to help you stay on top of everything. You’ll also be able to keep track of your credit score and monitor how it changes over time.
This does come at a price – $14.99 per month. However for those with bad credit it could be worth the money in the long run to improve your credit score. It will enable better access to credit in the future and reduce interest payments by allowing you access to better deals on credit.
Pros;
- No interest payments.
- Easy to set up in a few minutes with no credit check required.
- Great for those needing to build good credit.
- Simple to manage and stay in control.
- Extra perks like cashback and payment advances.
Cons;
- Costs $14.99 per month.
Find further information; Visit Cleo
Self
Self is a personal finance app offering credit builder accounts that help users build credit whilst saving money at the same time.
The Self credit builder account works as a loan held in a certificate of deposit account that you pay off monthly. Each monthly repayment you make is reported to the main credit bureaus to build your credit payment history.
The loans are usually between 12 and 24 months in length. At the end of the repayment term, you receive your money back. There are 4 plans available for different needs.
In addition to this, there is also a Self Visa credit card available to people that meet certain requirements. With this card you can set your credit limit against your savings progress. Then use it for regular spending. No extra credit check is required, making it one of the easiest to use credit building apps.
Credit building apps like Self are a great way to help put you back in control of your finances.
Pros;
- A good way to boost your credit score quickly.
- Very easy to set up and manage.
- Multiple plans available.
- Can repay early.
- Visa credit card available.
Cons;
- There are non-refundable admin and interest fees.
Find further information; Visit Self
Credit Card Apps
In addition to pure credit building apps, there are other types of credit apps to help you manage credit. Whether you are looking to take out your first credit card, looking for a better deal or need a way of managing all your credit card debts, these credit card apps will help.
Clyde AI
Clyde AI offers credit score analysis, credit card comparisons, and other resources to give customers the knowledge needed to make confident financial decisions. It even uses AI technology to personalise your experience and find the best rewards card for you.
It can find the most suitable credit cards for anybody, whatever credit score you have. All types of credit cards are covered including rewards cards, balance transfer cards, student cards, travel cards and more.
Clyde is a very straightforward credit card app and free to use. Simply sign up and connect your bank accounts and credit cards. Clyde automatically calculates the value of rewards you’d earn based on your transaction data. You can then compare cards by their 1st year estimated rewards’ value.
Note that Clyde is not a card issuer but a comparison site that aggregates the best deals tailored to you.
Pros;
- Free and simple to use.
- Wide range of providers and card types.
- Can get personalized recommendations.
Cons;
- Need to connect your bank account to get the best personalized offers.
Find further information; Visit Clyde AI
Tally
Tally is an automated credit card payoff app that could potentially help save thousands of dollars in fees and interest payments.
It allows users to manage their debts and pay off their credit cards quicker by combining all credit cards into one single monthly payment. You do require a credit check for this service and Tally recommends a FICO score of 580 and above to be accepted.
Once registered, connect all of your credit cards to the Tally app. You’ll then get a low-interest line of credit, customized to save you as much money as possible. Once you accept this, Tally uses this line of credit to pay off all of your credit cards straight away.
You then repay Tally each month in one simple payment rather than paying each credit card provider. This saves having to juggle different APRs and payment due dates with multiple providers.
Tally also offer extra discounts if you manage to make your minimum payments on time. Each payoff strategy is personalized to the individual.
There is a fee for using the Tally service of $300 per year which works out at approximately $24.99 per month. You do not pay this upfront – it is included as part of your monthly repayment plan.
Pros;
- Can be used to easily consolidate multiple credit card debts into one simple monthly repayment.
- Can potentially save thousands of dollars in fees and interest charges.
- Very easy to set up.
Cons;
- Requires a credit check.
- Monthly fee (included in your monthly repayment plan).
Find further information; Visit Tally
More Debt Management Services
Future Fuel
FutureFuel is a student debt repayment service. In 3.5 minutes, users can find forgiveness options, save thousands via federal repayment plans, sweep spare change to student debt, and direct up to 30% cash back from everyday purchases to your student debt. The average user saves $15,000 and shaves 5 years off of their student loans.
Once registered you can connect your private and federal loans. FutureFuel uses smart tools to assess federal repayment plans you’re eligible for, from income based repayment plans to public service loan forgiveness, putting money back into your wallet.
There are many other features to help reach your goals faster including;
- Roundups – Help sweep spare change to pay down debt, helping to reduce interest payments.
- Giveback – Earn cashback with over 450 brands that goes towards paying down your debt with each purchase you make.
- Refinance – Compare rates from lenders without impacting your credit score.
- Roll-up – Allows you to manage all of your personal and federal loans in one place.
The service is free for some features. The Roundup and AutoCrush products are charged at $2.99 per month.
Pros;
- Very effective way to reduce and repay student debt.
- Lots of free features.
- Multiple ways to pay off debt.
Cons;
- The Roundup and AutoCrush products are charged at $2.99 per month.
- No app available, accessed via the website only.
Find more information; Visit FutureFuel
Credit Apps Conclusion
There are some great credit building apps available that make it easier than ever to manage all parts of your credit. The credit apps listed above are some of the best personal finance apps for credit management.
From checking your credit score with FICO to credit building apps like Self and Cleo, credit apps offer a hassle-free way to get your personal finances in order.
And as we’ve seen with credit apps like Clyde, AI technology is making it easier than ever to find more personalized credit card offers and ensure your card is suited to you.
In addition to credit building apps, find more personal finance apps such as banking and investing on our blog. More essential reading;
- Choosing the right type of credit card.
- The importance of a good credit score.
- Financial lessons everybody needs to master.
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