For many people though, a credit score is a number that could be improved.
But what if you need help with your credit score?
As the saying goes, is there an app for that?
A company calledCreditStrongcould help you raise your credit score by 70 points this year. Every time you save money in your account, CreditStrong reports it as an on-time payment.Get started now.
Luckily, there are indeed various apps to help you improve your credit score.
Understanding where you stand is the best way to startbuilding your credit score.
The subscription is expensive but offers a full picture of your current credit situation.
Youll need at least three recurring payments, like utility bills or ongoing subscriptions to HBO Max or Netflix.
This personal finance company helps Americans discover their credit scores at no cost.
Still, your Vantage credit score can be enough to give you a rough idea of where you stand.
Another noteworthy quirk: Credit Karma only reports TransUnion and Equifax scores.
Youll need to separately check your Experian credit score, either online or in the Experian app.
Self
TheSelfapp lets you get into truly building your credit score by making on-time loan payments.
(You even get most of the money back in the end.)
To start, apply for a Credit Builder account with Self and obtain a credit builder loan.
There wont be any hard pulls on your credit report.
Once approved, you could pick a payment amount and loan total to begin making payments.
For example, you may pay $25 a month for 24 months.
You get your money back minus any fees and interest at the end of the payment period.
TheKikoffprocess helps credit bureaus learn that you have a trustworthy payment history andgood credit utilization.
Theres no credit pull and you pay 0% interest.
Think of the $5 as a subscription fee to use Kikoff.
Best of all, the $5 monthly payment makes building credit cheaper and accessible to more people.
Having a credit account with Kikoff shows positive payment history and tips your credit utilization percentage in your favor.
We havent focused on MoneyLions Credit Builder Plus feature though, which aims to help increase your credit score.
First, you apply for a credit builder loan of up to $1,000.
Unlike other credit-building apps we reviewed, MoneyLion gives you a portion of the loan upfront.
However, the Grow Credit program works a bit differently than other credit-building options on our list.
Grow Credit works by providing you with a Mastercard to pay yoursubscription fees.
Increasing your credit score takes time because youre building a history of on-time payments.
Credit-building apps such asSelf,Kikoff,MoneyLionorGrow Credit can help increase your credit score with time.
No app is faster than the other, so pick the credit builder program that works best for you.
Yes, apps that build credit can be highly beneficial, especially for those with little or no credit.
Michael Archambault is a senior writer for The Penny Hoarder specializing in technology.
Freelancer Adam Palasciano contributed to this post.
(Can you sense my millennial sarcasm there?)
You know which ones were talking about: rent, utilities, cell phone bill, insurance, groceries…