Managing your credit is essential if you want to be able to get credit cards, apply for loans or buy a house. Your credit score gets checked all the time, even when you’re renting or applying for some jobs. Just like anything, there are modern tools that help you to check and manage your credit score and your finances so that you can keep it in line. Some of the latest tools and some that have been around for a while can be extremely helpful if you’re trying to keep your credit score as high as possible. Try out some of these for a shiny credit score.
Even though they don’t directly relate to your credit score, having useful budgeting tools will help you to keep your credit healthy. If you’re budgeting your money properly, you can make sure you don’t do anything that would have a negative effect on your credit history. For example, you can avoid missing bill payments or repayments for any debts you might have. It can also help you avoid the need to borrow money, particularly short-term loans which can be bad for your credit score if you struggle to pay them back.
Being able to check your credit whenever you want is super useful. You can check to see if anything you have done recently might have impacted your score negatively and make sure that all of your information is up to date. It’s important to use a tool like Wallethub to check not just your overall score but the information on your credit file too. If something is incorrect or something
Remembering to pay your bills is essential if you want to keep your credit score healthy. While you could just pay them as you’re notified of them, it’s also useful if you don’t need to remember them all. If you can set up automatic payments with your bank, you won’t have to worry about a thing. You can also get useful apps that will remind you of when your bills are due and even pay them for you. For example, with the Check app, you get reminders for bills and can choose to pay immediately or schedule a payment for later.
Credit Comparison Sites
When you’re looking for a new credit card, loan, mortgage or any other financial product, you want to make sure you get the right one. Fortunately, there are plenty of comparison sites out there so you can look at all of your options and their benefits and drawbacks. Choosing the right product is essential if you want to keep up a healthy credit score because you don’t want to end up with a product that you can’t afford. You also wouldn’t want to miss out on a good deal. There’s nothing more annoying than discovering you’re paying more than you need to.
Debt and Repayment Planning
When you have debts to repay, making sure that you pay on time is vital. A missed payment won’t look good on your credit report. If you use the right tools to plan your debts and make your payments, you’ll be much less likely to slip up. The Debt Planner app is one example of a tool that can help you to manage your debts so that you don’t risk any missed payments. It tells you how long you can pay off your debts when you start by paying off the lowest amount first.
Track Your Spending
Budgeting your money is essential, but it’s not much use if you’re not keeping track of how much you spend. Tools for tracking your expenses should help you to make sure that you’re not going over your budget. This will make sure you have enough to pay your bills and to take care of any debt repayments too. Mint is a popular option for tracking spending and has some other personal finance tools available too.
Credit Building Cards
If you need to build your credit or perhaps repair it, a credit card can be an excellent tool for doing so. Anyone who doesn’t have much credit
Build Credit With Rent Payments
It can seem a little unfair that you spend years paying rent and yet have nothing to show for it. Mortgage lenders don’t think it’s enough to show that you can be responsible for a mortgage. But it could help you with your credit score. Using a tool like Rental Kharma, you can build your credit score through your rent payments. You can even add up to two years of past rent payments to help you build your score faster.
Credit Builder Accounts
Another option to build your credit is to get a credit builder account or credit builder loan. These work by giving you an account, which holds the money that you borrow. You make payments each month, which are then reported to the major credit bureaus. Making your payments on time improves your credit score. At the end of the loan term, you get the money. You can find products that allow you to pay in as much as you can afford, so it’s a good way to build your credit score, even if you have bad credit.
With the right tools, you can keep your credit score looking good. Keep it in good condition for access to better financial products.