There will come a time in your life when you need additional finance to help you achieve your goals, whether you’re hoping to start a new business or buy a house. But if your credit score isn’t as healthy as it should be, it can act as a stumbling block when it comes to being approved for a loan. But all is not lost – although it may take a bit of time, there is always a way to improve your credit rating for the better, so you can benefit from cash to give you a boost when you need it most. Read on as we take a closer look at why your credit rating is so important, and a few of the best apps you can use to improve it.
If you need funds in an emergency and your credit rating is non-existent, or not the best, don’t worry! Bad credit payday loans can help you manage unprecedented situations, no matter what your past credit looks like.
What is your credit score?
Your credit score follows you around throughout your life. It is primarily used to show lenders how trustworthy you are when it comes to repaying money that you’ve borrowed. It is a three-digit number that ranges between 0-999 – in general, anywhere between 721 and 880 is seen as fair, anything lower and you may need some work! Your credit score allows lenders to see how creditworthy you are in a simple glance, to decide whether you are eligible for a loan, or another form of financial support. If you don’t have a credit score, you can build one by taking out a credit card and applying small charges and paying them off in full and on time each month.
Why is it important?
Your credit score is so important if you require access to funds in the future. There may come a time when you need additional funds, for a business venture or a mortgage for a new home – the lenders that offer these loans will take your credit score into account, and if it’s not up to scratch, the chance of you being approved is low. Regularly checking your credit score and working on paying your bills on time and in full means that you will stand in a better position to be accepted.
Best apps to increase your score
Keeping track of your credit score so that you can improve it if necessary has never been easier – with an accessible app on your smartphone, you can stay up to date with how your credit score is progressing, check if something has affected it and make changes where you can. Getting to know your credit score means you can work on your overall financial position. Here are some of the best apps that you can use to help you track and increase your credit rating.
One of the best apps to choose comes from this credit reporting agency, so where better to get your advice than from the source itself? You can download this app with a product that it calls Boost. This product helps to get you where you want to be – it can give you advice on recurring bills and show you how you can increase your credit rating. One of the best features of this app is that you can connect your credit and debit cards to it, and it shows you if they have been leaked anywhere on the web for extra security. This app can help you to review spending to help you improve your credit score.
This app is great for those that don’t have a credit score and may be finding it difficult to be approved for loans. Although Self isn’t a free app, it is worth the small administration fees that come with it. This app allows you to put money aside to save once a month via monthly payments, which they then report to various credit bureaus – this then appears as a credit score, as you have made payments each month into this account. And at the end of your term, you have a pot of savings, as well as a good credit rating!
This app is great if you’re not sure where you’re going wrong. Credit Karma points out actions on your credit report that may be contributing to a low score. It also indicates whether certain items need to be looked at and changed – something as small as a misspelt word can impact your score! – which helps you to take action towards changing it for the better. If you’re trying to improve your credit score, this app is one of the best for showing you exactly how to do that, and it’s free!