Did you know that on a $21,788 auto loan, if you have an excellent credit score (740 – 749), you can pay 311% less in interest compared to an individual with a fair credit score (580 – 669)? 311% less! Your credit score determines whether you qualify for things like loans, credit cards, and other crucial high-priced items, along with how much you pay in interest to borrow the money. That’s why it is essential to track this number. So, what is the best way to check your credit score? Fortunately, there are a variety of tools and apps that can help you. Here are 4 apps that offer great options when checking and tracking your credit score.
Get the best of both worlds from this budget and debt management tool. You can connect all of your accounts to Mint and set spending limitations based on your budget. It also allows you to monitor your credit score from Equifax. Using Mint is an excellent way to keep an eye on your credit score while also improving your budgeting and money management.
If you want to know your score along with additional beneficial financial knowledge, Credit Karma is the way to go. This app allows you to track your credit score from Equifax and Transunion while also gaining some insight into personal factors that may be negatively or positively impacting this number. You can always keep an eye on the various accounts that affect your score, while also receiving weekly updates on your current status.
Now, this one does require a monthly subscription to monitor your score, but if you are serious about tracking and improving your credit score, this might be a good investment. myFICO provides push notifications whenever there is an increase or decrease in your FICO score (a measure of how likely you are to obtain credit). This feature is excellent for those who need to keep a consistent eye on their credit to check for improvements, or for quickly catching any potential credit or ID theft.
Experian or TransUnion
Sometimes, the best way to check your credit score is to go right to the source. Both Experian and TransUnion have apps that enable you to track your credit scores. Both do require a monthly subscription fee. However, each provides frequent updates, and Experian even lets you connect all of your accounts and see when new inquiries appear on your credit reports. So, if you prefer to bypass the third-party apps and go right to the bureaus, they are a good option.
Choose an App or Two to Check and Track Your Credit Score
With the rise of credit fraud, exchanging more digital information, and the growing influence of credit on significant purchases, it is essential to have the tools to monitor your credit scores. So, if you are wondering where to start when determining the best way to check your credit score, give these 4 apps a try. The valuable information they provide gives you the tools you need to protect yourself from fraud, while also helping you raise your score.
Are you also looking to increase your credit score? I have a course in Money Coach University that shares a detailed framework on how to establish or build good credit.