Many believe that improving their credit score takes years of work and lots of money. But, the truth is, it is a balance of not overspending and managing your finances wisely. The following four apps can help you improve your credit score by monitoring it or monitoring your finances.

Credit Karma

Credit Karma is a widely known credit monitoring app. It is free and gives you access to your TransUnion score ad report. It has an easy to read report and calculates your credit via a grade. This helps you know what you need to work on and how you can improve your score. Credit Karma updates every 30 days, which is perfect timing to allow time for any changes to take place and see how it impacts your score.

BillGuard

Although BillGuard may not help you in monitoring your credit score, it does indirectly help you improve your credit score. BillGuard is a financial managing app. It has an excellent spending analytical chart so you can see exactly where your money is going, through various accounts. There is a fraud alert system set up, so you’ll know in moments what is going on. You can link your credit and bank accounts to BillGuard and best of all it’s free to use.

Manilla

Manilla is another financial management app. This is a popular app used by many to manage their daily finances, subscriptions, healthcare accounts, and all household bills. You can even add in personal payments such as to your babysitter or for rent payments. You can set up its automatic bill payment reminder via email or text messages, which ensures you pay your bills on time, avoiding late fees. Also, Manilla allows you to store your account statements and offers in their system as well.

Check

Check is another money and credit card manager app that makes it easy to stay on top of a well-balanced checking account. It monitors your bank accounts and credit cards so you can avoid over the balance fees and late fees. You can set up for the Check app to automatically pay your bills also. So you can reap the rewards of an improved credit score in no time.

All of the above apps are free for you to download and use. You can find more information about similar apps here.  You’ll soon get used to managing your finances via your smartphone and easily increase your credit score. Make sure you check them out today.

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Are you worried about having too many installment loans? Well, you shouldn’t. The number of loans isn’t the problem: it’s the fixed monthly payments that can become the issue. If your debt to income ratio is too high, it doesn’t matter if it’s an installment or revolving account.
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What is the Appropriate Number of Installment Loans to Have?

There is not a certain number of installment loans to have. In general, too many installment loans is when you’ve overloaded yourself in debt. If you are either paying the minimum payment or not even that for all your debts, that’s when enough is enough.

If you’ve been to school and took out loans, it’s easy to have four or five installment loans due to your student loans. Each disbursement is a separate loan itself. Then, auto and home loans come into place, and in a few years you’ll find yourself with at least six loans. Creditors are well aware of this. In fact, there is a formula or factors that determine your overall credit score.

  1. 35% – Payment history
  2. 30% – Amounts owed
  3. 15% – Length of credit history
  4. 10% – New credit inquiries
  5. 10% – Types of credit used

So from these figures, just having too many installment loans is not the question, it’s your overall history of having the loans. A good mix of revolving and installment accounts on your credit report can prove you are a responsible consumer.

Will Paying off an Installment Loan Hurt My Score?

You may have heard that if you start paying off too many debts, it could lower your credit score. This is not entirely true. Eliminating something such as a credit card and closing the account has a negative impact because it minimizes the length of your credit history.

If you are considering paying off an installment loan or two, it, in fact, can help your credit score. It will stay on your report for at least 10 years, increasing the length of a positive credit history. It also shows that you have paid the debt off on time and in full, something every creditor wants to see.

Which Installment Loan Should I Consider Getting Rid of First?

If you do want to pay off your installment loan, pay off the one with the highest interest rate first. This will save you money down the line of which you can apply towards other debts. If your interest rates are the same, pay off the more recent loan first so you can continue to establish your lengthier loan period.

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Wonga Hit with a $4.4 Million Compensation Bill

July 11, 2014

Let the Loophole Wars Begin . . . Wonga has been in the news lately and for all the wrong reasons. Following an investigation by the Financial Conduct Authority the payday loan giant was hit with a $4.4 million compensation bill to be paid to no less than 45,000 customers, after it was found to […]

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Managing your money: All you need to know about payday loans

July 2, 2014

Taking an in depth look into the media hype around payday loans Pay day loans have been receiving some particularly bad press in recent weeks, with the latest damning article published by The Telegraph suggesting that many short term loan borrowers are being overcharged to the tune of £45 million.   How do Pay Day […]

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Family VS Individual Health Care Plans | What Are the Differences?

May 22, 2014

Of course the main difference between family and individual health care plans is that the family type covers more people than just one, the individual. Hello, Captain Obvious! Now, since family care plans cover more people, they also cost more. However, they don’t cost as much as buying every family member an individual health care […]

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Aereo Micro Antenna and the Big Bad Broadcasters

April 17, 2014

As a person who loves finding ways to save money and get stuff for free (legally of course), I am positively intrigued about an upcoming Supreme Court case which may actually decide the fate of how we consume media. The Backstory Aereo is a start-up tech company that has developed a micro antenna for catching […]

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Is Social Media Keeping You in Debt?

June 20, 2013

In a simpler time, folks were only envious of what their neighbors had – a bigger house, a newer car, or even a better lawn. Things have definitely changed. Personally, I go back and forth on social media. One day I’ll appreciate the ease of communication and the ability to keep in touch . . […]

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