Free Credit Building Apps
Building credit and managing finances can seem like a daunting task, especially if you're someone who's just starting to make your mark in the world of adulting. But with the help of some free credit building apps, free credit building apps, you can make the whole credit building thing a whole lot easier.
PSA: If you’re in a tight spot right now, Cleo could spot you up to $250*. No credit checks. No employment verification required. No stress. Eligibility requirements apply.
Level Up Your Finances with Credit Building Apps
Firstly, why are free credit building apps are such a game-changer? Well, they're all about ease, convenience, and speed. We want everything accessible, instant, and, of course, on our smartphones. That's exactly what these apps give. They help us manage, monitor, and improve our credit scores right at our fingertips.
A good credit score can open doors to favorable interest rates for loans, credit cards, and more. So, why not leverage these apps to make the process smoother?
Experian: Know Where You Stand
Experian is one of the big three credit reporting agencies, and its free app is a must-have if you're looking to get better with money. It gives you access to your Experian credit report and FICO score, letting you keep a close eye on your credit health. You'll also get alerts about any changes to your report, so you can take action if something seems off 👀
Check out How to Get a Free Credit Report for more info.
Cleo: The Credit Builder Card
With the Credit Builder Card**, you’re totally in charge of deciding how much money you want to spend. The money you add to your card’s security deposit then becomes your credit limit (FYI, there’s a minimum deposit of $1).
For example, you add $50 to your security deposit, you spend $50 and that’s it. It’s really hard to go over 💸
And with our auto repayment option, it’s all set up so it’s pretty much impossible to miss a payment.
How can the Credit Builder Card help build your credit?
Cleo reports your payment history to the credit bureaus and over time, on-time payments may help your credit score.
Wanna make it easier for yourself? Select the ‘carefree credit building’ option and Cleo will automatically take your payment so you never have to worry about missing a payment.
What does Cleo report to the credit bureaus?
- Outstanding balance owed: The balance not paid off from the prior month. If you paid off your last statement in full, your outstanding balance should be $0.
- Payment status: The status of your payment. Your payment status is a reflection of whether or not you paid last month’s statement.
✨ (If you have the ‘carefree credit building’ option switched on, you shouldn’t have to worry about the above two points.) ✨
- Current balance: The amount you have spent during a statement cycle that is owed on the due date for that statement.
- The highest credit: The highest statement amount – also known as the most amount of credit you’ve ever spent with Cleo.
Ready to start building your credit?
Credit Karma: Keep Calm and Improve Credit
Credit Karma is one of the free credit building apps that not only provides you with your credit score but also offers personalized advice on how to improve it. With Credit Karma, you get regular updates on your credit score and report from two major bureaus - TransUnion and Equifax. It also helps you dispute errors on your report and guides you towards potential credit opportunities based on your current score 🙌
Self: Save, Build Credit, Repeat
Self lets you to build your credit while saving money. How? By offering what they call a "credit builder loan." You pay into an account every month, and at the end of the term, you get the money back, minus fees and interest. The payments you make are reported to all three credit bureaus, which in time, should help you improve your credit score.
Mint: Manage Your Finances Like a Pro
This tool not only helps with credit building but also empowers you to handle your finances like a pro. With Mint, you can track spending, create budgets, set goals, and keep tabs on your bills and investments. All of this contributes to your overall financial health, which, in turn, can positively influence your credit score.
CreditWise from Capital One: Wise Up on Credit
CreditWise from Capital One is another popular free credit building app. It's available to everyone, not just Capital One customers. It offers free credit monitoring and gives you access to your TransUnion credit report. With its simulator feature (sounds fancy), you can see how different actions, like paying off debt or opening a new credit line, could impact your credit score.
Remember, building credit is like a marathon, not a sprint. It requires consistency and good financial habits. If you start now and keep at it, you'll reap the benefits in no time. After all, your credit score is like your financial CV, and you want it to look impressive 🚀
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Big love. Cleo💙
*Eligibility requirements apply.
**The Credit Builder Card is issued by WebBank, Member FDIC pursuant to a license from Visa USA Inc. Access to the Card is subject to approval.