4 apps to boost credit score
The average FICO credit score in 2019 was 706
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The coronavirus pandemic has pushed millions of Americans out of work. In March, 701,000 U.S. jobs were lost, breaking a decade-long record of employment.
As businesses prolong closings and furlough workers, many people might wonder whether or not to use a credit card to hold them over until their next paycheck. Many card issuers, like American Express and Bank of America, are waiving payments, fees and interest for those struggling to pay, but it is still a good idea, in general, to stay on top of your credit.
Here are four apps that can help:
Credit.com
The Credit.com app allows you to access a personalized profile that shows your credit score and insight on how it compares to peers’ scores. Users will also be able to see what caused their scores to change and get money-saving tips tailored to their swiping habits.
The app is free and available for both Apple and Android.
Experian
This app lets the user track their Experian credit report and FICO score, with automatically updated reports every 30 days. It also comes with Experian Boost, which allows you to add additional data to your credit history with the goal of improving your score.
The app is on Apple and Android. It’s free but some features require a paid account.
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myFICO
With this app, users can access the FICO Score Simulator, which anticipates how their scores might be affected if they take certain actions.
The app, on Apple and Android, requires an active myFICO account.
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TransUnion
The TransUnion app lets you refresh your credit score and report daily to see what’s changed. It also comes with Credit Lock Plus, allowing users to lock their report to avoid identity theft and fraud. They can also see public records associated with their names.
This app is on Apple and Android. It requires a paid TransUnion Credit Monitoring account.
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Keep in mind that paying late or skipping bills will likely cause credit scores to fall, hurting a person's ability to open credit accounts, take out car loans or home mortgages.
Scores range from 300 to 850, depending on the scoring model. The average FICO credit score in 2019 was 706 while the average VantageScore was 682.