Building a better credit score is a goal shared by millions. Whether you’ve been rejected for a loan or want to secure the best rates on a future mortgage application, downloading a credit improvement app to your smartphone could be the first step to building a better future.
Multiple factors contribute to an individual’s credit score being low. These factors include late or missed payments, high credit card balances, a lack of credit history, and defaulting on a loan.
A low credit score or having no credit score can be a major disadvantage for individuals. It can prevent the purchase or rental of a house or apartment. It could even prevent someone from getting a job.
However, success can only be achieved if you choose the right credit score improvement app.
While there are many options on the market, here are five of the best credit builder app solutions that can help you transform your financial situation from the palm of your hand.
Pave’s credit improvement app works with all three major credit reference agencies (Equifax, Experian, and TransUnion), which instantly makes it one of the best.
It provides a clear look at your credit report, along with actionable advice on how to boost your score.
Crucially, the credit builder account actively boosts your score as monthly payments are reported to the credit agencies.
Moreover, the line of credit means your credit usage percentage will fall, which is another positive factor.
The Pave mobile app is available in two packages, Lite £5 per month of Plus £9 per month. A user-friendly design and navigation are pleasing to the user while, like all on this list, it’s available on iOS and Android.
The Credito credit improvement app is one of the best smartphone downloads and not only because it has a great UX.
Like Pave, it actively builds your credit score through a 0% APR account that is reported to the agencies.
The standard credit builder app package gives the user a far clearer understanding of where their credit history stands and how it can be improved while the Plus+ plan guarantees a score boost and provides access to a personal credit coach.
An ability to use rental payments as a way to boost credit scores makes it the ideal credit score improvement app for any prospective mortgage applicant.
At £9.99 or £19.99 per month, respectively, it can deliver telling results and teach better financial habits in no time.
#3. Credit Karma
While technically not seen as a credit card builder app or one that will actively boost your score, Credit Karma is an ideal free download for anyone who wants to see an indirect impact.
It is a credit management app that aims to help users form healthier financial habits and organically boost their scores over time.
It is used by over 130 million users worldwide and also helps users find better credit cards or loans with lower APRs.
The help centre also enables you to learn more about financial decisions and how to build a better financial future.
The Experian app is one of the most popular credit improvement app options on the market, not least because it is one of the most recognisable.
Users gain a free monthly report that gives an accurate insight into their score.
Only paid users (£14.99 per month) will gain any useful advice regarding actionable steps to boost their scores.
Meanwhile, all advice is only focused on boosting the user’s Experian score and does not take Equifax or TransUnion into account, which can be an issue as you never know which credit reference agency a lender will use.
ClearScore has been heavily promoted in recent times and is certainly one of the best credit builder loan app options on the UK market.
It gives you a weekly score update linked to your Equifax rating while also providing a list of both the positives and negatives on your account.
It also shows a list of offers for credit cards, loans, and other relevant products.
There are limitations to the app while some of the more advanced features are behind paywalls.
Still, as a free app to track your credit score on Equifax while gaining useful advice to boost your credit status, it is a worthwhile addition.
Improving your credit score has a myriad of benefits. A strong credit score allows you to access credit, gain lower interest rates, increase borrowing capacity, receive rental and purchasing opportunities, and utilise services.
A smartphone app to build your credit score could be the ideal application for a strong financial footing.