Here’s What YOU Need to Know About Your Credit Score

This could be you. That is, if you don’t use a credit repair company like the ones outlined by AAA Credit Guide’s special report.

Here’s what you need to know about your credit score:

While the annual pace of new-home buyers has been steadily increasing during the first quarter of 2017, there’s one statistic that far too many people fail to recognize that also rises in connection with new home buyers, and that’s new home buyers with damaged credit ratings after buying their home.

For many, the process of buying a home can often leave them with an unintended surprise, and that’s a credit rating that suffers a massive downgrade after signing the papers on their mortgage.

While the mortgage application process can certainly be intrusive on just about anyone’s personal financial records, the main knock to a new home buyer’s credit rating comes from the combination of hard credit checks while applying for a mortgage, the increase in outstanding debt that adding a $300,000 mortgage to your has, as well as the credit applications that often follow for new home-related purchases like furniture and landscaping materials.

First time home owners like Bryan Lee, a 30 year old teacher living in Albany, New York who just purchased his first home a few months ago noted that his credit score decreased from a 755 before buying his home to now just three months later coming in at 587, a drop of 168 points within a three month period.

“I couldn’t believe how much my score had dropped” noted Lee, “I found out just how bad it was when I went to lease a new car and was turned down for having bad credit. I couldn’t believe it.”

For many, this newly lowered credit score can put a serious hold on everyday activities, and make things like buying a new car much more difficult than they would have been just a few months prior, and to compound the issue, most people assume that all they can do is grin and bear it and wait for their score to slowly rise back to its former strength.

However, some smarter home buyers are turning to credit repair companies to help them quickly rebuild their credit scores and undo some of the damage done when they bought their home.

“I knew that I couldn’t afford to just sit and wait and hope for the best when it came to my credit score so I figured the best option would be to reach out to a credit repair company and hope that they could help get things moving a little quicker” said Lee when asked about his plans for repairing his credit. “Thankfully I found a credit repair company that was very responsive and very helpful with my scenario, helped explained my options and helped me get things sorted out. I’m happy to say that 4 months after getting turned down for having poor credit my credit score is back up to 730 and rising.”

Like Bryan Lee, many first time home buyers have been turning to credit repair companies to help them rebuild their credit, with most people reporting that their scores have started rising again shortly after beginning work with these companies and taking proactive measures to rebuild their credit one day at a time.

Of course, preventing your credit score from suffering a drop like this is always preferable, in situations where it’s unavoidable, taking action and getting a credit repair company involved may be your best option to get on the road to recovery as quick as possible.

5 Best Mobile Apps to Monitor Your Credit Score

Your credit score is a very important aspect of your financial health. This number is used to determine what financing terms and interest rates you pay – or whether you can get financing or credit in the first place.

Having a bad credit score is really frustrating. You may be turned down for a home loan, auto loan, new credit card, or even a job.

Today we review 5 best mobile apps that allow you to get a free credit score and manage your finances on the go. Let’s get started!

Credit Karma

Credit Karma is one of the most well known credit monitoring sites, and they offer an iPhone app so that you can keep track of your credit score on the go. Credit Karma is completely free, no credit card or paid subscription is necessary, and it provides your TransUnion credit score and shows you what factors affect this score.

With Credit Karma each section of your credit score is graded, and there are useful tips about what you need to work in so that your overall score is improved. While Credit Karma is available at no cost your credit score is only updated every 30 days.

Credit Sesame

Credit Sesame also allows you to monitor your credit score without any cost or charges, and no credit card is required. Many consumers like this app because it has an easy to use layout and is simple to understand.

Credit Sesame app shows you where your credit score may be lacking and provides suggestions on improvements that you can make to certain score aspects like debt to income ratio or past due accounts. Your score and relevant information is updated every 30 days.

Bill Guard

BillGuard is not a true credit monitoring app per se, but it is an app that can help you properly manage your finances and bills so that you maintain a good credit history and a higher credit score.

This app offers an analysis of your spending so you know exactly where your money is going, and it provides alerts about any fraudulent activity on your financial accounts within a short time period of this activity. There is no cost to use the BillGuard app and you can link together all of your financial accounts including bank accounts and credit accounts. BillGuard can give you financial peace of mind while protecting or helping you improve your credit score.

myFICO

myFICO is one of the oldest credit monitoring services offered online, and it has been around for quite some time. Now there is a mobile app as well, letting you get into your myFICO account and giving you access to all 3 credit bureau scores instantly.

This app does require a subscription to use and there is typically a cost involved, but in exchange you will get live updates and notifications whenever your credit score changes with one of the major credit reporting agencies. You even have the ability to set specified thresholds if desired with this monitoring app. Many consumers are willing to pay a subscription fee in order to get these benefits and access to all 3 of their credit scores.

Credit.com

Credit.com is another credit score monitoring app that is completely free to use, and this program updates approximately every 30 days.

You can access your Experian credit score, find tips and suggestions on raising your credit score, and even learn why specific factors affect your score in certain ways.

Which Credit Monitoring App You Like The Most?

Have you used any of the apps listed above? Did you find them helpful? Let us know in the comments!