Hey there! If you’re looking for the best financial management apps for building credit scores in the USA, then you’ll definitely want to check out this guide.
Improving your credit can feel overwhelming at times. I’ve been there! But having the right tools by your side makes a huge difference. Credit-building apps help you monitor your score, make payments on time, establish healthy money habits, and take control of your finances.
These apps are total game-changers when it comes to building up your credit score. They provide personalized insight and guidance tailored to your specific credit situation. Plus, the convenience of managing everything from your smartphone is unbeatable.
Best Financial Management Apps for Building Credit Scores USA 2023
In this guide, we’ll dive into the top-rated credit-building apps available for both iPhone and Android. I’ll overview the key features of each one, along with the pros, cons, and links to download them.
You’ll learn how these apps help monitor your credit, make timely payments, set budgets, provide education, and so much more. With the right app, raising your credit score can be simple and achievable.
Let’s get started exploring the best financial management apps for building your credit! Improving your score can open up new opportunities, and these apps make it easy.
First Things First: What Exactly is a Credit Score?
Your credit score is a three-digit number that tells lenders how risky or safe you are as a borrower. Scores range from 300 (yikes) to 850 (woo hoo!). The higher the score, the better.
These main factors determine your score:
- Payment history – Have you paid bills on time? This is the biggest factor.
- Amounts owed – How much of your available credit are you using? Less is better.
- Length of credit history – How long have you had credit accounts? The longer, the better.
- New credit – Opening a lot of new accounts lowers your score.
- Credit mix – Having different types of credit (credit cards, loans, etc) helps your score.
Lenders check your credit score when you apply for loans, credit cards, apartments, and more. A higher score means better terms and lower interest rates.
Why Credit Building Apps Are So Helpful?
These apps provide personalized tools and guidance tailored to improving your credit score. Here are some of the ways they can help:
- Credit score tracking – Monitor your score and see how your habits impact it.
- Bill reminders – Never miss a payment that could ding your score.
- Budgeting tools – Manage spending so you can pay bills and debts.
- Credit Advice – Get tips from experts on improving your score.
- Credit builder loans – Establish payment history with a loan.
- Fraud alerts – Catch suspicious activity on your credit cards early.
- Educational resources – Learn good credit practices. Knowledge is power!
Using an app makes building your credit score simple and convenient. Now let’s look at some top options.
Top 11 Financial Management Apps for Building Credit Scores 2023
SeedFi is a credit-building app that provides educational resources and low-interest loans to help users establish and improve their credit.
- Access educational resources and tools to build credit knowledge.
- Low-interest loans to establish payment history.
- Create customized payment plans.
- Monitor credit score changes.
- Get tips on improving your credit score.
- Helpful tools for building credit.
- Can get you a low-interest loan
- Customizable repayment plans.
- Only available on iOS.
- Loan options may be limited.
- iOS: App Store
Cheese Credit Builder
Cheese Credit Builder is an app that lets you build credit by paying into a savings account each month. Your on-time payments are reported to credit bureaus.
- Pay into a savings account each month.
- Payments are reported to credit bureaus.
- Track credit score changes in the app.
- Build up to 24 months of payment history.
- No credit check or fees to sign up.
- Build credit just by saving money.
- Easy sign-up process.
- Can track credit score progress.
- Need to deposit money each month.
- Slow process to build substantial history.
Experian is a free app that lets you monitor your credit reports and scores. You can also compare offers and dispute inaccuracies.
- Monitor credit reports and scores
- Compare credit card and loan offers
- Dispute inaccuracies on credit report
- Check recent credit inquiries
- Educational resources on credit
- Free access to credit reports/scores
- Useful tools for monitoring credit
- Easy process to dispute issues
- Educational materials
- No credit-building loans offered
- Limited budgeting features
Self is an app that builds your credit by providing custom loans. The loan funds go into a CD account and your repayments are reported to credit bureaus.
- Credit builder loans to establish a history
- Loan funds placed into the CD account
- Schedule monthly repayment
- Raise credit without hard checks
- Monitor credit reports
- Loans tailored to credit-building
- Won’t hurt your credit with inquiries
- Can significantly raise your score
- Need funds to take out a loan
- Only reports payment annually
Kikoff is an app that lets you build credit by giving you a credit line to use exclusively at their online store. On-time repayments help build your credit history.
- Use credit lines only at their online store
- Make on-time payments to build history
- Monitor credit score changes
- No fees, interest, or credit checks
- A simple way to build a credit history
- No extra fees or costs
- Check credit score progress
- Can only be used at their store
- Slow process for substantial history
Grow Credit is an app that reports your monthly bill payments to credit bureaus to help build your credit through existing bills.
- Reports monthly bill payments
- Spending limit increases over time
- Multiple membership plan options
- 24/7 credit counseling access
- Build credit with existing bills
- Increasing access to credit
- Affordable membership
- Lower initial spending limit
- Only helpful for current bills
MoneyLion is an app designed specifically for rebuilding damaged credit through tools like credit builder loans and financial education.
- Specifically made for rebuilding credit
- Get immediate access to funds
- Credit builder loans and tools
- Financial education resources
- Great for poor credit situations
- Immediate access to credit
- Multiple credit-building options
- Higher interest rates
- Hard credit checks
Brigit is an app that provides affordable installment loans with 0% interest to help build credit. It also has free financial tools.
- $0 interest installment loans.
- Free tools even without a deposit.
- Automatic balance protection.
- Tips from financial experts.
- Affordable loan option
- Helpful financial tools
- Balance protection features
- Lower loan amounts
- Limited educational resources
Sable offers a secured credit card option to start building credit. It has no monthly fees and the chance to upgrade to an unsecured card.
- Secured credit card option
- No monthly fees
- Chance to upgrade to an unsecured card
- Spend bonus rewards
- Easy to get started building credit
- No monthly costs
- Earn rewards on purchases
- Need a deposit for a secured card
- Chance of upgrade not guaranteed
Credit Sesame is a free app that provides credit score monitoring, personalized tips, and credit education resources.
- Free credit score updates
- Personalized tips to raise the score
- Alerts for score changes
- Credit education resources
- Completely free to use
- Custom tips based on your report
- Credit score change alerts
- No tools to dispute issues
- Limited budgeting features
Extra is an app that issues a digital credit card to build credit without requiring a credit check. It also lets you earn reward points.
- Digital credit card builds credit.
- No credit check is required.
- Earn rewards points on purchases.
- Track monthly statements.
- Easy and fast approval.
- Earn rewards for daily spending.
- Digital card is usable instantly.
- Lower initial spending limit.
- No educational resources.
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Building your credit score can really pay off when it comes to getting approved for loans and other financial products. With the right credit-building app, you can monitor your score, establish good habits, and take active steps to improve your credit. All of the apps we covered offer useful features and benefits that make raising your score simple and convenient.
I hope this overview gives you a better idea of which app fits your credit-boosting needs. Take some time to download one or two that look promising, and stick with them to start seeing results. Be sure to let your friends and family know about these game-changing credit tools too – sharing is caring after all!
If you try any of these apps out, let me know your experience in the comments below! I’d love to hear your thoughts and answer any other questions you have on your credit-building journey. The more we learn together, the easier it will be to reach our goals. Now go give your credit score a boost!