Let’s face it. The world has gone digital. That’s no big news. A study conducted in March of this year found that 87 per cent of the U.S. population has a mobile phone, and 44 per cent of mobile users own smartphones.When it comes to digital finances, there are all kinds of smartphone apps out there that promise to simplify your money life. But what about your credit life? Here’s a list of four great apps to help you track and improve your credit.
Credit Karma Mobile: Track your credit on-the-go.
Pros: The new iPhone app from Credit Karma includes many of the functions of the website. You can check your TransUnion credit score for free and see the different factors influencing your score in the Credit Report Card. It’s the first smartphone app to offer free credit monitoring, too, which sends an alert straight to your phone when something important changes in your credit report, like a new account or credit inquiry.
Cons: Credit monitoring is a great way to monitor for errors or misreported data in your credit report, but you can’t dispute an error through the app or the website. If you suspect fraud, you should use the FTC’s guidelines to help you in the recovery process.
Devices and cost: iPhone; free
PageOnce: Never miss a bill payment.
Pros: PageOnce helps you keep track of all of your financial accounts, but the aspect of this app that’s really helpful for good credit health is bill payment. You can link all of your accounts and pay your bills directly through the app. Since making a late bill payment or missing one altogether can really ding your credit score, make sure that doesn’t happen by setting up reminders for when bills are due.
Cons: Each bill payment will cost you a $0.30 transaction fee.
Devices and cost: iPhone & iPad, Android, Blackberry, Windows Phone; free
DebtTracker Pro: Monitor your credit utilization rate.
Pros: This app helps you keep a pulse on your debt. The average U.S. consumer carries approximately $5,500 in credit card debt across five cards, according to the latest Credit Karma data. Since one of the biggest determining factors of a credit score is credit utilization rate, DebtTracker Pro can go a long way to help maintain a healthy rate of less than 30 per cent.
Cons: You have to add each account in manually, since DebtTracker Pro doesn’t sync automatically with your accounts. However, this might be a benefit for those consumers concerned with account security.
Devices and cost: iPhone; $1.99
Lemon.com Wallet: Avoid identity theft.
Pros: This app helps you keep track of all of the credit and debit cards in your wallet, as well as ID and membership cards. How can it help you with your credit? If your real wallet is lost or stolen, you’ll have all of the lost information at your fingertips to be able to get a head start on damage control. The faster you can close or freeze your accounts, the less likely thieves will be able to use them and ruin your credit.
Cons: While the app is free, you’ll have to pay $9.99 per month for the premium version if you want Lemon to become your go-to expense tracking tool. The paid version gives you extra capabilities, like tracking expenses for up to five people and exporting data to Evernote, Box Expensify, Concur or Excel.
Devices and cost: iPhone, Android, Windows Phone; free, $9.99 per month for premium account