How Do You Choose The Best Credit Building App
Prakrati May 27, 2024

How Do You Choose The Best Credit Building App?

Thinking of using a credit building app but not sure which one? We've got you.

A good credit score helps you in making big moves like buying a house, purchasing your dream car, or even starting your business. Most people cannot possibly achieve these milestones with their savings, not in this economy. Unless they're born into generational wealth, of course. 

This is why people are taking credit building more seriously now than ever before. And that usually begins with the search for the best credit-building app.

So, which one is it? Let us help you find out!

In this blog, we'll highlight: 

◾ Average credit scores by generation and how the best credit boost apps can help you surpass them. 
◾ What factors to consider when deciding on the best credit-building app?
◾ The best credit-building apps to consider: Experian Boost, CoolCredit, and more.

Before you begin your search for the best credit building app, it’s imperative to know where you stand. Why? Because, then, you’ll know exactly what you need from the app. Do you need a credit building app that helps you address inaccuracies in your report or one that offers you ways to build a credit history? That’s right on the money, isn’t it?

So, Where Do You Stand?

Average Credit Scores By Generation

As of March 2024, and as per the data revealed by the ‘VantageScore CreditGauge’

GenerationAge RangeAverage Credit Score
Gen Z18 - 27665
Millennials28 - 43687
Gen X44 - 59710
Baby Boomers60 - 78746
Silent Generation79 - 96750

Now, if you already know your score, you should have a clear understanding of where you stand. Which brings us to the question that follows.

How Can A Credit-Building App Help You Top Your Generation's Average Score?

Credit Monitoring: Keeping tabs on your credit score and report is imperative in your credit-building journey - new accounts, missed payments, and errors can all impact your score. And a credit-building app can help with this by enabling you to check not only your credit score but also your credit report in real-time. Additionally, it can alert you to any suspicious activity, helping you catch potential identity theft early.

Educational Resources: The best credit-building apps offer you access to a library of free educational resources on all things credit. And these resources can help you go a long way in your credit-building journey by providing you with greater clarity on the nuances of credit and enable you to make informed decisions. So, while choosing the best credit-building app for yourself, do consider whether or not they offer such resources.

Assistance Where You Need: The credit-building journey may not be as difficult as you may anticipate, but it can be overwhelming, especially when complexities are in question. This is where credit-building apps can offer respite with personalized assistance. And many of the best credit-building apps do. 

Find A Community: Credit building is a journey - always better with others you can relate to. And through the best credit-building apps, you can find them and be part of a community of individuals with shared credit goals. And who knows? You might find like-minded people who can help you develop a better mindset and add value to your life!

Besides these, there are a myriad of reasons in which credit building apps can help you. That is, if you find the right one. So, how do you do that? Read on to find out. 

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Deciding On The Best Credit Building App: Factors To Consider

With it becoming a popular trend, the market is inundated with innumerable credit-building apps. And with each one claiming to be the best of the best credit-building apps, how do you actually decide on the BEST credit-building app for yourself? Well, here are a few criteria to consider:

Some Of The Best Credit-Building Apps To Consider

Now that you know the parameters to judge the best credit building apps and some of the best options to consider, making a call should be rather easy. Although, before you move on about your day, we do have a favorite we’d like to tell you more about!

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CoolCredit: What Makes It The Best Credit Building App?

DIY Approach: Empowers you to independently manage your credit-building journey by giving you access to all the tools and resources you'll need. Giving you the autonomy to manage everything? 

Credit Monitoring: Enables you to monitor your credit health and stay in the know of any new activities. 

AI-Generated Dispute Letter Templates: Automates the process of creating dispute letters. 

Pocket-Friendly: With its free DIY resources, it makes credit building easy and affordable. That’s not all, even the paid features provide their value's worth. 

Expert Assist Feature: Offers access to professional guidance when you need it. 

Credit Resource Library: Gives you access to a library of educational resources on all things credit. 

Refer and Earn Program: Besides everything else, it also provides you with the opportunity to earn recurring rewards by simply referring it to those you want to help build better credit. 

Hear From People You Can Relate To:

How Do You Get Started with CoolCredit?

It’s as easy as it gets!

  • Simply Sign Up or Login: Download the CoolCredit app and create your account or log in if you already have one.
  • Retrieve Your Score and Reports: Access your real-time credit score and detailed credit reports on the dashboard.
  • Identify Errors and Scope of Improvement: Thoroughly review your reports to identify errors and areas for improvement.
  • Generate AI Dispute Letters: Use CoolCredit's AI tools to generate personalized dispute letters for identified discrepancies.
  • Send Disputes to Bureaus: Choose the credit bureaus you want to dispute with and submit the generated dispute letters.
  • Track Progress: Monitor the progress of your disputes and receive real-time updates on your credit score improvements.
  • Seek Expert Assist: If you find yourself in a bind, go for Expert Assistance.

Conclusion

Building a good credit score is more crucial than ever, and the right credit-building app can make a significant difference in your journey. By understanding where you stand and exactly what you need to do, you can select the best credit building app for yourself. Whether it's through reporting payments that are not included in your report with Experian Boost, or a comprehensive DIY approach with CoolCredit, there's an app for everyone. Choose wisely!

FAQs on Credit-Building Apps

Q: What Is A Credit-Building App?

A: A credit-building app, as the name suggests, is an app with a wealth of educational resources and a comprehensive set of tools that can help you take control of your credit journey. Such apps can assist you in myriad ways, including credit monitoring, preventing identity theft, generating dispute letters, and providing personalized advice.

Q: Are Credit-Building Apps Safe To Use?

A: Well, the reputable ones like CoolCredit are. Be sure to research and choose apps from trusted sources. Additionally, read reviews, check for encryptions, and other security measures, and ensure the app complies with relevant regulations, such as data protection laws.

Q: How Long Does It Take To See Results With A Credit-Building App? 

A: Well, it's contingent upon several factors. Your starting credit score, credit history, and how proactively you take steps to improve your credit score all play a role in determining the time it can take. Resultantly, some may see some improvement within a few months, while others may only see it over a longer period. Regardless, it's important to be consistent and patient.

Q: Are Credit-Building Apps Suitable For People With No Credit History Or Poor Credit? 

A: Yes, absolutely. In fact, there are certain apps exclusively designed to help those who are just starting their credit-building journey or want to repair their credit. 

Q: Can Credit-Building Apps Help Me Qualify For Loans Or Credit Cards?

A: A credit-building app can help you improve your creditworthiness, increasing your chances of loan approval, but it cannot assure it. Moreover, besides your credit score, lenders also take several other factors into account while assessing your profile, including, income, employment history, and debt-to-income ratio. 

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