The Credit Carma app for Android and iOS provides alerts for any important changes to your credit report, and if you see any errors, you can file a dispute from the Credit Karma app. The app also gives an organized summary of your credit score breakdown, including the accounts factored into your score. Download For: You’ll also get personalized suggestions for improving your score, along with industry-standard alerts for any critical changes. Download For: Download For: The My Borrowing Power feature projects how much credit you can probably access based on your current score and account information. This tool also recommends credit cards, mortgage rates, and refinance options. Download For:
A credit score indicates your creditworthiness to potential lenders such as banks and mortgage lenders. It also gives them a good idea of how responsible you’re likely to be with paying off your balances. Credit is scored on a scale that ranges from 300 to 850. A higher number is better than a lower number. The most commonly used credit score is the FICO score, but other models exist, such as VantageScore.com.
Does Checking Your Credit Score Hurt It?
Many people fear that checking their credit scores will negatively affect their credit score. The truth is that checking your credit score is usually considered a “soft” inquiry, meaning it doesn’t require a “hard” pull of your credit report. Hard inquiries usually happen when you apply for a new credit card, a loan, or a mortgage. Soft inquiries typically occur when you check your own score, when a potential employer does a background check, or when you’re pre-approved for a credit card or loan. Credit Karma does a great job explaining a hard credit inquiry vs. a soft credit inquiry. In any case, you should rest assured that using the apps in this article won’t negatively affect your credit score.
