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These Websites Can Help You Quickly Improve Your Credit Score!December 19, 2017
We sometimes have clients tell us that they’ve not checked their credit score in ages … as they find it stressful to do so. This is a common problem among many individuals. In fact, even those who have made up their minds to fix their credit scores don’t really know where to start. For such people, there are great online credit score tools such as Credit Karma, Credit Sesame, and Quizzle.
Before we talk about these services, it is important to make one point clear – the scores that these websites offer is not fully based on the official FICO scoring model. Instead, they provide scores based on models developed by credit rating agencies. Nevertheless, given that the scores offered are very similar to your FICO score, these services can help you improve the score that is seen and used by most lenders.
In fact, I recently read about a gentleman named Kenneth Bain who, with the help of Credit Sesame, succeeded in raising his credit score from 487 to 721 (an increase of 234 points) in just 7 months! Credit score tools like Credit Sesame not only tell you what is on your credit report but also provide tips as to what you should focus on to improve your score. Mr. Bain, for example, realized that not only were some old bills dragging down his score but also that certain other items were being incorrectly reported. There was a hospital bill that had already been paid off but was being shown as unpaid. There were certain mortgage payments that were being reported incorrectly.
The advantage of the Credit Sesame site is that they display your credit information like a report card. In addition to your score, you are graded from A to F. Moreover, you are provided with details of individual elements that affect your score, such as debts, payment history, credit usage, account mix and account age, so that you know exactly which aspects you need to work on to improve your score.
Armed with this information, Mr. Bain set about correcting his mistakes. He approached TransUnion, the reporting agency that Credit Sesame pulls credit history from, and proceeded to get all incorrect marks removed. Next, he cleared all his unpaid bills, starting with the smaller ones and working his way up. Finally, he took steps to improve his zero-credit usage record by applying for a secured credit card from Capital One. The result was soon evident – a drastic improvement in his score which put him on the path to achieve his financial goals.
In addition to the mentioned services, Credit Sesame also provides you with free credit monitoring, as well as alerts that let you know of changes to your credit score or TransUnion credit report. Some of the other free benefits offered by the site include free identity theft protection (up to $50,000 in identity theft insurance and fraud resolution assistance) and help with finding the best rates available on personal loans, investment accounts, and auto insurance policies. They also help with credit card suggestions based on your profile - for example, any balance transfer and rewards offers that may benefit you. There is also a free Credit Sesame app available for iPhone and Android users which displays the same information that is available on the website.
Quizzle is another credit scoring website that provides free credit scores and credit reports every three months. Other features include Credit Comparison (allows you to compare two of your last four credit reports including a line-by-line analysis of why your score went up or down), Score Analysis (analyzes your credit score and suggests ways to improve it), Credit Timeline (charts and graphs to demonstrate how your credit score varies over time), and Credit Trending (tracks the direction of your credit and may include the direction of your credit score, credit utilization, and your available credit).
Finally, Credit Karma, apart from free credit report and score, also offers free automatic credit alerts, email alerts when important changes occur, and identity theft tracking and protection. The site calculates your score based on information from two agencies – TransUnion and Equifax. It also provides several useful calculators - like a home affordability calculator, a debt repayment calculator, and an amortization calculator. However, perhaps its best offering is the free credit simulator that incorporates all your current credit information and then tells you what effect different financial choices (say increased debt/ late credit card payments) will have on your score.
In case you are confused as to where to start to fix your credit, you can use any of the tools mentioned above, or contact organizations like Kaydem Credit Help, which provide personalized assistance at a reasonable rate. And if you need funds for your small business, you can call us at Fund&Grow. We offer clients with good credit the opportunity to obtain $50,000 - $250,000 at 0% interest. Available for a period of 6, 12 or 18 months, this amount is unsecured and can be used for any purpose, from financing a small business to providing a down-payment on a property. If you’d like to learn more, just give us a call at (800) 996-0270.