One of the hottest trends among old and young is using Android phone apps to deal with all kinds of financial challenges, from balancing a checkbook to investing in the stock market and everything in between. However, it’s essential for consumers to get the facts about which applications are worthwhile and which aren’t. Likewise, active Android users need clear, consistent information about personal credit scores, free reports, and tactics for boosting their overall ratings with the major bureaus. Is there a safe, scam-free way to find out all three of your numerical data without paying hefty fees to online scammers?
What about those who cosign on college loans? Do they put their financial health in danger by doing so? To find out, it’s best to begin with acquiring reliable data about how the top bureaus operate, learning about the most reliable Android finance apps, figuring out how to boost personal profiles, seeing what’s in your personal report, and deciphering the main differences between FICO and Vantage scores. Review the following points to gain insight into Android-related apps, credit scores, and related facts.
Free Reports Don’t Include Scores
One of the biggest surprises consumers get when they order their free annual reports from the three bureaus is that there are no attached scores. The way the law is written, the only freebie you get is the report from each agency, which itself is written in nearly indecipherable language. Still, it’s worth the effort to order them each year and use an online resource to translate the arcane jargon into plain language. But if you’re looking for scoring parameters and specific figures, you won’t find them in the federally mandated free reports from the major bureaus. Note that reporting agencies do include pertinent data for potential lenders to use when you apply for loans.
Loan Cosigners Might Be Surprised
Android apps can help consumers find out their credit scores in a hurry. It’s even possible to fill out a college loan application online, sign it, and submit the document to a lender. But what if someone else asks you to append your signature to their college loan? Many prospective students who have difficulty getting approved by lenders ask parents, family friends, or other adults they know to cosign the documents. In the majority of situations, having a cosigner can vastly increase the chance for approval for the applicant.
But how might the process affect your credit if the original borrower defaults on the obligation or makes late payments? Frequently, parents and others want to get information about how cosigning someone else’s education loan can affect their own ratings. What’s the bottom line? Being a cosigner means standing in the legal place of the original borrower should something go wrong with the loan. Lenders can seek financial compensation and payment from you on a completely defaulted loan or even on one where the borrower continually makes partial or late remittances. Get the facts by reading the loan contract before agreeing to be anyone’s cosigner.
The Safe Way to Get Free Scores
Is it possible to get all three of your bureau scores for free? It is, but you must be careful about trying to gather the information because there are all forms of con artists who use the demand for information to trick consumers. Spend a few minutes searching online for the data and numbers from your TransUnion, Equifax, and Experian reports. You’ll likely encounter various providers who are happy to give you the information for a fee or if you agree to join their members only club. While a few of these companies are legit, many are not. They exist only to trick consumers into turning over sensitive information.
The safe way to get what you want is to ask your bank and card issuers for the numbers. An example is Capital One, one of the largest issuers in the world. They provide score info from at least one of the bureaus. They perform the service for their account holders and anyone else who asks. If you’re not already a Capital One member, they do require you to submit basic information to track your numbers from TransUnion. They are not alone because most major banks do the same. Phone your current bank rep and ask which bureaus they use and how you can get your current scored reports.
The Top Android Finance Apps
There are some excellent Android apps to help simplify your life that can also give you a keen insight into your personal financial health. In addition to Credit Karma, check out MyFICO, NerdWallet, CreditWise by Capital One, WalletHub, and Credit Sesame. All offer a long list of free services related to personal finance, but a few of them charge for member services that you may not want. However, it’s free to browse their sites and check out the offerings. Most give users, for no cost and no membership requirement, at least two of the major bureau score sheets that include your raw numbers and a few essential details. For those who like to keep track of their monetary health via Android apps, it’s wise to use at least two of the services without joining or paying any fees.
Ways to Improve Your Scores
If you aren’t happy with the 650 you saw on a recent data sheet from your bank or card issuer, consider several things that people do to raise the numbers. In most cases, it’s possible to see substantial improvement within about six months if you take a proactive approach. Pay all bills on time. Get all three free files from the major bureaus and scan them carefully for errors. Small but important mistakes are more common than most people think. If you do discover an error, report it to the pertinent bureau immediately. Then, reduce card balances to as low a point as possible. Attempt to pay them off within a year or two. Plan and get busy budgeting to accomplish the goal. Millions of people have done it, but it takes time, patience, and discipline.