Maintaining a healthy credit score requires a good bit of focus, determination and hard work. Thereâs a lot to keep up with: We need to pay our bills on time, reduce debt and maintain a low debt-to-credit ratio, among other requirementsâall to ensure a top-notch credit score. We can use all the help we can get! To that end, here are eight credit monitoring apps that can help keep your credit building on track.
1. Credit.com
One of the only truly free credit monitoring appsâmost others require you to have a paid subscription to their digital service in order to use the âfreeâ appâthe Credit.com mobile app allows you to access your entire credit profile, including your credit score and insight into how it compares to your peers. Youâll see where you currently stand, see how your score has changedâand whyâand get credit information and money-saving tips tailored to your score.
Availability: Apple and Android
Cost: Free
2. myFICO
The myFICO app is free, but it requires an active myFICO account, which means it effectively costs $20 per month or more, depending on which features you want. With this app, though, you can view and monitor your FICO scoresâthe most widely used credit scoreâand credit reports. They also provide a FICO Score Simulator, which shows you how your score may be affected if you take certain actions.
Availability: Apple and Android
Cost: Free, but requires an active myFICO account
3. Lock & Alert from Equifax
Lock & Alert from Equifax lets you lock and unlock your Equifax credit report to protect against identity theft and fraud. Youâll get an alert any time your account is locked or unlocked so you know youâre the one in control. A credit lock is not as secure as a credit freeze, but it does offer some level of protection and is generally easier to turn on and off. This app works only for your Equifax credit report, so if you want to lock all three reports, youâll have to work with TransUnion and Experian separately.
Availability: Apple and Android
Cost: Free
4. Experian
The Experian mobile credit monitoring app lets you track your Experian credit report and FICO score, with an automatically updated credit report every 30 days. The app also comes with Experian Boost, which can help you boost your score. The app alerts you when changes to your report or score occur, and offers suggested credit cards based on your FICO score.
Availability: Apple and Android
Cost: Free, but some features require a paid Experian account
5. Lexington Law
If youâve signed up for credit repair services with Lexington Law, you can use their free mobile app to keep track of your progress. In addition to providing access to your credit reports from all three credit bureaus and updates on ongoing disputes, the money manager feature, similar to Mint, helps you track your income, spending, budgets and debts.
Availability: Apple and Android
Cost: Free, but requires a paid Lexington Law account
6. TransUnion
The TransUnion mobile app allows you to refresh your credit score and credit report daily to see where you stand. It offers instant alerts if anything changes and offers Credit Lock Plus, which allows you to lock your TransUnion credit report to avoid identity theft and fraud. The Debt Analysis tool lets you calculate your debt-to-income ratio, and it allows you to view public records associated with your name.
Availability: Apple and Android
Cost: Free, but requires a paid TransUnion Credit Monitoring account
7. ScoreSense Scores To Go
ScoreSense offers credit scores and reports from all three credit bureaus and daily credit monitoring and alerts to changes on your reports. This app also provides creditor contact information so you can address errors on your report quickly and efficiently. Score tracking features let you review how your score changes over time and how it compares to your peers.
Availability: Apple and Android
Cost: Free, but requires a paid ScoreSense account
8. Self
Self helps you buildâand trackâyour credit, making it great for people just establishing their credit profile or trying to rebuild damaged credit. Self offers one- and two-year loan terms, but instead of getting the money up front, the amount is deposited into a CD. You make regular payments for the term of the loan (at least $25 per month), and then get access to the money. There is no hard inquiry to open the account, but your payments are reported to all three credit bureaus, helping build your credit. Plus, while you are repaying your loan, you will have access to free credit monitoring and you VantageScore so you can track your progress.
Availability: Apple and Android
Cost: Free, but requires a Self loan repayment of at least $25 per month
Credit Monitoring Apps to Fit Your Needs
With so many different options, youâre sure to find a credit monitoring app that meets your needs. And donât forget: you can always check your score for free using Credit.comâs free Credit Report Card.
The post Boost Your Credit Score: 8 Helpful Credit Monitoring Apps appeared first on Credit.com.
Source: credit.com
In an economic emergency, covering even basic yet important expenses can be tough. For example, in 2020, the coronavirus pandemic rocked the foundations of millions of Americans. The National Multifamily Housing Council found that by Jan. 20, 11.4% of tenants had not sent money for their rent.
The last thing you want is to be evicted from your home because of nonpayment of rent. When used correctly, a credit card can help you through hard situations. Since the card issuer only requires a small minimum payment, it can buy you time before getting back on your feet.
Here’s how to charge rent, not just during a financial crisis but under normal conditions as well, advantageously.
See related: How to earn rewards when paying monthly bills
How to pay rent with a credit card
- How to pay through your landlord
- How to pay through third-party services
- Best credit cards to pay rent
- Pros of paying rent with a credit card
- Cons of paying rent with a credit card
How to pay through your landlord
First, ask your landlord if you can charge your rent. Some have software already set up to accept payments, so all you would need to do is provide your account information and your card will be charged. Larger property management companies are more apt to accept credit cards than individual landlords, but it’s worth an inquiry.
Bear in mind that there will be a processing fee, which typically falls between 2.5% and 2.99% of the transaction. The landlord will probably pass that cost to you, though it doesn’t hurt to ask if they’ll absorb the fee.
For example, if your rent is $1,800 and the fee is assessed at 2.99% of the transaction, the added cost would be $53.82. If the minimum credit card payment is 2% of the balance, your payment would be $36. Add the fee to it and all you’d need pay is $89.82 – a far cry from the $1,800 due.
If your landlord doesn’t offer this option, consider explaining your reason for wanting to charge the amount. If it’s not a permanent change to the rental agreement (which spells out the method and timing of your payments), your landlord may allow you to send the money via an app such as PayPal or Venmo on a temporary basis.
You would set up the app, attach your credit card to the account, and then follow through with the “pay-to” transaction:
- Locate your landlord’s profile name.
- Hit the “pay” function.
- The money is deducted from your credit card and sent to your landlord’s bank account on file.
- You receive the bill of the transaction amount plus the fee from your credit card company.
Yet another way to use your credit card to cover your rent is to take out a cash advance. It comes with some serious consequences that make this method your last choice, though:
- Fees can be 5% of the amount you withdraw.
- Interest rates are often higher on cash advances than they are on purchases.
- There is no interest-free grace period, as there is for purchases.
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How to pay through third-party services
An alternative to paying your landlord directly is to use a company that acts as an intermediary. The general process is simple:
- Sign up with the company.
- Identify your landlord.
- Enter your rent amount and due date.
- The company charges your card and sends your landlord the money in the form of a paper check or electronic transfer.
- You receive a bill from your credit card company and can send any amount that is at least the minimum payment.
You should have no trouble paying any landlord this way if the third party sends your rent with a paper check. It’s the same as if it were coming straight from your own checkbook.
However, if the company sends payments electronically, your landlord would need to register for an account so the money can be deposited.
But charging rent with a third-party company is becoming popular.
“We’ve seen a 50% increase in the number of Plastiq customers that are paying for rent with their credit card [in 2019] compared to 2018,” says Eliot Buchanan, co-founder and CEO of the consumer-to-business bill-paying company.
“However, there are card processing fees involved, so rent payers should compare the costs and benefits of paying rent on a credit card to determine whether it makes sense to do in their particular situation.”
Accepting credit cards for rent payments is a win-win, says Brian Davis, director of education for SparkRental.
“Landlords and property managers who accept rent by credit card offer more flexibility for their renters, with an option to stay current on their rent even if their bank account is short on the first on the month,” says Davis.
Review a variety of third-party companies before deciding on one, paying close attention to the fee structure and whatever unique benefits they may have.
| Third-party service |
Transaction fee |
Benefits/Perks |
| Plastiq |
2.85% |
Up to 2% cash back on transactions, depending on your card. |
| RentMoola |
2.99% – 3.99% |
Earn “MoolaPerks” for deals on travel, shopping, home service providers, etc. |
| SparkRental |
2.99% – 3.99% |
Designed for landlords with a more challenging tenant base. |
| RentPayment |
2.95% |
Can pay via app, by replying to a text or by phone. |
| RadPad |
2.99% |
For landlords who prefer paper checks. |
| Cozy |
2.75% |
Can add low-cost renter’s insurance to the payment. |
Best credit cards to pay rent
Some rewards cards offer generous introductory bonuses. You can open an account for the specific purpose of using that bonus to offset the fees involved in charging your rent.
To get the bonus, you have to meet the card’s required minimum spend within the first three months of opening the card. When you do, the reward is yours.
If you get cash back, you can use the money as a statement credit. For cards that give points or miles, you can trade them in for cash too, but you won’t get as much for them as you would for things like travel.
Whatever the case, the introductory bonus will nullify the amount you’re charged in fees when use your card for rent. After that, you’ll be earning rewards on purchases, which will also offset the fees, should you continue to charge your rent.
Just a few examples include:
| Rewards credit card |
Minimum spend |
Introductory bonus |
| Wells Fargo Propel American Express® card |
$1,000 in first 3 months |
20,000 points ($200 cash value) |
| Blue Cash Preferred® Card from American Express |
$1,000 in first 3 months |
$250 statement credit |
| Citi Rewards+® Card |
$1,000 in first 3 months |
15,000 ThankYou points (redeemable for $150 in gift cards at ThankYou.com) |
| Chase Sapphire Preferred Card |
$4,000 in first 3 months |
60,000 points (redeemable for $750 toward travel when you go through Chase Ultimate Rewards) |
See related: Best rewards credit cards
Another option is to open a credit card that comes with 0% APR for an extended period of time.
You won’t be charged interest on the debt you carry over until the rate rises to the regular rate. Therefore, if you charge your rent and can only afford to pay the minimum, the debt won’t escalate with financing fees.
A few good examples include:
| 0% APR credit card |
Intro APR purchase period |
| ABOC Platinum Rewards Mastercard |
12 months (12.90-22.90% variable thereafter) |
| Citi® Diamond Preferred® Card |
18 months (14.74-24.74% variable thereafter) |
| Discover it® Cash Back |
14 months (11.99-22.99% variable thereafter) |
See related: Best 0% APR credit cards
Pros of paying rent with a credit card
Aside from helping you through an emergency, charging rent has a few other benefits:
Build and improve credit history
Charging regularly, paying on time and keeping the balance at zero are the swiftest ways to establish a positive credit rating. Rent is a necessary expense, so why not parlay it into a high credit score?
Arthur Ruth, vice president of operations of Memphis Maids, a house cleaning service in Memphis, Tennessee, has been paying rent with his credit card for over 15 years.
“Using your cards so much, if you pay them correctly, you can save money and even improve your credit score,” says Ruth. “That’s something really important in this day and age.”
Cash flow freedom
When Ni’Kesia Pannell, an Atlanta-based journalist and entrepreneur, was temporarily short on cash, she took advantage of the credit card option.
“I was in between freelance gigs and needed to pay bills,” says Pannell. “The fees were high, but at the time, it was worth it.”
Once her financial situation returned to normal, she resumed paying by check.
In the same vein, if your rent is due on the first of the month but your income is sporadic, you may need some extra time to accumulate it all without any stress.
CreditCards.com, but you can still find a great card offer for you! Our CardMatch tool can help match you with prequalified offers and cards that align with your credit history – with no harm to your credit score. Get personalized offers from our partners in seconds.
