This Free App Lets You Track Your Credit Score and Financial Health from Your Phone
Take it from us: Your credit score is more important than you think it is.
The higher your score, the better deal you’ll get on a mortgage or a car loan or a credit card — or even on a deposit for your next apartment or car rental.
Your credit score is a three-digit number ranging from 300 to 850. It’s based on your payment history, how much of your credit you’re using, how long you’ve had credit, how many kinds of credit you have, and other factors.
Basically, it’s a measure of how well you’ve managed money in the past, and it’s used to predict how well you’ll manage money in the future. Banks and credit card companies use it to decide whether they’re willing to lend you money — and at what rates. Landlords and potential employers look at your score, too.
So what’s your score, and how can you raise it? You can find out with a free tool called Credit Insights by SoFi, and rest assured, there will be no harm to your credit
SoFi will check your score for you, and it sends you alerts whenever your score changes. It also gives you insights on the major factors that contribute to your credit score.
This free money management app does more than that, though. Once you link your accounts to it, it tracks all of your money, all in one place. It’s a spending tracker that helps you see where your money is going and shows you a high-level overview of your finances — all on your phone. If you want, the spending tracker will help you set monthly spending targets.
More than half a million people are already using Credit Insights by SoFi.
How to Get Started with Credit Monitoring
SoFi is a financial company that’s probably best known for refinancing student loans at better rates. But it has a whole menu of other financial services, too — like mortgages, personal loans, investing, automated investing, IRAs, life insurance and credit cards.
SoFi members can also talk one-on-one with a financial planner for free. This financial advisor can give you advice and help you set goals.
SoFi Money helps you save, spend and earn interest. It pays out six times the national average on interest rates, charges no account fees or overdraft fees, and if you set up direct deposit, you can get your paycheck up to two days early. No minimum balance is required.
Here are its other features:
- A debit card that provides free access to more than 55,000 ATMs.
- Auto-save features enable you to route your paycheck to specific savings goals
- FDIC insurance for your deposits.
- Periodic cash-back offers.
- Automated savings roundups, if you want them. Have your debit card round up your purchases to the nearest dollar, so you can save or invest your digital change.
In a nutshell, SoFi offers you lots of tools to help you manage your money in a better, smarter way.
No overdraft fees. Free consultations with a financial advisor. Loans at some of the lowest rates around. Different ways to invest.
And now, a free way to keep track of your credit score — along with tips on how to improve it. Get started here to see how much you could improve your score.
Mike Brassfield ([email protected]) is a senior writer at The Penny Hoarder. You better believe he keeps tabs on what his credit score is doing.
* The Penny Hoarder is a Paid Affiliate/partner of SoFi. This material is not intended to serve as a recommendation and is not meant to suggest that any of the products mentioned are suitable for all Members, as individual results, needs, and financial situation may vary.
** Please refer to SoFi.com to review all product disclosures, terms and conditions, state restrictions, and fees where applicable.