{"id":11592,"date":"2019-01-21T10:00:18","date_gmt":"2019-01-21T17:00:18","guid":{"rendered":"https:\/\/www.richmondamerican.com\/blog\/?p=11592"},"modified":"2024-01-04T15:55:23","modified_gmt":"2024-01-04T22:55:23","slug":"online-tools-to-improve-credit","status":"publish","type":"post","link":"https:\/\/www.richmondamerican.com\/blog\/online-tools-to-improve-credit\/","title":{"rendered":"Online Tools to Improve Credit"},"content":{"rendered":"

An acceptable credit score is one of the keys to getting your home loan application approved. Mortgage lenders have historically used\u00a0FICO\u00ae scores<\/a>\u2014derived from data collected by one or more of the three major credit bureaus<\/a>\u2014as a major factor in determining whether you qualify for a mortgage<\/a>. Different mortgage lenders can approve or deny loans based on their own risk tolerance, but anything below a \u201cgood\u201d range<\/a> may significantly decrease your odds of loan approval\u2014and of a favorable interest rate if you are approved. So, what online tools are out there to help you improve credit and your odds of a shiny new mortgage? Let\u2019s review a few.<\/p>\n

Annual Credit Report<\/h2>\n

It\u2019s hard to improve credit if you don\u2019t know what you\u2019re working with, so first things first:\u00a0 head to AnnualCreditReport.com<\/a> and request a free yearly credit report from each credit bureau. (Credit reporting companies are mandated by Federal law to provide you with a free copy of your credit report every 12 months.) These reports contain the raw data that determines your FICO\u00ae score, which includes information on your loans and lines of credit, your track record at making payments, and potentially other financial information that lenders might find pertinent (such as a past bankruptcy).<\/p>\n

The reason you\u2019ll want a report from each bureau is because the information they possess about you may vary, which means that one bureau might have a negative item on your record whereas another might not. If you see a negative item on any of your credit reports that you believe to be in error (e.g. a fraudulent account opened under your name), be sure to dispute it<\/a> right away. Scrubbing negative flags from your reports is one of the easiest ways to quickly improve credit.<\/p>\n

Credit Monitoring & Protection Services<\/h2>\n

Several companies offer online credit monitoring services, which can range from simply providing FICO\u00ae score updates (like Credit Karma<\/a> or NerdWallet<\/a>) to more robust services that protect against credit fraud and identity theft (like Identity Guard<\/a> or LifeLock<\/a>). These can help you improve credit by keeping your finger on the pulse of what\u2019s happening with your credit in real time.<\/p>\n

Some of these services may be offered as a complimentary benefit by your bank or credit union, credit card company or even employer, so check in those places first. Other companies offer such services at no monetary cost, but be aware that they may use your data for their own purposes, such as showing you tailored ads that could earn the company commission if you purchase a product.<\/p>\n

Online Bill Pay Services<\/h2>\n

Your bank or credit union likely offers an online bill pay service, and there\u2019s a good chance it\u2019s a complimentary benefit. This allows you to schedule, pay and track recurring bills from one convenient online location. If you set it up properly, online bill pay can effectively maintain or improve credit by helping to ensure that you don\u2019t make late payments, which could negatively impact your credit report.<\/p>\n

Online Budget Trackers<\/h2>\n

A carefully managed budget is an excellent way to improve credit, and today there are a wealth of online tools to help you stay on top of your finances wherever you go. Track bills and lines of credit, set savings goals and more\u2014all from your laptop or smartphone. Like shopping for a car, you\u2019ll want to pick a product that matches your personality and budget needs. Check out 8 Best Budgeting Apps to Download in 2019<\/a> for a good overview of different options.<\/p>\n

Freezing Your Credit Online<\/h2>\n

If you don\u2019t plan on applying for any loans in the near future, you can place a freeze on your credit<\/a>, which prevents any business or individual (including yourself) from gaining access to your credit reports. This doesn\u2019t improve credit but will help protect against identity theft and fraud, which can not only damage your credit score but take years to recover from. A freeze can be lifted whenever you choose, which you\u2019ll have to do before applying for mortgage loans.<\/p>\n

Think your credit\u2019s in the right shape to qualify for a home loan? Talk with a licensed professional at our affiliate lender, HomeAmerican Mortgage Corporation<\/a>!<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

An acceptable credit score is one of the keys to getting your home loan application approved. Mortgage lenders have historically used\u00a0FICO\u00ae scores\u2014derived from data collected by one or more of the three major credit bureaus\u2014as a major factor in determining whether you qualify for a mortgage. Different mortgage lenders can approve or deny loans based […]<\/p>\n","protected":false},"author":8,"featured_media":11597,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"inline_featured_image":false,"ub_ctt_via":"","cybocfi_hide_featured_image":"","footnotes":""},"categories":[4],"tags":[57,150,227],"featured_image_src":"https:\/\/www.richmondamerican.com\/blog\/wp-content\/uploads\/2019\/01\/online-tools-1.jpg","author_info":{"display_name":"Brian Metzger","author_link":"https:\/\/www.richmondamerican.com\/blog\/author\/bmetzger2\/"},"yoast_head":"\r\nOnline Tools to Improve Credit - Richmond American Homes Blog<\/title>\r\n<meta name=\"description\" content=\"Check out online tools to improve credit and increase your chances of qualifying for a mortgage loan and buying your dream home!\" \/>\r\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\r\n<link rel=\"canonical\" href=\"https:\/\/www.richmondamerican.com\/blog\/online-tools-to-improve-credit\/\" \/>\r\n<meta property=\"og:locale\" content=\"en_US\" \/>\r\n<meta property=\"og:type\" content=\"article\" \/>\r\n<meta property=\"og:title\" content=\"Online Tools to Improve Credit - 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