How to Use Technology to Improve Your Credit

How to Use Technology to Improve Your Credit
Mike Randall
By: Mike Randall
Posted: November 22, 2013's popular "How-To" series is for those who seek to improve, rebuild or better understand their subprime credit rating.

Are you one of those technology junkies who thrives on having the latest and greatest gadgets? If not, I am sure you know someone who is.

Technology is a huge part of life in the 21st century. In fact, it would be hard to find anyone who does not use technology on a daily basis.

Technology has improved our lives immeasurably. From conveniences like instant phone and Internet access, to life-saving advances in medical technology, we are all impacted by the latest tech inventions.

So how great would it be if we could use technology to improve our credit score? Well, it turns out we actually can.

In this guide, we will show you how you can use some simple technology tools to improve your credit.

1. Payment reminder apps and programs

Late payments are the single largest reason why credit scores take a hit. A payment reminder app on your smartphone, or a program that runs on your computer, can help you remember to make those payments.

This will save your credit score, as well as all of those late payments that can cost so much.

2. Credit card payoff calculators

A credit card payoff calculator will let you know how long it will take you to pay off credit card debt and how much total interest you will have paid when you are finished.

These tools can really show you how much you can save by paying down debt earlier, and these tools can also help you to decide whether paying off higher rate cards or lower balance cards is best for you.

3. Score simulators

Credit score simulator apps allow you to input all of your credit information and then use various scenarios to determine the right credit path to take.

Many of the credit score simulators out there allow you to build a plan for increasing your credit score and then will guide you toward that goal.

“Apps allow you to track

your score on a regular basis.”

4. Credit score tracking apps

In addition,, the government mandated free credit report website, also has an app for tracking your credit score automatically.

Most of these apps are free to download but may charge a fee for using the service.

5. Debt tracker apps and programs

Debt trackers allow you to monitor your debt-to-credit ratio, also known as your credit utilization rate.

By inputting your credit card information, the debt tracker app will tell you whether your credit score is suffering due to high utilization. It will also recommend lowering the rate on any cards that are over the preferred limit and by how much.

6. Digital wallets

A digital wallet is an app that is usually loaded onto your smartphone and then populated with all of your credit card information.

The idea is if your wallet and credit cards are lost or stolen, the digital wallet will have all of the information to quickly contact the credit card companies and supply them with the information necessary to freeze the accounts.

A digital wallet can be useful but also must be protected by a very well-encrypted password.

7. Budget programs and apps

Since our best defense against unnecessary spending and debt is to create a budget, then use technology to do it. A budget app, or even an online program, can help you to stay on target with your spending.

Many of the smartphone budget apps will allow you to track monthly expenditures and see where you are in your plan. These can be useful, but they still require a measure of discipline in sticking to your budget.

Technology is advancing rapidly, and new tools for our mobile devices are being created all the time. The good news is with more and more programs, apps and online tools being developed, it will help us save time and money while improving our credit.

By using technology to track and monitor our credit usage, we can take more control over our finances and our credit life, and that’s a great use of technology.

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