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7 Apps for Improving Your Credit Score

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Credit.com is owned by Progrexion Holdings Inc. John C Heath, Attorney at Law, PC, d/b/a Lexington Law Firm is an independent law firm that uses Progrexion as a provider of business and administrative services.

It’s difficult to stay on top of your credit score even during the best of times, and it only gets harder during times of financial crisis. While you may be able to regain ground on your credit card debt or mortgage loan after a missed payment, your credit score will take a hit. Even after you’ve gotten control of your finances again, the damage to your credit score will take quite a while to recover from. 

It’s important that you not only track your budget, but also closely monitor your credit score and take advantage of any opportunity to build credit. To assist you, we’ve researched different credit score management apps that can support your credit in a variety of ways. Some provide credit monitoring, opportunities for improving your credit score, credit protection and support for credit repair. 

Here’s our list of the most secure, easy-to-use and beneficial apps for managing your credit score.

Extra Credit is a brand new offering from Credit.com just launched to the public, but we are excited about its features. Those features include “Reward It,” which awards you funds when you are approved by a qualified lender through Extra Credit. 

Additionally, when you sign up for Extra Credit, you get access to the 28 most commonly used FICO® scores as well as your credit reports from all three bureaus and recommendations for credit cards based on your credit profile. Finally, Extra Credit provides you $1,000,000 in ID theft insurance, dark web monitoring and access to a third party service that reports your monthly rent and utility payments to the bureaus.

Unlike many of the apps on this list, however, Extra Credit is not a free service.

Experian allows you to monitor your Experian credit report and your FICO credit score, manage disputes with Experian and be aware of any new credit activity. Experian’s mobile app also comes with the Experian Boost feature, which allows you to report payments to the credit bureaus that would not usually be reported—such as cell phone bills and utilities—and potentially improve your score. 

Experian’s app provides services that you can use to improve, monitor and repair your credit. Keep in mind that these services are specific to your credit history as managed by Experian, one of the three credit bureaus that track your credit history. Although Experian allows you to look at your FICO score—the credit score that most lenders use—it doesn’t allow you to manage the credit reports compiled by TransUnion or Equifax.

The FICO credit scoring method is the most popular method among lenders for calculating credit scores. MyFICO allows you to see and manage the score that your lender will most likely consider when you apply for a mortgage or an auto loan. 

MyFICO also allows you to view your updated credit reports from all three bureaus—Experian, Equifax and TransUnion. Additional features included are a credit score simulator, which allows you to see how possible actions could affect your score, credit monitoring, and credit education resources. 

MyFICO is a good choice for users looking for a credit monitoring service, but it does not provide as many resources as other apps to assist with credit score improvement or repair.

Mint predominantly focuses on budget management, but it also offers tools for monitoring your credit score and weighing it as a factor in your financial decisions. You can view your VantageScore credit score and TransUnion credit report in the app. Additionally, you can personalize alerts to stay up to date with any changes to your credit score or potential fraud or identity risks.

Mint offers more resources for setting financial goals, managing your budget, and keeping track of bills than it does for directly managing your credit score. It can be used as a credit monitoring tool, but bear in mind that you will only be able to see your TransUnion credit history.

The TransUnion app works in tandem with your TransUnion Credit Monitoring Account. It allows you to monitor your credit score and TransUnion credit report, both of which are updated daily. The TransUnion app also offers Credit Lock Plus, which allows you to “lock” and “unlock” your TransUnion and Equifax credit reports. In addition, TransUnion provides identity theft insurance.

The app will only allow you to see your TransUnion credit report and manage the credit score based on your TransUnion credit history. It will not give you a complete picture of your credit history.

Lock & Alert is good for protecting your credit activity through Equifax. It allows you to easily “lock” and “unlock” your credit report—a much easier process than requesting a freeze be placed on your account, or lifting a freeze

The Lexington Law app works in tandem with your online account, allowing you to stay up to date with recent developments on your case while on the go. Lexington Law has one of the few credit management apps that allows you to view your credit history from all three credit bureaus, giving you the most complete snapshot of your credit. You can track any credit disputes currently in progress, see your most up-to-date FICO credit score and set up personalized alerts. Lexington Law also provides identity theft insurance and identity theft alerts. 

Although the Lexington Law app is free to download, you will need to pay to set up an account in order to use it.

Apps to Improve Your Credit Health

As you can see up above, different apps have different strengths. Your financial situation is unique, and the app that you choose will depend on your circumstances. However, each of the apps we have listed above will allow you to be more engaged in managing your credit score. Your credit is not beyond your control—there are resources available to you that can help you protect, build and repair your credit. 

If you’re trying to be more engaged in managing your credit or need help knowing where to start, contact our experienced credit consultants.


This article was reviewed by Daniel Woolston, an Assistant Managing Attorney at Lexington Law Firm. This article was written by Lexington Law.

Daniel Woolston is the Assistant Managing Attorney in the Arizona office. Mr. Woolston was born in Houston, Texas and raised in Sugar Land, Texas. He received his B.S. in Political Science at Brigham Young University and his Juris Doctorate at Arizona State University. After graduation, Mr. Woolston worked as a misdemeanor and felony prosecutor in Arizona. He has conducted numerous jury trials and hundreds of other court hearings. While at Lexington Law Firm, Mr. Woolston dedicates his time to training paralegals and attorneys in credit repair, problem solving, and ethical and legal compliance. Daniel is licensed to practice law in Arizona, Oklahoma, and Nevada. He is located in the Phoenix office.

Note: Articles have only been reviewed by the indicated attorney, not written by them. The information provided on this website does not, and is not intended to, act as legal, financial or credit advice; instead, it is for general informational purposes only. Use of, and access to, this website or any of the links or resources contained within the site do not create an attorney-client or fiduciary relationship between the reader, user, or browser and website owner, authors, reviewers, contributors, contributing firms, or their respective agents or employers.

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Credit Cards

How to remove inquiries from a credit report

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young family reviewing credit report together

The information provided on this website does not, and is not intended to, act as legal, financial or credit advice. See Lexington Law’s editorial disclosure for more information.

Credit scores naturally fluctuate from month to month depending on your usage, payments and transactions. For the most part, your credit score is directly tied to your actions. Occasionally there will be errors on your report that were out of your control, such as with hard inquiries and lines of credit. If you notice a sudden decline in your credit score, even if only by a few points, you may be suffering from the effect of an unwarranted credit inquiry.

Credit inquiries occur when a lender requests your full credit history from one of the credit reporting agencies. These inquiries into your credit history can affect your credit score negatively and will typically stay on your report for up to two years.

Inquiries stay on your record for so long because they reflect how many times you have applied for credit. Lenders use how many times you have applied for credit to judge whether you should be approved for an extension of credit.

In certain circumstances, an unapproved inquiry can be removed from your credit report by sending a credit inquiry removal letter to the credit reporting agency or by disputing it online.

The difference between hard and soft inquiries

difference between hard and soft inquiries

Although there is no difference between the data provided in a hard and soft inquiry, they do not affect your credit the same way. A common misconception is that checking your own credit history will negatively affect your score, but this is not true. When you check your own credit history, it is considered a soft inquiry and will not show on your credit report or affect your score.

Hard inquiries, by contrast, occur when a lender pulls your credit report. A lender may pull your credit history while going through an application for a new loan, a new credit card or any line of credit. Additionally, banks and property managers may pull your credit while setting up accounts or determining approval for an apartment.

Occasionally, a hard credit report can sometimes be pulled without your knowledge, approval or without your full understanding. Hard inquiries that were pulled without your request can be removed from your credit report under the Fair Credit Reporting Act.

How do credit inquiries affect your credit score?

Hard inquiries count as minor negative entries and account for 10 percent of your credit score. Although the exact effect on your credit score will vary depending on your credit history and current standing, you can typically expect to see a one to five point drop in your overall credit score.

Although the exact hit to your credit score will vary, you can expect to see drops in your score when these inquiries start to add up. Occasionally lenders will either pull your credit by mistake, pull your credit multiple times or pull your credit without your knowledge whatsoever.

Can you remove inquiries from your credit report?

reasons to dispute a hard inquiry on your credit report

Hard inquiries can be removed from your credit history if they occurred without your approval. If you did not have knowledge of the hard inquiries pulled from your credit profile, you have the right to ask for the inquiry to be removed

You can remove a hard inquiry if:

  • The inquiry occurred without your knowledge.
  • The inquiry occurred without your approval.
  • The number of inquiries exceeded what you expected.

How to send a credit inquiry removal letter

To send a credit inquiry removal letter, you should contact any credit reporting agency that is reporting the inquiry. Credit inquiry removal letters can be sent to both the credit reporting agencies and the lender who issued the credit inquiry.

1. Send the credit inquiry removal letter via certified mail
Certified mail is a way in which the sending and receiving of a letter or package is recorded. This form of mail will give you proof that the credit issuer or lender received the proper first notification to remove the hard inquiry.

2. Notify the lender first
Notifying the lender before you send a removal notice is necessary if you plan to take the dispute further to court. This is the proper first step for removing hard inquiries.

3. Include a copy of your credit report
Including a copy of your credit report with the highlighted unapproved hard inquiries may help with referencing your case. Although the credit reporting agencies will have easy access to your report, a hard copy will help investigators when processing your request.

4. Send to the appropriate credit bureau
It is important to send your letter to the credit bureau with a record of the hard inquiry you want removed. Below are the addresses for each bureau:

Equifax
P.O. Box 740256
Atlanta, GA 30374-0256
Equifax Dispute Information Center

Experian
P.O. Box 4500
Allen, TX 75013
Experian Dispute Information Center

TransUnion LLC
Consumer Dispute Center
P.O. Box 2000
Chester, PA 19016
TransUnion Disputes Information Center

Credit inquiry removal letter template

Date
Your name
Your street number, street name
City, state, zip code
Your phone number
Social Security Number
Name of credit bureau

Re: Reporting Unauthorized Credit Inquiry

To whom this may concern,

I am writing to request the removal of unauthorized credit inquiry/inquiries on my (name of the credit bureau—Equifax, Experian and/or TransUnion) credit report. My latest credit report shows (number of hard inquiries you are disputing) credit inquiry/inquiries that I did not authorize.

I am writing to dispute the following inquiries and ask for their removal from my credit report.

Item No.CreditorAccount

Please have these/this unapproved inquiries/inquiry removed from my credit report within 30 days, as it is harming my ability to obtain new credit. I would appreciate a copy of my credit report once this issue is resolved.

Thank you for your assistance.

Sincerely,

(Your Name)

How to stay on top of negative credit report entries

Removing questionable negative items from your credit profile can be a long and time-consuming process that can seem daunting. Although a few points’ difference may not seem like a large priority, it is important to stay on top of these entries before they add up and get out of control.

If keeping your credit score high or improving your credit score is a top priority, Lexington Law Firm may be a good option for you. Lexington’s credit repair services can help you with addressing questionable negative items on your credit report as you work on improving your credit.

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Class calculator: Which American income class do you really fall under?

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The information provided on this website does not, and is not intended to, act as legal, financial or credit advice. See Lexington Law’s editorial disclosure for more information.

With so much economic uncertainty, the desire for normalcy and stability has never been greater. The American “middle class” is an often vague categorization of the way most Americans live—including milestones such as homeownership, sending two kids to college and retiring at 65.  

According to a 2018 Northwestern Mutual report, 68 percent of Americans consider themselves “middle class.” But in reality, only 52 percent are designated as such (as of 2016). This discrepancy may be fueled by the desire to fit neatly into the middle, which can often be perceived as the norm. So what class do you really fall under? 

Middle class calculator

The calculator below gives an estimate of middle class designation based on state and total household income. It will also compare your results to your state’s average income and the current national average. To learn more about the evolution of the middle class, skip to our infographic.


Please enter your income and state.

You in the middle class in .

Here’s how you stack up compared to your state and the national average:

The evolution of the middle class and economic mobility

The middle class is slowly disappearing. As wealth disparity and wage gaps continue to widen, the concept of the “99 percent” versus the “one percent” becomes more of a reality.

For context, in 1971, 61 percent of Americans fell under the middle class. By 2016, this percentage had shrunk to just 52 percent—a significant drop of 9 percentage points.

Along with a shrinking middle class, downward economic mobility remains a concern. As technology and automation replace jobs, many workers will continue to lose their employment and slide into a lower income class. According to the Organization for Economic Co-Operation and Development, about 17 percent of middle-income jobs are at a high risk of automation.

Determining income class

There is no set standard for what is considered upper, middle or lower class. One simple method, coined by economist Stephen Rose, categorizes income class based on five buckets:

  • Poor or near-poor: $0 to $29,000
  • Lower middle class: $30,000 to $49,999
  • Middle class: $50,000 to $99,999
  • Upper middle class: $100,000 to $349,999
  • Rich: $350,000

Another method used by Pew Research Center to determine the middle class is to calculate whether income falls within two-thirds to double that of the national average—which is currently $63,179. By this method, a household with a total income ranging from $42,199 to $126,358 could be considered “middle class.”

While these methods are a great starting point, there are typically other factors that play into class, such as debt load, personal health, family situation, education and more.

The relativity of class and alternative viewpoints

The analysis of class is always relative. Psychological factors—like how we perceive our own situation—play a vital role in our happiness. “The mind is the most powerful functioning organ in our system, and thinking you are poor will definitely cause your whole system to act like it,” explains Ricardo Flores, a financial advisor at The Product Analyst. “Class is definitely relative. You can move from this position in life if you feel like you should or you can.”

Social and cultural capital are alternative ways to view class. This way of thinking approaches class as relating to how you view yourself and how you interact with others. It also allows room for your cultural background to influence your class—including art, literature, music and other important aspects of culture that make us who we are.

Just as income, education, location, social connections and mindset impact our well-being, so does debt. Credit card debt is massively expensive over time due to interest paid. But perhaps even more importantly, it has been linked to mental health issues like depression. No matter which class you fall into, proper credit management is vital—to both your physical and financial health. 

The infographic below dives deeper into the making of the middle class:

Methodology
Lexington Law used Pew Research Center’s standard of calculating income class that defines the middle class as having a household income that is two-thirds to double that of the national average. The most recent data available on average household income from the U.S. Census Bureau was used for the state and national averages. Lexington Law does not share any of the information provided in this calculator.


Reviewed by Cynthia Thaxton, Lexington Law Firm Attorney. Written by Lexington Law.

Cynthia Thaxton has been with Lexington Law Firm since 2014. She attended The College of William and Mary in Williamsburg, Virginia where she graduated summa cum laude with a degree in International Relations and a minor in Arabic. Cynthia then attended law school at George Mason University School of Law, where she served as Senior Articles Editor of the George Mason Law Review and graduated cum laude. Cynthia is licensed to practice law in Utah and North Carolina.

Note: Articles have only been reviewed by the indicated attorney, not written by them. The information provided on this website does not, and is not intended to, act as legal, financial or credit advice; instead, it is for general informational purposes only. Use of, and access to, this website or any of the links or resources contained within the site do not create an attorney-client or fiduciary relationship between the reader, user, or browser and website owner, authors, reviewers, contributors, contributing firms, or their respective agents or employers.

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Do’s and Don’ts of Paying Off Debt Early

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The information provided on this website does not, and is not intended to, act as legal, financial or credit advice. See Lexington Law’s editorial disclosure for more information.

The word “debt” usually has a negative connotation. Whether it’s student loans, lines of credit, consumer debt or a mortgage, most people strive to pay it off as early as possible. However, there are smart decisions to be made when paying off debt. For example, many people wonder, “Does paying off a loan early hurt credit?” This guide takes you through all the do’s and don’ts of paying off debt early so you can make the right decisions for your financial health.

What are the benefits of paying off debt early?

There are several appealing reasons why you might want to pay off your debt early.

You can save money

When it comes to debt, what can really get you is the interest rates. Luckily, if you pay off a debt earlier, you’re reducing the total interest you pay.

Let’s say you have a credit card balance of $5,000 at an average credit card interest rate of 16 percent. If you’re making a monthly payment of $200, it will take you 31 months to pay off the debt, and you’ll have paid a total of $1,122 in interest.

Now, if you increase your payment, it can make a significant overall difference. By doubling your monthly payment to $400, you will more than double the impact on interest and total loan time. Your time to pay off the debt will decrease to 14 months, and your total interest paid will be $506.

You can protect your credit

If your debt is something like a loan, then paying it off early can protect your credit. You will no longer be in danger of damaging your credit with a late or missing payment. Either of these instances can typically lower your credit score by 90 – 110 points for several months.

Additionally, paying off your debt can help your debt-to-income ratio. Your credit score is made up of five factors, and the debt-to-income ratio accounts for approximately 30 percent of your credit score.

You can decrease your debt-related stress

According to a 2019 survey produced by BlackRock, Americans identify money as their number one source of stress. Debt can make people feel insecure about their future and cause endless worry. This financial stress can start to impact job performance, quality of life and personal relationships. When you pay off your debt early, you’ll have more peace of mind about your financial state.

Potential negative consequences

You might be surprised to learn that there are some potentially negative consequences to paying off debt early as well.

Prepayment penalty fees

It’s essential to read the fine print of your debt before you start paying it off early. Some creditors choose to protect themselves from individuals trying to pay off debt early by including penalty fees. For example, many mortgages put a cap on how much extra you can contribute to your mortgage loan every year. Usually, it’s up to 20 percent of your principal balance annually.

Find out if your loan has a prepayment penalty fee, and calculate whether this fee is greater than the interest left on your loan. If your interest is lower than the penalty fee, it’s really not worth paying off the loan early.

Changes to credit factors

So, does paying off a loan early hurt your credit? The answer is, sometimes it can. For example, installment loans are different from revolving debt. Installment loans, such as mortgages, have a fixed interest rate for a period of time and fixed payments. Revolving debt, such as credit card debt, usually has high interest rates and options for minimum payments.

Keeping installment loans open can help your credit by improving your credit diversity. Additionally, installment loans show the credit scoring companies that you can reliably pay a loan. On the other hand, credit card debt, unless you’re paying it off entirely every month, can do more harm than good to your credit score.

However, this doesn’t necessarily mean that paying off a loan will hurt your credit score—you just shouldn’t expect it to automatically help, either. Your credit score may not change at all, or it may shift in either direction by just a few points.

Paying off debt: Do’s and Don’ts

Do address monthly expenses first

Your debt shouldn’t take priority over your monthly fixed expenses. Payments such as your rent, utilities and food are necessities. You need to pay these to continue living safely and comfortably.

Don’t neglect your savings

It’s crucial to have savings, especially emergency savings. Make sure you have an emergency fund at a level you’re comfortable with. That way, if something urgent comes up, like the loss of a job or a medical bill, you will be able to survive without falling into more debt. People without emergency funds often find themselves turning to desperate solutions (such as payday loans), which are usually more harmful in the long run.

Do consider refinancing

If the balance of your installment debt is incredibly high, it might be time to consider refinancing. This route is usually a great option if you’ve been making regular payments and have seen an improvement in your credit score. A better credit score may mean you qualify for better rates with refinancing, which can save you thousands of dollars in interest.

Talk to a financial planner first to better understand if refinancing is the best option for you.

Don’t discount investment opportunities

It can be tempting to prioritize debt above all else, including retirement. Don’t discount investment opportunities, though. Just as you should have an emergency fund, it can hurt you long term  if you don’t begin saving for retirement now.

Additionally, consider the interest rates on your debt. The average return on investments in the stock market is, historically, around 10 percent. If the interest on your debt is lower than 10 percent, investing might be a better option than paying debt off early.

Do consult a professional

The right balance of debt can actually help your overall credit. However, it’s all quite complicated, and there are a lot of different factors to take in. It’s vital to consult a finance professional before making any significant decisions.

Paying off your debt sooner than necessary isn’t quite the straightforward process it might seem to be. There are many factors to consider, and it’s important to be thoughtful before making any decisions. You can also reach out to our team at Lexington Law today to learn more about your credit.


Reviewed by Cynthia Thaxton, Lexington Law Firm Attorney. Written by Lexington Law.

Cynthia Thaxton has been with Lexington Law Firm since 2014. She attended The College of William and Mary in Williamsburg, Virginia where she graduated summa cum laude with a degree in International Relations and a minor in Arabic. Cynthia then attended law school at George Mason University School of Law, where she served as Senior Articles Editor of the George Mason Law Review and graduated cum laude. Cynthia is licensed to practice law in Utah and North Carolina.

Note: Articles have only been reviewed by the indicated attorney, not written by them. The information provided on this website does not, and is not intended to, act as legal, financial or credit advice; instead, it is for general informational purposes only. Use of, and access to, this website or any of the links or resources contained within the site do not create an attorney-client or fiduciary relationship between the reader, user, or browser and website owner, authors, reviewers, contributors, contributing firms, or their respective agents or employers.

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