What are some apps I can use to rebuild my credit?

Ralph Estep Jr.:
00:00

Have you ever looked at your credit score and felt like you were staring into the abyss? Like those three little numbers held the power to make or break your financial future? Well, trust me, I've been there. It can feel overwhelming, like trying to climb Mount Everest with a pair of flip-flops. But listen, just like God can move mountains, He can also help us rebuild our credit. And sometimes, He uses a little something called technology to do it.

Ralph Estep Jr.:
00:29

Hey, everybody. Welcome back to the Ask Ralph Show. It's Technology Tuesday, and you know what that means. We're diving into the digital tools that can help us live more abundant lives, both financially and spiritually. Today, we're talking about credit repair apps. Those handy little helpers that can guide us towards financial restoration. But first, let's hear what one of our listeners had to say.

Ralph Estep Jr.:
00:53

"Dear Ralph, I recently lost my job and had to rely heavily on credit cards just to make ends meet. Now my credit score has taken a nosedive and I feel so lost. Are there any apps out there that can actually help me fix this mess?" And this was signed, "Feeling Financially Fragile." Well, Financially Fragile, my heart goes out to you. Job loss is tough enough without the added stress of credit damage. But let me tell you there is hope. And yes, there are some fantastic apps out there that can help you get back on track.

Ralph Estep Jr.:
01:29

Now, before we get into the nitty gritty of specific apps, let's take a moment to center ourselves in scripture. The book of Luke 16:10 tells us, "Whoever can be trusted with very little can also be trusted with much, and whoever is dishonest with very little will also be dishonest with much." This verse reminds us that rebuilding our credit is about more than just improving a number. It's about demonstrating trustworthiness and stewardship in all areas of our lives, including our finances.

Ralph Estep Jr.:
02:05

Okay, well, let's get into some of these apps for credit repair. Now, remember, I'm not a financial advisor. And this isn't financial advice. Always do your own research and choose what's best for your unique situation. Well, here are a few popular options that I think are worth checking out.

Ralph Estep Jr.:
02:21

First up is Credit Karma. This app is like having a credit counselor in your pocket. It gives you access to your credit reports from TransUnion and Equifax. It helps you understand your credit score and even sends you alerts if there's any suspicious activity on your accounts. Plus, they have a ton of educational resources to help you learn about credit and make smarter financial decisions. That's Credit Karma.

Ralph Estep Jr.:
02:45

Secondly, we have Credit Sesame. Similar to Credit Karma, Credit Sesame also offers free credit monitoring and score tracking. They also have a cool feature that analyzes your credit profile and recommends personalized tips for improvement.

Ralph Estep Jr.:
03:01

The third one is Experian. Now, you might recognize Experian as one of the big three credit bureaus. They also have a great app that provides credit monitoring, identity theft protection, and even helps you dispute errors on your credit report.

Ralph Estep Jr.:
03:16

And finally there's Mint. While not strictly a credit repair app, Mint is a fantastic tool for managing your overall finances. The cool thing about Mint is it connects directly to all your bank accounts, your credit cards and investments, and it gives you a complete picture of your financial health.

Ralph Estep Jr.:
03:31

You can even track your spending, you can create budgets and even set financial goals. And these are just a few examples. There are plenty of other credit repair apps out there, so do your research as I said, and find one that fits your needs and budget. But remember this. Technology is just a tool. The app alone will never restore your credit.

Ralph Estep Jr.:
03:58

So you may be asking, "Ralph, how do I decide which app to use for my situation?" Well, that's a great question. As everyone's financial situation is unique, here's some guidance that I can give you to help you make that decision. The first thing you need to do is start by identifying your priorities.

Ralph Estep Jr.:
04:15

Maybe you want to look at free versus paid apps, maybe start with free apps like Credit Karma and Credit Sesame. They offer a great starting point for monitoring your credit and getting some basic recommendations If you need more in-depth features like credit score simulators or dedicated credit counseling, you might want to consider paid options.

Ralph Estep Jr.:
04:33

You also want to consider the credit bureaus they cover. Different apps pull your credit reports from different credit bureaus. There's Experian, Equifax and TransUnion. Ideally, you want to choose an app that covers all three for a complete picture of your credit health. You also need to understand which credit bureau is the best for your area. Yes. Believe it or not, there are certain credit bureaus that focus on certain areas of the country.

Ralph Estep Jr.:
04:57

The next thing you want to do is think about features. Consider what features are most important to you. How about credit monitoring and alerts? Do you want to get notified of changes to your credit report? Maybe credit score analysis is important to you? You want to understand the factors affecting your score? Maybe you want personalized recommendations where you get tailored advice on improving your credit. Maybe financial management tools are important to you.

Ralph Estep Jr.:
05:21

Some apps offer budgeting, spending tracking, and even goal-setting features. Or maybe identity theft protection is a big deal. Some of these apps, you get alerts for potential fraud, and assistance of recovery. I highly recommend you read reviews and compare. When you're looking at those user reviews, check out the app store reviews to see what other users are saying about their experiences.

Ralph Estep Jr.:
05:43

Look for comments about accuracy. Look for comments about their customer service, and also look for comments about the helpfulness of their features. Maybe you want to review some comparison websites. There are websites like NerdWallet, Investopedia and The Balance also have detailed reviews and comparisons of these different credit repair apps.

Ralph Estep Jr.:
06:03

You've got to also understand the limitations though. There are no quick fixes. Credit repair takes time. There is no app that can magically erase negative information from your credit report overnight. You didn't get that way overnight. It's not going to be cleared up overnight. So you got to check the accuracy.

Ralph Estep Jr.:
06:22

While credit repair apps can be helpful, they're not perfect. Always double check the information they provide with your virtual credit reports from the credit bureaus. Also consider doing it yourself versus professional help. If you have complex credit issues or are struggling to make progress on your own, consider seeking professional help from a certified credit counselor.

Ralph Estep Jr.:
06:43

And finally, and I can't stress this enough: Trust your gut. Ultimately the best credit repair out for you is the one you feel most comfortable using, and that fits your budget. Trust your instincts and choose an app that feels right for your particular needs. Well, now let's talk about some concrete steps you can take to improve your credit regardless of the app you choose, or maybe you decide you don't even want an app at all. These are some universal truths. It is so very important to be proactive and take forward steps to improve your credit.

Ralph Estep Jr.:
07:15

So I'm going to give you a few tips. The first one is this. Pay your bills on time, every time. This is crucial. Late payments can really hurt your score. I don't care what app you use. If you don't pay your bills on time, you're never going to fix your credit.

Ralph Estep Jr.:
07:31

Another key is to keep your credit utilization low. This means using a small percentage of your available credit. You want to aim for 30% or less actually. I did a show a few weeks ago about this very topic. So I encourage you to go back and listen if you haven't already heard it. You'll find all of our back episodes on our website at askralphpodcast.com.

Ralph Estep Jr.:
07:53

Here's another pro tip. Don't close old credit cards. The length of your credit history plays a role in your score. So keep those older accounts open, even if you don't use them much. Many people are surprised by this step, but it really does help your credit score to have a long-term credit history.

Ralph Estep Jr.:
08:10

And here's another vital thing you need to do. And that's dispute any errors on your credit report. You have the right to dispute inaccurate information. Use those credit repair apps to your advantage. This is truly crucial. If there's something on your credit report, which is wrong. Dispute it and get it off of there. That will make a huge improvement to your credit score.

Ralph Estep Jr.:
08:33

You know, rebuilding your credit takes time and effort. But it's absolutely possible. You can do this. Just like a farmer patiently tends to his crops, we need to be diligent in cultivating healthy financial habits. As you may know, I raise black Angus cows. Did you know, it takes over 24 months to bring a baby calf to full size It doesn't happen overnight. Like I said earlier, you probably didn't cause the credit issues you're facing last week. So don't expect a resolution this week. But taking positive steps will lead to beneficial results. And remember this. You're not alone in this journey.

Ralph Estep Jr.:
09:12

The book of Galatians 6:2 reminds us, "Carry each other's burdens, and in this way, you will fulfill the law of Christ." So if you're struggling with debt or credit issues, don’t be afraid to reach out for help. Talk to a trusted financial advisor, a credit counselor or even your pastor or a mentor. There are people who care about you and want to see you succeed.

Ralph Estep Jr.:
09:37

Well, I hope you found this information helpful. Remember, technology can be a powerful tool for good, especially when it comes to our finances. Don't forget to visit our website. That's at askralphpodcast.com and join our email list. When you do, you'll receive a free copy of my book, "Mastering Your Finances." 47 pages packed with money saving tips and strategies for achieving financial freedom.

Ralph Estep Jr.:
10:00

And hey, if you've got a question about today's topic or anything else related to faith and finance, don't hesitate to send it my way. You can reach me through the website. There's a little button down at the bottom. It's a microphone. You can click and record a voicemail right there. You never know, your question might be featured on a future episode of the Ask Ralph Show. So until next time, stay financially savvy, and God bless you.