Understanding your credit score is key to managing your money. A high score can help you get loans, mortgages, and credit cards with lower interest rates. Many apps in the UK can help you check and improve your credit score.
In this guide, we’ll explain what a credit score is, why it matters, and how to use the top credit score apps.
Table of Contents
1. Credit Karma
Credit Karma is a widely used credit score apps in the UK. It provides free access to your credit score and additional credit insights. Credit Karma updates your credit score every seven days using TransUnion and Equifax.
The app shows key factors that affect your score. These factors include credit use, payment history and credit checks.
Unlike other apps, Credit Karma does not provide an Experian credit report. Users looking for Experian-specific data may need to explore alternative options.
Additional features
- Alerts on significant changes to your credit report. For example, new accounts or changes in your credit score.
- An eligibility checker to estimate your chances of approval for loans, credit cards, and other financial products.
- Credit-building insights and tailored tips to help improve your credit health.
Note: Credit Karma also acts as a credit broker. Meaning it may recommend credit products as part of its services. Before applying, its a good idea to check that products suit your needs.
2. Clearscore
ClearScore is a free credit score app powered by Equifax. The app is free to download and their service is free to use. The app updates your Equifax credit report weekly. This allows users to keep track of their financial standing on a regular basis.
ClearScore does not provide credit reports from TransUnion or Experian.
Additional features
- The app includes a credit score coaching tool. It offers insights into how your financial decisions could impact your score.
- Receive alerts for important changes to your credit report, helping you stay on top of your credit health.
- Personalised recommendations on credit cards, loans, and steps to improve your credit score.
ClearScore can be a valuable tool for anyone looking to build or maintain their credit profile while making informed financial decisions.
3. Experian
Experian’s credit score app provides real-time monitoring with accurate data from banks and lenders. The free version shows your Experian score. The paid plan (ÂŁ14.99/month) gives a full credit report with detailed insights.
One of the app’s key features is scoring influencers, which highlight factors impacting your credit score.
These influencers help you understand the dos and don’ts of credit management. The paid version offers credit report locking, an added layer of protection against identity fraud.
Additional features
- Loan and credit card comparison tools to help you find products with a high approval chance.
- Alerts on important credit report changes.
- Resources, including tips, videos, and articles to help improve your credit score.
Experian’s paid version provides accurate, detailed insights which may be useful for people applying for a large amount of credit, such as a mortgage.
4. MoneySavingExpert
MoneySavingExpert (MSE) is a well-known UK finance platform. They offer a credit score app in partnership with TransUnion. The app provides users with access to their credit score and insights into their financial health.
The app also includes an eligibility rating and an affordability score. These tools assess income and expenses in a way similar to lenders, helping users understand their chances of being approved for credit.
Additional features
- Uses open banking to analyse your spending and offer tailored recommendations.
- Provides insights into income vs. expenditure, helping you manage your finances better.
- Includes general money-saving advice from MSE’s website within the app.
As a free app, MSE offers valuable tools for tracking both credit scores and financial habits.
How can credit score apps help you in your credit journey?
There are many credit apps, each with its strengths and limitations. Some apps may allow you to see the credit score updates of all three credit bureaus. Others may give you alerts only on major changes.
The best credit score app depends on your financial goals. Whether you want to track your score, get tips, or spot fraud, the right app can help.
How do credit scores work?
Your credit score shows how well you manage credit and can impact your ability to borrow. If you repay on time and only take on what you can afford, your score may improve. A higher score can make it easier to get loans with lower interest rates.
Missing repayments or borrowing too much can lower your score. This may lead to higher interest rates or even rejected applications.
Short term loans and payday loans have high interest rates because they often are aimed at people with lower credit scores, making them riskier for lenders.
Rebuilding a low credit score takes time. However, monitoring your credit can help you track progress and make better financial choices. You can use credit monitoring services to do so.
Why do you need to monitor your credit report?
Your credit score comes from your credit report, which tracks your borrowing history. In the UK, you can check it with Equifax, Experian and TransUnion. These are the three main credit reference agencies (CRAs) in the UK.
Checking your report helps you fix errors like old addresses or mistakes that may lower your score. It’s good to review joint accounts, as they can affect your credit rating.
Watching your credit report can also help you spot fraud, like accounts opened in your name. Catching these early can protect your money.
Before applying for credit, check your report. Fixing mistakes first can improve your chances of approval.
Simple ways to improve your credit score
To improve your credit score, start by making payments on time for bills, loans, and credit cards. Use less credit by keeping balances low and avoiding maxing out your credit limits. Check your credit report often to spot mistakes and update any incorrect details. Registering to vote can also help, as being on the electoral roll improves your credit profile.
Avoid applying for much credit at once, as multiple applications in a short time can too lower your score. Keeping old credit accounts open can be beneficial, as a longer credit history may boost your rating. To prevent missed payments, set up direct debits for regular bills. These steps can help build a stronger credit score over time.
Disclaimer: The information provided above is for reference only and does not constitute financial advice. The views expressed are subjective and may vary from person to person. We are not promoting any specific apps. Please conduct thorough research before using any financial management tools.