Credit Score

Best Credit Improvement Tools For 2020

Last updated on March 28, 2020 by
credit score improvement tools

Credit improvement isn’t only for people with bad credit. Unless you have a perfect score, it always helps to continuously increase your score. A higher credit score can impact everything from applying for a credit card, mortgage, or even renting an apartment.

There are many tools out there that can improve your score quickly by 50 to 100 points. These aren’t credit repair companies that you have to pay, they’re tools that help increase your credit score, whether it be bad or good. We analyzed dozens of the best credit improvement tools, and rated the best ones below.

Best for

Best overall credit improvement tool

Fingerhut

How it works:
Fingerhut is an online marketplace with millions of customers, established in 1948 and owned by Macy’s. It lets customers shop on their platform, like they would on Amazon. However, instead of using your own cash, you pay using credit borrowed from them. When you pay off your balance, they help improve your credit by reporting your account to all 3 credit agencies. It’s a great way to increase your credit score simply by doing your shopping on another platform.

Application process:
Signing up is completely free, and instant. Just make an account and start shopping.

Credit score improvement rate:
You can expect to increase your credit score by around 20 to 50 points in 30 days or less.

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Best for

Renters

RentReporters

rent reporters

How it works:
Renters have one disadvantage over homeowners. While prompt mortgage payments allows you to build credit, paying rent on time is never reported to credit agencies. RentReporters changes that by reporting your rent payments to credit agencies. Not only that but they’ll also report the past 24 months of payments prior. What makes Rent Reporters the top choice out of other rent reporting companies is that they report to two credit bureaus (Equifax and TransUnion), while most report to only one. You also don’t need to pay rent online or change the way you pay your rent.

Application process:
RentReporters costs $9.95 per month. You also need to pay a $94.95 setup fee + $50 for adding previous landlords (if you want to report past payments from other residences). While the setup fee may seem expensive, it’s a convenient way to improve your credit score without doing much extra.

Credit score improvement rate:
You can expect an average score increase of 40 points in just 10 days.

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Best for

Credit building secured credit card

Open Sky Secured Credit Card

open sky secured credit card

How it works:
The Open Sky Secured Credit Card is perfect for people with zero, low, or bad credit scores. A secured credit card works differently than traditional credit cards. You need to fund a security deposit first, which is held in case you don’t pay off your bill. This is totally reasonable since companies don’t have a strong credit score to trust you with yet. The unique feature of Open Sky is that anyone can be approved. They don’t do any credit checks, and you don’t need a bank account either. If you don’t have a bank account, you can choose to pay off your bill through money order or Western Union.

Application process:
The application process for the Open Sky credit card is unlike the traditional credit card application process. There is no credit check, almost instant approval, and no bank account needed. Additionally, the annual fee to be a cardholder is only $35. The security deposit to start using the card is $200. When you close your account, it will be refunded to you.

Credit score improvement rate:
You can improve your credit score by 20 to 50 points in just 30 days of using the card.

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Best for

Free credit score checking & monitoring

Credit Karma

credit karma

How it works:
Getting access to your credit score used to be a confusing process that most people did not know how to do. You had to pay each time you checked, which made it expensive and almost impossible to monitor regularly. Oftentimes, outstanding payments that go to collections will go unnoticed for months or even years (depending on how often you used to check). Credit Karma is the easiest and fastest way to get access to your credit score for free. You can log in anytime, and check how your score is doing. Credit Karma gives you access to your Vantage 3.0 credit score, but you can also access your entire report from other credit bureaus like Transunion and Equifax.

Application process:
Credit Karma is 100% free for everyone. You’ll need to provide your SSN and credit information, as you would when accessing your credit score from agencies.

Credit score improvement rate:
Credit Karma is a credit checking and monitoring tool so while it won’t directly improve your credit score, it will help you monitor your progress in increasing your score with the other tools in this list.

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Best for

Loan solution

Self Lender

self lender

How it works:
Self Lender is the first credit improvement tool to offer nationwide credit builder loans. The way it works is simple. It’s the opposite of how a traditional bank loan works. You select the amount you need, get approved, and make monthly payments. After your final payment of the loan is when you’ll actually receive the loan. Self Lender will then report your successful payments to all 3 credit agencies.

Application process
Compared to a bank, where most don’t even offer credit builder loans, the application process is fast, simple, and doesn’t require a hard check on your credit. You can apply and get accepted in under 5 minutes, no credit check required, and it costs just $9 to get started.

Credit score improvement rate:
People with no credit histories have reported as high an increase as 75 points. The average credit score increase is 15 to 30 points in around 60 days.

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Best for

Credit card debt

Tally

tally

How it works:
If you need help paying off your high interest credit cards, Tally is an automated tool that gives you a line of credit, analyzes your cards, and allocates your credit card payments efficiently so you don’t accrue interest charges. Your credit card debt is paid off using Tally’s line of credit, and you pay your debt to Tally instead, which offers a lower interest rate. It’s perfect for people with credit card debt, or people who carry multiple cards and need help tracking balances, payments due, and figuring out which ones to pay off first.

Application process:
Signing up is free and there are no fees to use Tally. What you pay is the APR towards the Tally line of credit that you receive. Depending on your credit history, this can be as low 7.9% compared to the 20% fees charged by most credit cards.

Credit score improvement rate:
Paying off your credit card balance in full and on time can make a major improvement to your credit score and prevent it from getting any worse with each late payment.

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Conclusion: Methodology

There are many different credit improvement tools out there, and various things you can do to increase your credit score. The companies listed were selected after comparing dozens of different tools and companies out there. The main things we looked at were ease of use, user reviews, reputation and trust score, how much and how fast your credit score can be improved, and low minimal fees to get started and to continue being a user.