Keeping track of your credit score and finances can seem like a lot of work at times.
Between all the other details and aspects of your life you have to remember and keep track of, having to worry about your credit and finances is one more stressor you don’t need. That being said, in the age of technology, there are apps that can do that for you, like Credit Sesame.
What It Does
Credit Sesame is a one-stop app when it comes to your credit. It even handles some of your other financial aspects as well. In fact, Credit Sesame seems to do a little bit of everything.
Credit Sesame provides you with one place to manage all your loans and credits. This essentially makes it easier for you to control your finances.
First and foremost, you’ll not only receive a monthly credit score for free, but receive credit monitoring as well. Each month, Credit Sesame gathers your financial information from one of the credit bureaus it works with, and enables you to see how your score has changed, and assists you in figuring out what might be effecting that score.
Moreover, they help you monitor your credit and finances by providing you with alerts in real-time. They also send out alerts when better loan or credit card options are available to you or if you need help from nyc midtown accounting service. By doing so, you can compare offers on various loans and their interest rates, should you reach a point where you need to refinance or take out another loan. Overall this can save you money in the long-run.
Credit Sesame also enables you to track your home’s value and, based on your home’s mortgage, how much equity you may have accumulated.
Another great aspect of Credit Sesame is it’s financial goals feature. Simply input what you’d like to achieve, whether that’s taking out a loan for a large purchase or refinancing, and they’ll alert you to offers aligned with your needs and credit profile.
The last and one of the best features of Credit Sesame is its identity protection ability. By simply signing up for the app, you’re allotted a $50,000 insurance from identity theft, as well as help from a professional to restore your identity.
Overall, through the use of Credit Sesame, you’ll have constant access to a significant portion of your finances and always stay aware of where you stand financially.
How Much It Costs
The initial and most basic version of Credit Sesame is 100 percent free. You don’t even have to input any of your credit card information. They do require your social security number and prompt you to answer a few questions solely about your finances to assure your identity.
That being said, you do have the option to opt for a paid subscription if you want more features and more in-depth financial analysis. Credit Sesame offers three different paid subscriptions. They range from $9.95 to $15.95 to $19.95 per month. Still, unless you’d like credit scores from various sources, 24/7 assistance, or added identity theft protection, the basic app ultimately provides you with everything you need.
Pros & Cons
Pro: Constant access to your credit score.
Con: Credit Sesame doesn’t provide your actual FICO score, which means you score could vary significantly from what’s show.
Pro: Doesn’t hurt your score in any way, since the credit score inquiry only shows up as a soft inquiry.
Con: You’ll receive lots of alerts for credit card companies and loan offers, even when you don’t need them.
Pro: It’s completely free, they have no way of charging you, and it is safe.
How It Stacks Up
Credit Karma is another app that allows you to track your credit score and financial health. Unlike Credit Sesame, Credit Karma provides you with an updated report weekly. However, it also doesn’t provide you with your actual FICO score and instead, shows you a Vantage 3.0 score.
Credit Karma is also completely free and doesn’t require a credit card. Like Credit Sesame, Credit Karma also shows you offers from various credit card companies without your permission. Credit Karma does have an advantage in that it allows you to check your credit score any time you want, where Credit Sesame only allots you to do so monthly.
Moreover, Credit Karma has handy comparison charts and seems to provide quality, detailed information even though it’s free. On the other hand, Credit Sesame does have some complaints against it in that some complain that unless you subscribe to one of its premium accounts, its features and advice are limited.
Another financial app that provides you with detailed updates is Mint. Mint is also completely free. But, it does require you to connect all of your financial accounts to it in order to keep track of everything.
While Credit Sesame offers quite a bit in terms of financial updates, Mint seems to outdo it in its many features. It not only allows you to check and follow your credit score, as well as find ways for improvement, but also looks at every big picture and little picture aspects of your finances. You’ll see your spending habits and trends, establish and track your budget, see every transaction you make.
That being said, Mint doesn’t provide a full credit report. Nonetheless, however, it overall provides a fairly comprehensive picture of your finances. So, if you want a truly one-stop app, Mint may be the way to go.
Who Credit Sesame is Best For
Credit Sesame can be a great place to begin if you want access to your score on a regular basis, but don’t want to spend anything. Moreover, if you’re fine with receiving a non-FICO score, then Credit Sesame can be a fine place to start.
That being said, if you truly need to monitor your score for improvement, you may want to make sure you’re checking it from one, single source, which Credit Sesame doesn’t guarantee. And of course, if you need a much more comprehensive view of your finances, you may want to opt for a different app or program.