The idea of improving your credit score might seem like a daunting task.
A lot of people struggle to get their assets and debts under control. This leads to a diminishing credit score and the inability to apply for loans without getting rejected. To avoid this, there are online tools that offer a comprehensive insight into your credit history.
The leading tools are ScoreMaster and Credit Karma.
This comparison will look at what these tools are all about, how they work, and which one is the right fit for your financial situation.
ScoreMaster vs Credit Karma: Features Comparison
ScoreMaster Key Features and Overview
The premise behind the ScoreBuilder is to make it easier than ever before to build a personalized plan. This includes what type of adjustments need to be made and how much each variable matters.
You can spin the built-in dial to learn how much each decision is going to matter when it comes to your credit score.
This is key information to get things right the first time.
- Money Manager
Managing all of your debts and financial accounts can be difficult.
Money Manager is a feature that allows you to manage all of those accounts in one spot.
The benefits include:
- Real-Time Money Management
- Ask Questions to Creditors in Seconds
- Easy to Use
This is perfect for those who struggle to keep up with everything. Through the membership plan, it’s possible to easily access this feature and set everything up in minutes.
- Smart Credit Report
Being able to learn more about your financial health and what’s going on is essential. With ScoreMaster, it’s possible to tap into a personalized “Smart Credit Report” to learn more about what is going on under your name right now.
This is relevant information to let you know which factors are weighing you down.
The reports are pulled using tangible, real-life data and will shed light on what is going on right now.
There is always something going on with your accounts and it’s essential to know what it is. This can include potential identity theft when it comes to the potential consequences of having so many accounts.
Due to this, ScoreMaster offers immediate alerts whenever something occurs.
The benefits include:
- Great for Identifying Identity Theft
- Easy to Set Up
- Quick Notifications to Smartphones
The notifications are sent right to you in real-time and you can quickly check what’s going on before things spiral out of control financially.
- 3B Reports
Want to know what all three credit bureaus have to say about your financial health?
ScoreMaster makes it easier than ever before to run reports from all three credit bureaus in one shot. You can get the reports sent to you for a set price making it easy to know whether or not there are errors that have to be fixed.
A lot of people only focus on one credit bureau and never realize lenders may use another bureau when assessing your financial health.
Credit Karma Key Features and Overview
- Credit Factors
Several factors play a role in whether or not your credit score is trending in the right direction.
Credit Karma highlights all of these factors in one place. This lets you know which factors matter, how much they are impacting your credit score, and where adjustments can be made.
This is critical information to ensure mistakes are not made along the way.
- Credit Score Simulator
Credit Karma also makes it possible to run your credit score through a simulator.
What this means is you are going to set up your credit score, being adding events (i.e. applying for a large loan), and then see how it impacts that score.
The benefits include:
- All Relevant Factors
- Latest Data
- Constant Monitoring
Being able to do this is powerful as it ensures you are well aware of what is going to happen before making the decision.
This ensures silly mistakes aren’t made where your credit score is impacted heavily because you weren’t aware of what would transpire.
- TransUnion Credit Score
All of the credit data that is run through TransUnion is made available on Credit Karma. This is done using VantageScore 3.0.
You gain insight into what’s going on through TransUnion, which is key information for those who want to ensure their credit health and information is accurate. Having all of this information in one place makes it easier to decide whether or not changes are necessary.
- Equifax Credit Score
Just like TransUnion credit reports, Credit Karma also takes the time to offer access to Equifax’s credit history.
The benefits include:
- Comprehensive Equifax Reporting
- Latest Data
- Complete List of Factors
This is key for those who want to also learn more about what Equifax has to say. This is just as important as the report coming through TransUnion. The score is once again provided using the VantageScore 3.0 formula.
- Spending Tracker
It’s easy to set up all of your accounts through the Credit Karma profile.
This allows you to track all of your expenses in one spot. Just go through the account and see where your money is going and how it is impacting your credit score.
This is critical data to have up your sleeves to learn more about the changes needed to improve your score right away.
Need to Improve Your Credit Score? Here’s Why You Should Pick ScoreMaster
1. Complete Integration
It starts with the overall integration of everything in one spot.
It is not just integrating all of your bank accounts and anything else that is financially relevant. It is more about the access to creditors in one spot and being able to hit the “Action Button” to ask important questions.
Just having the ability to do this is incredible and insightful while trying to correct mistakes made in the past.
RELATED READING: ScoreMaster Review
2. Quick Credit Score Improvements
The tool is designed in a way to make sure quick credit score improvements can be made.
Based on the research done into this tool, the average person tends to see an improvement of 61+ points within a span of three weeks or so. This illustrates the beauty of this tool and why it is a must when it comes time to improve your credit score.
This is a great way to make sure you are ready to apply for a loan before you put in the application. Within weeks, your score can improve dramatically.
3. Direct Questions to Creditors
If you are someone that wants to interact with creditors and learn more about your options, you can do so through ScoreMaster.
This is a wonderful feature to have and it is advantageous when learning more about your credit options. Just knowing there is a way to reach out to them without leaving the tool is helpful.
With the help of an Action Button, you can ask direct questions and learn more about your financial options.
Why Credit Karma is the Choice for Credit Monitoring and Maintenance
1. Seamless Credit Score Monitoring
When it comes to monitoring your credit score through TransUnion and/or Equifax, you can do so with ease using this tool.
it is designed in a way to make the monitoring as seamless as it needs to be. You can integrate all of your accounts and credit cards while learning more about which factors matter the most.
2. Credit Score Simulation
Simulating your credit score is a powerful feature and one that is useful.
You can learn more about which factors matter and how much they impact your score. Put in the variables and see how many points your credit score drops if you made that type of decision.
3. Spending Tracking
Credit Karma allows you to easily analyze each aspect of your expenses by integrating all of your bank accounts.
This is a good way to see where the money is going and how much it is impacting your credit history.
- Basic Membership – $19,99/Month
- 3B Report – 29.99/Report
2. Credit Karma
- Free of Cost
When it comes to improving your credit score, it’s essential to use an online tool that is easy to implement and is going to offer a comprehensive look into your financial health.
Both ScoreMaster and Credit Karma offer a long list of features designed to aid users. This is all about finding a fit that is in line with your situation and what you need right away to improve your credit score.
Pick ScoreMaster if you are on the lookout for reports from all three credit bureaus, an emphasis on improving your score quickly, direct questions to creditors, online banking from one place, and ongoing alerts.
Pick Credit Karma if you are on the lookout for a free online tool, spending tracking, ongoing credit score monitoring, a list of credit score factors, and want to find unclaimed money under your name.
Both services have a place and it comes down to what you are hoping to get from the experience.