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Monitor, Simulate & Build A Better Credit Score
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A credit score is a financial tool that is used not just by lenders, but landlords, insurers, utility providers, cell-phone providers, and even potential employers. It is used to determine what offers you will receive, how much you will be charged and overall, establish your candidacy as a client. If you have bad credit, you may be subjected to a larger down payment, a higher interest rate, or a higher premium. In order to avoid these charges, you can try to increase your credit score.
What Is Score-Up and How Does it Work?
Score-Up is a credit-building tool offered by Marble, a company that specializes in helping Canadians get their finances back on track and rebuild their credit. It is a tool that guides you on how to manage your credit score in the most efficient way, all the while paying down your debt. Its innovative software analyzes your credit report to create a plan that will allow you to take measured steps in achieving your goal towards higher credit. Unlike other credit repair products, Score-Up’s software provides detailed actions on how you can improve your credit score (including the number of points your credit score would increase by).
Point Deduction Technology: This software is the key to determining how much each item on your credit report is worth. According to Score-Up, “it analyzes credit data points in real-time to identify those that make the biggest impact—both positively, negatively, and incorrectly—on your credit score”. This ultimately, allows Score-Up to provide actionable insights on how to build your credit score.
Target Score Simulator: This software is able to simulate how many points you’ll gain or lose based on future actions. If you wanted to know how many points you’d lose if you missed a payment next month or how many points would you gain if you paid an extra $200 on your credit card, Score-Up’s Target Score Simulator would be able to calculate it for you.
Ultimately, Score-Up is a tool that helps you get the credit score you need so that you can gain access to the offers and rates you want on other credit products, like a car loan or a mortgage.
What Is The Score-Up Process Like?
You can gain access to Score-Up in three simple steps.
- Choose a monthly Score-Up Booster Loan subscription plan that works for you. This subscription will give you access to a number of other tools that will help you reach your credit score target such as monthly reports and alerts on your progress and personalized plans on how to achieve your target credit score.
- Once subscribed, Score-Up’s software will analyze your credit report to determine the most efficient way to build your credit score according to your goal.
- With a plan in place, you can keep tabs on your progress, by reading its monthly progression reports and using their real-time recommendations on how you can gain points and where you’ve lost points.
Benefits of Score-Up
There are a number of benefits Score-Up offers when you subscribe.
Score-Up offers various types of subscriptions. Firstly, if you wish to simply use your credit or Visa Debit card, you can do so with their pay-as-you-go Lite option starting at $29.99. Or with their Boost, Plus, and Premium options you get a dedicated Score-Up Coaching session and begin building your credit right away with your subscription payment. Why? With Score-Up your payments are made through Score-Up’s 0% tradeline credit booster financing. This ensures that every payment you make toward your subscription gets reported to the credit bureaus, which will help boost your credit score.
Pinpoint data errors
Often times, credit reports will contain errors that can affect your credit such as duplicate credit, line items, and inaccurate payment history. With Score-Up’s software, it will highlight these errors so that when you apply for new credit your banks and lenders will see your true credit report; one free from error. This will result in you getting the best rates and offers for the credit product you are applying for.
Know what increases your score point by point
With Score-Up’s Target Score Simulator software you can see how many points you will gain or lose from a particular action. It will also give you recommendations on how to gain more points by telling you which debts to pay first and by how much. For example, if you pay $100 on your line of credit 10 days earlier than the due date, the simulator software will be able to tell you how many points you will gain by doing so. Moreover, Score-Up will give you a personalized strategy on how to achieve your goal by advising you to do certain actions such as:
- Pay $23 on your personal loan for +8 points
- Pay $50 on your line of credit 10 days before the due date for +10 points
- Pay $35 on your credit card for +3 points
With measurable steps to attain your goal, Score-Up makes building credit fast, simple, and manageable.
Score-Up also provides monthly reports that detail your credit-building progress. It also provides monthly alerts on areas where you’ve lost points and real-time recommendations on where you can gain points.
Who is Score-Up Best Suited For?
Score-Up is great for anyone looking to improve their credit score in a fast, easy and actionable manner. One of Score-Up’s greatest features is the ability to know how many points you will go up based on the action you choose. The ability to see your progression is a huge motivating factor that is likely to keep people on track and in line with their credit-building goal. This can be particularly beneficial to people who need to build their credit score to a certain number within a limited period of time. Moreover, it can help consumers maintain their credit score in the long-run.
Future Financial Peace of Mind
With your credit score in a good range, you can have peace of mind knowing that if any unexpected expenses come your way, you will have access to different types of credit products at affordable rates. No longer will you have to rely on payday loans or loan sharks when you’re in a financial pinch. You will have the power to choose what you want based on your needs.
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