Managing your credit score and finances can sometimes feel overwhelming, particularly when juggling other aspects of life. Thankfully, technology has made this easier with apps such as Credit Sesame.
WHAT IT DOES
Credit Sesame provides a comprehensive platform for managing your credit and other financial matters. This tool can help you balance your finances more easily, particularly when dealing with multiple sources of loans and credit.
Not only does Credit Sesame provide a free monthly credit score, it also monitors your credit continuously. The app gathers your financial data monthly, enabling you to assess changes in your score and identify potential influencing factors.
In addition, they keep a vigilant eye on your credit and finances, sending real-time alerts. They also notify you about better loan or credit card opportunities or when you might require assistance from an accounting service in NYC Midtown. This feature allows comparison between different loan offers and interest rates, and could ultimately save you money.
Credit Sesame also allows you to monitor the value of your home and calculate any accumulated equity, based on your mortgage. Another beneficial feature is the ability to set financial goals; simply input your objective and receive alerts on offers tailored to your needs and credit profile.
One of the top features of Credit Sesame is its identity protection service. Upon signing up, you receive a $50,000 identity theft insurance and assistance to restore your identity if needed.
In short, Credit Sesame grants you consistent access to a significant portion of your finances, enabling you to remain informed about your financial status.
COSTS
The most basic version of Credit Sesame is offered at no charge. No credit card details are needed, but your Social Security Number and a few financial details are required to confirm your identity.
Should you desire more features and a more detailed financial analysis, paid subscriptions are available, ranging from $9.95 to $19.95 per month. However, unless you require multiple credit scores, 24/7 assistance, or added identity theft protection, the basic app should suffice.
PROS & CONS
Pros: Constant access to your credit score.
Cons: Credit Sesame does not provide your actual FICO score, so the score shown could be significantly different.
Pros: Does not negatively affect your score since the inquiry only shows up as a soft query.
Cons: You receive multiple credit card company and loan offer alerts, sometimes even when unnecessary.
Pros: It is absolutely free, secure, and unable to charge you.
COMPETITIVE ANALYSIS
CREDIT KARMA
Credit Karma, like Credit Sesame, allows you to monitor your credit score and financial health. Unlike Credit Sesame, Credit Karma updates your reports weekly and provides you with a weekly Vantage 3.0 score instead of your actual FICO score. Credit Karma is entirely free like Credit Sesame, but it provides unsolicited offers from various credit card companies. Credit Karma does, however, allow you to check your credit score at any time, offering more flexibility than Credit Sesame.
MINT
Mint is another free financial app, providing comprehensive financial updates. Although it necessitates connecting all your financial accounts, it offers extensive features surpassing those of Credit Sesame. Besides tracking your credit score and offering improvement strategies, Mint provides a detailed overview of your transactions, spending habits, and budget tracking.
TARGET AUDIENCE
Credit Sesame is ideal for those seeking regular access to their credit score without spending any money. If you are comfortable with a non-FICO score, Credit Sesame is a fine starting point. However, if you are keen to monitor your score for improvement from a single source, Credit Sesame may not be ideal. For a more comprehensive insight into your finances, another app or program might be more suitable.
