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3 Ways PowerWallet Can Help You Boost Your Credit Score

by on May 9, 2012

By Samantha Savory

It’s amazing how powerful a three digit number can be in determining whether you can get a new car or your first home. Your FICO credit score, the most commonly used type of credit score, can determine how risky you appear to banks. In translation, the lower your risk, the less interest you will end up paying which could save you thousands over the course of a loan. This is why it is so important to nourish your credit score.   Here are three ways PowerWallet’s new personal financial management tool can help you achieve and keep a healthy credit score.

1. Prevent Fraud – If you use PowerWallet to manage your personal finances, you will add an additional security measure to all of your financial accounts. This means that instead of checking all of your online credit card accounts separately once or twice a month, you can easily view these accounts in your PowerWallet on a daily basis when you log into manage your spending and bills.

2. Pay Bills On Time – One missed credit card or bill payment may not seem like a big deal, but it could significantly drop your FICO credit score by up to 100 points.  With PowerWallet, you won’t ever have to worry about forgetting another bill due date! PowerWallet has a calendar for each month that gives you a quick view of all your bills and when they are due.  You can also get email reminders whenever a new bill is coming due.

3. Instead of Closing an Old Account, Just Monitor it – With PowerWallet, you can link as many financial and online accounts as you want.  Instead of closing a credit card that you rarely use, keep it in a safe place at home and link it to your PowerWallet where you will always be able to keep an eye on all spending history. Financial experts warn that if there is no annual fee on your credit card, hold onto it just for your credit’s sake.  You may have the perfect amount of credit cards and getting rid of one card may change your debt ratio, leading to a drop in your credit score.

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