Let's manage our credit

How?

Well, this question is asked by many of you. Basically, the answer to this question is short and can be stated loud and clear: Onescore. But first of all, let's analyze a bit, together, what a credit score is and what is the difference between credit and debit.

The credit card is a type of card which is connected to a personal line of credit. Therefore, to put it in an easier way to understand, you take credit from the bank you signed the contract with for different payments (such as paying the hotel or renting a car, these being actions which always require a credit card). That credit you simply pay back by sending the amount to the bank, and in some particular cases also paying an interest, depending on your contract.

The debit card is the card you can only use if you have a certain amount of money in the bank account connected to it. So, if you need to, for example, pay a 100$ fee but you only have 78$ on that card, the transaction will be declined. However, in the aforementioned case (credit card), the transaction would be completed.

Is there anything else the credit card helps at?

Yes, there is. It basically helps you create and increase your credit score, depending on your credit history, which depends on the period of time you make your payments at, the money you are spending but also the number of open accounts. How does it help? Well, at a lot of actions, but it can significantly improve your financial life. For example, when asking for a mortgage, if your credit score is good enough, then you would be in a significant advantage compared to someone who does not have a great financial history. 

How do I track my credit score?

As mentioned before, by using Onescore. Onescore is a platform which also has apps for IOS and Android, so basically everyone can use it, which provides you a lot of information regarding you credit score, but also regarding ways of improving it, different data and analysis. It also offers information about your loan/credit history, so it somehow is your financial journal.

This app has no ads, no spam, just useful information to use and it is completely free. It only takes you 1 minute to click here and get started in your improved financial journey.

Our friendly adivce? Just have a look and try it out :)