Mortgage applications get approved mostly based on the borrower’s credit score and debt-to-income ratio. Moreover, if you are interested in owning a luxury house, you need an all-time high credit score to get an approval for a jumbo loan. While lenders have jumbo loan limit Texas, you can still get approved for a mortgage of about $5 million.
How can you possibly get such approval? It goes back again to your credit score. It is not enough to earn big. You must be able to manage your finances well. And with the technology we have today, there are various apps that you can use.
Here are the best money management apps that can help you increase your credit score in no time.
Best Budgeting App: Mint
Mint is from Intuit Inc., the same company that created QuickBooks and TurboTax. It is your one-stop-app for money budgeting. You can formulate your budget and track your expenses. Mint also allows you to connect your bank account, credit card information, and monthly bills.
This app will send you a reminder for an upcoming payment due. It also creates an alert if you are near your budget limits. Mint is also capable of providing your updated credit score. So, if you want to have a clear view of your financial status and be able to manage it, then Mint is the perfect app for you.
Best Expense Tracking App: Wally
If you are an organized person who collects receipts for every expense, Wally is the best solution for you. You can input your expenses, save photos of your receipts, and even geo-tag places. Wally is easy to use and convenient for those who always want to keep track of where their money goes. It is free to use for both Android and iOS users.
Best Debit App: YNAB
YNAB means You Need A Budget. It’s an app that can help you increase your credit score. Its main principle is to put your money into the right places. In YNAB, you can only create a budget that is within your actual income. It will give suggestions as to how much should go for bills payment, savings, investment, and daily expenses.
If there is a discrepancy within your budget, You Need A Budget app will assist you on how to balance your income versus the expenses. You can also avail of a YNAB online class with a live trainer to help you learn the basics of budgeting. This app also permits you to create special projects like Christmas and birthday expenses.
The only downside of this app is that even if it is a big help to increase your credit score, it cannot show your status. It does not have the capability to compute your credit score. Also, YNAB requires a monthly or annual fee to be accessed. Still, it is an app worth it to own if you need to get your score up soon. It is available for use to iOS and Android devices.
Money management is a challenging task. Following your budget is the key to increase your credit score. Also, if you really want that premium lakeside property, even if there is a jumbo loan limit texas, you can definitely get an approval. Well, that is if your finances are smooth and clean.
Try out these money management apps. They are easily available to download. Plus, they might be the answer to your financial woes.