What is The ‘Move Me’ Slider?
In today’s digital age, many people have ditched cash for cards. Did you know that when it comes time to make your credit card payments, paying on time and in full could decrease your credit score? Or that you can increase your score by paying at an optimum payment date (hint: it’s not your due date). The challenge is that most people do not know what their optimum payment dates are for their accounts. That’s why we created The ‘Move Me’ Slider. So, what is the ‘Move Me’ Slider?
We thought that everyone deserved to have insider information on how spending or borrowing could change their score (for better or for worse). To help you best understand how spending and paying can get you +points or -points, we created the ‘Move Me’ Slider. The ‘Move Me’ Slider gives you an exact dollar amount to spend or pay and it also shows you how each action affects your score (with a real-time simulation).
How The Move Me Slider Works
The tool itself has a bar with your current score. The far-right in blue shows you your future score and what +points are available to you, while the far-left shows you how your score will decrease with spending.
When you begin to pull the ‘Move Me’ slider to the right, the “current score” will convert to a “future score” alongside a number under the “total payment” section. The simulated score and amounts will change as you try to increase or decrease your score. The tool also lists the payment you will have to make or amount you can borrow to get your “current score” to the “future score” that you’ve dragged the dial to.
In the scenario below, we can see that the person’s current score is 639 and their future score is 579 based on a spending amount of $5,261.
Let’s say that you knew you had a huge bill coming up and you didn’t have the funds to pay for it with cash. You instead needed to spend $5,261 on your cards. The ‘Move Me’ slider simulates how that spending would change your score.
When you then drag The ‘Move Me’ Slider to the right, it falls onto the “Total Payment” section in blue. This amount reflects payment you will have to make to increase your score to the “Future Score” you want.
In the example below, we see that the customer starts with their current score of 639. However, let’s pretend their goal score is 650. In order to reach their goal score of 650, the customer would need to make a payment of $1,348. But it doesn’t stop there. You’ll also see below we’ve simulated what cards are best to spend on and what payment dates to post the payment by.
My Payment Plan
There’s nothing worse than paying too much or too little and by the wrong date. Within the ScoreMaster tool, right under the ‘Move Me’ slider you’ll be able to determine what dates to pay your cards by and by how much, to get the most out of your credit score.
As you can see below, we’ve suggested that this customer pays a specific dollar amount by their “Pay By” date, instead of their due date. Why? Because although you need to ensure your bills aren’t late, you also want to ensure your statement balance is optimized for when they report to the credit bureaus. Surprised that it’s not the same date? Most people are, you’re not alone.
From the above example, let’s take a look at the Citi payments:
Here it states that you have to pay $20.00 by 9/11/2020 (before your due date). The final number is $7,939.00 which refers to the target statement balance. Thus helping ensure that you have just the right amount of credit usage when it’s reported to the credit bureaus.
Increasing your credit score does not have to be too complicated. There are ways that you can increase your score with the proper tools. As shown above, through the SmartCredit’s Move Me Slider, you have the ability to have your payments and amount scheduled in a way that would help you increase your score day by day. There is no more guessing on your end.
Remember to stay positive about your financial future. Your credit score can be increased with proper education and action steps. By enrolling with SmartCredit, you can make great strides with The Move Me Slider. You will learn the amount you need to spend to increase your score. Learning about what cards to get and how to pay them off is a great feature. Furthermore, the tool will suggest what loan to get, and in some occasions it will suggest what loan you will get approved for. It’s a win-win! At SmartCredit we have exactly what you need. Let us at SmartCredit be your guide to a healthy financial future. Our team is excited to work with you!