in consumer applications for financial services
Using credit cards is a little like flying a plane: pretty awesome if you know what you’re doing, disastrous if you don’t. Unfortunately, many millennials don’t get to see all the benefits of having good credit, either because they are afraid of credit cards (63% don’t have one) or they mismanage the ones they do have. And yet, having good credit has never been more important; poor credit can hurt your ability to get a loan or a job. Because there are so many things that go into building strong credit, here are 6 tips for get you started.
1) Choose rewards that best suit you Credit cards come with rewards to incentivize you into using them. The most common credit card rewards are cash back on general purchases, hotel and airfare points, and cash back on gas. When looking at a credit card’s rewards program ask yourself two questions: “Which reward is most valuable?” and “Which makes the most sense for me based on my lifestyle?” Discounted airfare may have the potential to save you more money, but if you rarely travel you won’t be able to take advantage of those savings.
2) Always pay your bills on time Next to having a long credit history, making timely monthly payments on your credit card is probably the most important key to building strong credit. This can be undoubtedly tricky for millennials when you take into account other financial obligations like student loan debt. That’s why it’s critical you budget and plan correctly before you buy a round for everyone at the bar. Speaking of debt…
3) Consider consolidating your debt For people who’ve fallen into credit card debt, a common solution is consolidating--or refinancing--their old debts into new loans with more favorable interest rates. This helps you save money by rolling all of your debts, which you’ve probably incurred over a long period with different accounts, into a manageable one that can have a lower interest rate and scheduled repayment period. Be sure to search and compare loan rates from multiple providers to find the best deal.
The faster you can get out of any debt, the better your credit will look.
4) Know when to close a card Part of building strong credit means constantly taking stock of your situation. What made sense for you 5 years ago may not still apply today. Have your fees gone up? Do you no longer get the most out of your reward? Or have you just found several better options? These are all reasons to consider closing a card. However, be sure before you do it. Closing a credit card could hurt your credit score by nature of lowering your credit utilization ratio (the amount of all your available credit that you’ve used), and the amount of credit available to you.
5) Don’t get bogged down by fees Credit card fees are as sure a thing as death and taxes. These could be for anything from late payments, to exceeding your credit limit, to Credit card companies may surprise you with their ability to come up with creative fees, but some have more than others.
6) Up your credit limit A great way to build up your credit is by increasing your credit limit--or the maximum amount you can spend on a credit card. An increase shows that you already have decent enough credit in the first place, and it also lowers your credit utilization so long as you don’t take this as a sign to spend beyond your means. Building credit doesn’t have to be a scary thing that will hurt your financial situation. In fact, as long as you’re responsible with your money it could actually hurt you not to start building credit now.
Disclamer: The material provided on this site is not intended to provide legal, investment, or financial advice or to indicate the suitability of any Even Financial product or service to your unique circumstances. For specific advice about your unique circumstances, you may wish to consult a qualified professional. Any information or statistical data sourced by Even Financial through hyperlinks, from third-party websites, are provided for informational purposes only. Although we promote products and services form our partners, our opinions are our own.
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Goldman Sachs-backed Even Financial, a digital matchmaker between banks and customers, just bought an insurance startup as life insurers are seeing policy applications boom
Even Financial has acquired LeapLife, a leading insurtech platform. The addition of LeapLife allows Even to immediately commence its insurance capabilities, aimed at simplifying and enhancing the way consumers search, compare, and get matched with insurance policies (LeapLife’s existing platform will continue to operate from leaplife.com). Business Insider wrote an article about it, interviewing our CEO and Founder Phill Rosen.
Even Financial Launches Insurance Offerings With Strategic Acquisition of LeapLife, a Leading Insurtech Platform
Pioneering B2B Fintech Expands its Industry-Leading Financial Services Monetization Platform to Help Insurance Carriers Find and Connect with Consumers New York, New York – April 22, 2020 – Even Financial (Even), the leading API for financial services search, acquisition, and monetization, announced today that it will be launching services for the insurance industry through the acquisition of LeapLife, an insurtech platform and digital life insurance agency. The addition of LeapLife allows Even to immediately commence its insurance capabilities, aimed at simplifying and enhancing the way consumers search, compare, and get matched with insurance policies (LeapLife’s existing platform will continue to operate from leaplife.com). Even and LeapLife now offer the only full end-to-end, multi-carrier digital life insurance marketplace experience. Over the coming weeks, Even will further integrate LeapLife’s technology and insurance offering into its industry-leading API, making turnkey insurance marketplaces programmatically available to a vast network of channel partners — when and where their consumers are most in need — while also enabling the company to expand to other insurance sectors, including homeowners, renters and auto insurance. This adds to Even’s peerless breadth of real-time, personalized financial product offers — an expansive suite that already includes loans, savings, credit cards, and more. “Even’s goal to evolve how financial institutions find and connect with consumers is not limited to loans or credit cards, but applicable to all financial products and services, including insurance,” said Phill Rosen, Even Founder and CEO. “Despite its importance, purchasing life insurance is often an overwhelming and inconvenient experience. With more than $600 billion in premiums paid each year, and only 6% of policies sold completely online, we see tremendous opportunities to help modernize the life insurance industry and offer solutions that solve challenges for consumers and carriers alike.” LeapLife is an established insurtech platform and digital life insurance agency that utilizes data science, deep underwriting knowledge, and proprietary technology, enabling consumers to apply for instant-decision life insurance policies with real-time quotes. LeapLife works with many best-in-class insurance carriers to offer consumers a seamless experience from beginning to end. This approach made Even and Leaplife a perfect match. As a digital insurance broker, LeapLife offers personalized life insurance recommendations based on a consumer’s unique needs. Paired with the Even API, which enables customer acquisition for insurance to be native and programmatic, consumers benefit from a more streamlined, transparent, and highly personalized experience when shopping for life insurance. Just as Even’s 2018 acquisition of Birch (the award-winning credit card rewards app) allowed the company to accelerate its expansion into credit cards, the addition of LeapLife will similarly put Even at the forefront of consumer insurance offerings. Charles Svirk of MassMutual Ventures, an investor in Even, said “The Even and LeapLife teams share a vision that the future of insurance acquisition will rely on the power of data-driven, programmatic distribution. We are thrilled to support them as their industry experience, impressive technology, and trusted relationships will help scale Even’s insurance offering and build partnerships to provide these critical innovations in insurance acquisition.” The Even API and platform solve significant, long-standing pain points in financial services acquisition by seamlessly connecting supply and demand. Even has continued its rapid growth trajectory in 2020, surpassing over $1.5 billion in credit issued through its API and expanding its platform to over 400 partners. Even has secured over $55 million in funding from major financial institutions, venture capital firms, and fintechs to back its goal to evolve the financial services acquisition ecosystem. About Even Financial Founded in 2015, Even Financial is a B2B fintech company that is transforming the way financial institutions find and connect with consumers. By seamlessly bridging financial institutions (including American Express, Goldman Sachs, and SoFi) and channel partners (such as TransUnion and The Penny Hoarder) via its industry-leading API, Even turns any consumer touchpoint into an ROI-driven, fully customizable, programmatic acquisition source for financial product offers with full compliance, security, and scale across loans, savings, credit cards, insurance, and more. Even is backed by leading financial services firms and VCs including American Express Ventures, Canaan Partners, Citi Ventures, F-Prime Capital (Fidelity), Greatpoint Ventures, Goldman Sachs, LendingClub, and MassMutual Ventures. Even is the leading search, comparison, and recommendation engine for financial services. Media Contact: firstname.lastname@example.org
Even CEO/Founder Phill Rosen quoted in Protocol Braintrust Newsletter
Our CEO and Founder Phillip Rosen was included in the most recent Protocol Braintrust newsletter along with answers from some thought leaders from Plaid, Slack, and DuckDuckGo!