Frequently Asked Questions
About Crediverso
What is Crediverso?
Crediverso is a company founded in 2019 to help you take control of your financial future by giving you the tools you need to make the right financial decisions. Crediverso provides easy and free financial products and services in English and Spanish. Our goal is to help you make safer, more confident financial decisions to help you invest in your future. To learn more, visit About Us.
What does Crediverso offer?
Crediverso offers you easy to use financial tools to help you check your credit score, send money abroad, or find the best credit card or loan. Our resources and tools are available in English and Spanish to help you understand complex financial information. We provide independent and unbiased reviews about financial products, all written by top experts in the finance field.
How can Crediverso help me?
Crediverso can help you find the right credit card or a loan, obtain your credit report and find the cheapest and fastest way to send a money transfer internationally. You can use our credit card, credit check and remittance tools to help you find what you need.
Is Crediverso Free?
Crediverso is 100% free. We charge banks and credit card providers a small fee after you purchase a loan or a credit card from our platform. We actively seek out the best recommendations for credit cards that are tailored to your needs and credit score.
Using Crediverso
How do I create an account?
You don’t need an account to use all Crediverso services, but without one you won’t be able to rate credit cards and remittance providers, get free credit checks, and get personalized financial offers based on your financial goals and eligibility. Registration is simple, fast and secure. You can create your account here, in English or Spanish, with just your email. You will then receive an email with a verification link. Upon clicking on the link and entering the security question, your account will be created. You can also use your Google or Facebook account to create a Crediverso account.
How can I change the language of the website?
You can change the language of the website at any time by clicking on the English / Spanish language button at the top right of any page. You can also select your preferred language when you create your Crediverso account. You can change your preferred language by going to My Account > Personal Information. Everything on Crediverso is available in English and Spanish.
Credit Cards
What type of credit card should I apply for?
There are many credit card options to choose from. Before applying for a credit card, it is important to understand the annual fees, foreign transaction fees, interest rates and rewards. Luckily, our personal finance experts have done all the research for you! By answering just a few questions, you can use our credit card comparison tool to help you find the perfect credit card that fits your needs.
How do I get pre-approved for a credit card?
There are several options to get pre-approved. The Crediverso team is currently working on a new feature that will help you check which cards you’ve been pre-approved for on our website. Another option is to request pre-approval from credit card issuers by providing some basic information (e.g. name, address, social security number, etc.) through their website. Once requested, the issuer will perform a “soft inquiry” on your credit history to assess whether you fit the criteria for that card. A soft inquiry does not impact your credit score. If there’s a match, the issuer will provide you with information on how to complete the application.
Why should I apply for a credit card?
Applying for a credit card and using it over time helps build credit history. This will make it easier for you to get a loan for a car or house in the future, especially if you have a good credit score. Also, spending with a credit card usually gives you more benefits than using a debit card or plain cash. These benefits range from rewards such as cash back or points to fraud protection and insurance.
I recently immigrated to the United States. Can I apply for a credit card?
Yes, you can apply for a secured credit card. You will need to pay a deposit, (a cash amount that the financial institution holds onto in case you are unable to pay off your balanceYour balance is how much you still owe your credit card provider for things you've charged...) but once you have used a secured card for about a year and have paid off its balance you can receive your deposit back and upgrade to an unsecured credit card.
What is a credit card APR?
The APR or Annual Percentage Rate on your credit card is the interest amount you need to pay if you carry a balance on your card. Generally, credit cards have a range of APR’s and customers with a better credit score tend to have a lower APR, which means it is cheaper to borrow money when you have good credit. It’s also important to remember that If you pay off your credit card balance within the grace period, you will not need to pay interest for your credit card.
What is the difference between a debit card and credit card?
A debit card is tied to your bank account, so all of the spending on that card will be paid with your own money. On the other hand, a credit card is issued by a financial institution and you are borrowing money to fund your spending. This is why most credit cards have a credit limit, or a cap on how much you can spend before you need to pay the money back. Since you are borrowing money, you can build credit history with a credit card but not with a debit card.
Credit Checks
What is a credit score, and how are they calculated?
Your credit score is a number rating between 300 and 850 that tells lenders how likely you are to pay back the money they lend you. It is based off of your entire history of taking out loans and paying them back. There are three major credit scoring bureaus in the United States that are responsible for gathering information and assigning you a credit score: Experian, TransUnion, and Equifax. The most commonly used type of score is a FICOFICO is the most widely used credit score. Your credit score can range from 350-800. A hig... score, but other companies offer similar scores.
What is a credit report?
Your credit report is simply the record all your credit history information that companies use to compile your credit score.
What is a credit check service?
A credit check is a service that tells you what your credit score is. Some services are totally free, and some charge you money but give you extra information.
How is your credit score calculated?
The credit bureaus will generally look at five pieces of your credit history to determine your credit score. In order of importance, they are the following:
-
Payment history: 35%
- Whether you pay your bills on time. For example, do you pay your credit card bills on time every month, or are you late sometimes? If you are frequently late on payments, it could hurt your credit score.
-
Total amount owed: 30%
- How much of your available credit are you using? This is called your “credit utilization ratio,” and all it means is that if you have a credit line of $1,000, and your balance is $500, your credit utilization ratio is 50%. If that number gets too high, it could hurt your credit score.
-
Length of credit history: 15%
- How long have you been borrowing money? If you got your first credit card last month, your credit score will likely be lower because a lender still doesn’t know if you’re good at paying your bills on time. If you’ve been using credit cards for years, a lender can see if you’ve always paid your bills on time.
-
Types of credit: 10%
- Have you taken out different types of loans? If you have a car loan, a mortgage and a credit card, you can show lenders that you pay your bills on time no matter what.
-
New credit: 10%
- Have you taken out a lot of new loans recently? If you open up too many new credit cards, it could hurt your credit score in two ways. First, it makes your average length of credit history lower. Second, it can hurt your score if the lender performs a hard credit check. That said, everybody needs to get started somewhere.
How does Crediverso get my credit score?
Crediverso partners with a credit bureau to get your credit score. When you request pre-approved offers or credit score report, Crediverso will request the credit score from the credit bureau through our Credit Score API.
Why do you need my social security number?
Our credit bureau partners need to verify that the person requesting the credit report and information is you and hence, they use SSN to verify your idenitity to pull your credit information.
Can I get a credit score if I don’t have my social security number?
Yes. You can visit the credit bureaus’ websites and request your credit score without SSN. You can also provide ITIN as a personal identification number to get the credit score.
What is a FICO score?
A FICO score is a type of credit score created by the Fair Isaac Corporation. Banks and financial institutions use borrowers' FICO scores along with other details on borrowers' credit reports to assess credit risk and determine whether to extend credit. FICO scores take into account various factors in five areas to determine creditworthiness: payment history, current level of indebtedness, types of credit used, length of credit history, and new credit accounts. Under federal law you are entitled to a copy of your credit report annually from all three credit reporting agencies - Experian, Equifax and TransUnion - once every 12 months. To get your annual credit report online, and by phone or mail, visit www.AnnualCreditReport.com.
What is the difference between a FICO and Vantage Score?
A VantageScore is a credit score jointly developed by the Equifax, Experian and Transunion - three major credit bureaus to predict a borrower’s creditworthiness. It is used by lenders, utilities, and financial institutions to evaluate how likely you are to repay borrowed money. It is a competitor to FICO.
What is the Credit Score Simulator?
Credit Score Simulator is a tool that can recommend the best actions to improve your credit score. It simulates possible actions and impact on your credit score. The example of Credit Score Simulator recommendation is “Your credit score will be 769 in make regular payment for three months” or “Your credit score will be decreased by 10pt if you take out a $200,000 mortgage”
What is the difference between a one-bureau and three-bureau credit report?
Equifax, Experian and TransUnion are the three main consumer credit bureaus. Most lenders will only check your credit report and score with one of the bureaus. The benefits of the three-bureau credit report is you can point out the lenders to the bureau that you have highest credit scores.
Loans
I have bad credit. Can I apply for a loan?
Yes, you can apply for loans and the lender will evaluate your eligibility. Eligibility criteria depends on several factors such as the type of loan and your credit score. If you have a low credit score, you can still get a loan, but it may have a higher interest rate. You can check your credit score on our website, and we’ll even show you different options to help improve your score if needed.
Will it hurt my credit score if I apply for a loan or a credit card?
When applying for a loan it is important to distinguish between a “soft” and a “hard” credit pull. A soft credit pull will not impact your credit score while a hard one will (although just by a small amount). You can get pre-approved for credit cards with just a soft credit pull. Some applications for loans and credit cards will require a hard credit pull that will have a small negative effect on your credit score. During the application, they will tell you when they are going to perform a hard credit pull.
Applying to various loans (e.g. mortgage, auto, and personal) simultaneously to get the best rate will only appear as a single hard inquiry, which will have a small impact on the new credit portion of your score. For credit cards, each inquiry is treated as a single hard pull, which has a greater impact on your score.
The loans and credit cards that don’t require a hard credit pull are usually pre-approved loans, where the provider has already done a soft pull, or loans that require lower credit scores, but have higher interest rates. If you have a bad credit score, we recommend finding loan providers that use soft pulls to process a loan. To make it easy for you, all the reviews on Crediverso show you the typical credit score needed for each product.
What types of loans do you offer?
While Crediverso is not a direct lender, we provide information about lenders to help consumers make the best decision according to their needs and credit score. At the moment, we have partnered with providers that offer personal loans and we will soon offer comparison services for mortgages, student loans, and auto loans.
What is CAT?
The Total Annual Cost (or CAT in Spanish) is a measure that is used to know the total cost of a loan expressed in annual percentage terms. CAT includes elements such as the interest rate, annuity or commissions and allows the different credit offers to be compared, regardless of the type or term, in order for users to make better decisions regarding the cost of financing.
Remittances
What are remittances?
The transfer of money internationally between two parties in two different countries.
How can I use Crediverso to find the best way to send money internationally?
Before you make an international money transfer, compare the costs of the different options on Crediverso. Rates and fees change often, so for the best deal, do a comparison before every transfer — they may have changed since you last sent money. Once you enter the details about where you are sending money from, to and your pay in and pay out preferences, click on compare. You’ll see a list of all the options to send money between two countries that match your preferences.
How is Crediveso different to other money transfer companies?
We are not a money transfer company. We have built a comparison marketplace where you or can transparently compare live money transfer rates to help you make the best decision and help you save money on international money transfers.
How much does it cost to use Crediverso?
It is 100% free of charge to use our marketplace.
How can I send money?
You can send money using your credit card, debit card, linking your bank account or even with cash. The options available depend on which service you want to use to send money, the good news is that at Crediverso we will only show you the services that match your needs.
What are the different supported receiving transfer methods?
Our varied partners have different options for recipients to receive money including to a bank account, pick up cash or paying bills.
Which bank can I send money through?
We work with all the major financial banking service providers and some hidden gems. We are constantly working to add more service providers to guarantee that you always have access to the best possible rates for your needs.
How many partnerships do you have with remittance companies?
6 so far and growing. You can view the complete list of remittance providers we partner with here (link to providers’ landing).
How many countries do your partners cover?
213. Visit our partner profiles to learn more about which countries each of our partners covers (link to providers’ landing).
Safety and Security
What information do we collect?
We collect your personal information including name, address, email, phone number, date of birth, last 4-digits of your Social Security Number (SSN). We store information related to your credit scores and credit reports to provide you customized services.
How do we use your information?
We use your personal information to create your Crediverso account that provides you with access to our website services. We also use your information to retrieve your credit report from credit bureaus in order to provide you with personalized financial offers for which you are already eligible.
Rules and Policies
Do we keep your information safe?
We do not share your credit reports or scores with unaffiliated third parties. We do not sell your Personal Information to or share your Personal Information with unaffiliated third parties for their own advertising or marketing purposes.
How do we use cookies?
We use cookies differently depending on the product you are using. In general, we keep cookies for up to 30 days.
Frequently Asked Questions
About Crediverso
What is Crediverso?
Crediverso is a company founded in 2019 to help you take control of your financial future by giving you the tools you need to make the right financial decisions. Crediverso provides easy and free financial products and services in English and Spanish. Our goal is to help you make safer, more confident financial decisions to help you invest in your future. To learn more, visit About Us.
What does Crediverso offer?
Crediverso offers you easy to use financial tools to help you check your credit score, send money abroad, or find the best credit card or loan. Our resources and tools are available in English and Spanish to help you understand complex financial information. We provide independent and unbiased reviews about financial products, all written by top experts in the finance field.
How can Crediverso help me?
Crediverso can help you find the right credit card or a loan, obtain your credit report and find the cheapest and fastest way to send a money transfer internationally. You can use our credit card, credit check and remittance tools to help you find what you need.
Is Crediverso Free?
Crediverso is 100% free. We charge banks and credit card providers a small fee after you purchase a loan or a credit card from our platform. We actively seek out the best recommendations for credit cards that are tailored to your needs and credit score.
Using Crediverso
How do I create an account?
You don’t need an account to use all Crediverso services, but without one you won’t be able to rate credit cards and remittance providers, get free credit checks, and get personalized financial offers based on your financial goals and eligibility. Registration is simple, fast and secure. You can create your account here, in English or Spanish, with just your email. You will then receive an email with a verification link. Upon clicking on the link and entering the security question, your account will be created. You can also use your Google or Facebook account to create a Crediverso account.
How can I change the language of the website?
You can change the language of the website at any time by clicking on the English / Spanish language button at the top right of any page. You can also select your preferred language when you create your Crediverso account. You can change your preferred language by going to My Account > Personal Information. Everything on Crediverso is available in English and Spanish.
Credit Cards
What type of credit card should I apply for?
There are many credit card options to choose from. Before applying for a credit card, it is important to understand the annual fees, foreign transaction fees, interest rates and rewards. Luckily, our personal finance experts have done all the research for you! By answering just a few questions, you can use our credit card comparison tool to help you find the perfect credit card that fits your needs.
How do I get pre-approved for a credit card?
There are several options to get pre-approved. The Crediverso team is currently working on a new feature that will help you check which cards you’ve been pre-approved for on our website. Another option is to request pre-approval from credit card issuers by providing some basic information (e.g. name, address, social security number, etc.) through their website. Once requested, the issuer will perform a “soft inquiry” on your credit history to assess whether you fit the criteria for that card. A soft inquiry does not impact your credit score. If there’s a match, the issuer will provide you with information on how to complete the application.
Why should I apply for a credit card?
Applying for a credit card and using it over time helps build credit history. This will make it easier for you to get a loan for a car or house in the future, especially if you have a good credit score. Also, spending with a credit card usually gives you more benefits than using a debit card or plain cash. These benefits range from rewards such as cash back or points to fraud protection and insurance.
I recently immigrated to the United States. Can I apply for a credit card?
Yes, you can apply for a secured credit card. You will need to pay a deposit, (a cash amount that the financial institution holds onto in case you are unable to pay off your balance) but once you have used a secured card for about a year and have paid off its balance you can receive your deposit back and upgrade to an unsecured credit card.
What is a credit card APR?
The APR or Annual Percentage Rate on your credit card is the interest amount you need to pay if you carry a balance on your card. Generally, credit cards have a range of APR’s and customers with a better credit score tend to have a lower APR, which means it is cheaper to borrow money when you have good credit. It’s also important to remember that If you pay off your credit card balance within the grace period, you will not need to pay interest for your credit card.
What is the difference between a debit card and credit card?
A debit card is tied to your bank account, so all of the spending on that card will be paid with your own money. On the other hand, a credit card is issued by a financial institution and you are borrowing money to fund your spending. This is why most credit cards have a credit limit, or a cap on how much you can spend before you need to pay the money back. Since you are borrowing money, you can build credit history with a credit card but not with a debit card.
Credit Checks
What is a credit score, and how are they calculated?
Your credit score is a number rating between 300 and 850 that tells lenders how likely you are to pay back the money they lend you. It is based off of your entire history of taking out loans and paying them back. There are three major credit scoring bureaus in the United States that are responsible for gathering information and assigning you a credit score: Experian, TransUnion, and Equifax. The most commonly used type of score is a FICO score, but other companies offer similar scores.
What is a credit report?
Your credit report is simply the record all your credit history information that companies use to compile your credit score.
What is a credit check service?
A credit check is a service that tells you what your credit score is. Some services are totally free, and some charge you money but give you extra information.
How is your credit score calculated?
The credit bureaus will generally look at five pieces of your credit history to determine your credit score. In order of importance, they are the following:
-
Payment history: 35%
- Whether you pay your bills on time. For example, do you pay your credit card bills on time every month, or are you late sometimes? If you are frequently late on payments, it could hurt your credit score.
-
Total amount owed: 30%
- How much of your available credit are you using? This is called your “credit utilization ratio,” and all it means is that if you have a credit line of $1,000, and your balance is $500, your credit utilization ratio is 50%. If that number gets too high, it could hurt your credit score.
-
Length of credit history: 15%
- How long have you been borrowing money? If you got your first credit card last month, your credit score will likely be lower because a lender still doesn’t know if you’re good at paying your bills on time. If you’ve been using credit cards for years, a lender can see if you’ve always paid your bills on time.
-
Types of credit: 10%
- Have you taken out different types of loans? If you have a car loan, a mortgage and a credit card, you can show lenders that you pay your bills on time no matter what.
-
New credit: 10%
- Have you taken out a lot of new loans recently? If you open up too many new credit cards, it could hurt your credit score in two ways. First, it makes your average length of credit history lower. Second, it can hurt your score if the lender performs a hard credit check. That said, everybody needs to get started somewhere.
How does Crediverso get my credit score?
Crediverso partners with a credit bureau to get your credit score. When you request pre-approved offers or credit score report, Crediverso will request the credit score from the credit bureau through our Credit Score API.
Why do you need my social security number?
Our credit bureau partners need to verify that the person requesting the credit report and information is you and hence, they use SSN to verify your idenitity to pull your credit information.
Can I get a credit score if I don’t have my social security number?
Yes. You can visit the credit bureaus’ websites and request your credit score without SSN. You can also provide ITIN as a personal identification number to get the credit score.
What is a FICO score?
A FICO score is a type of credit score created by the Fair Isaac Corporation. Banks and financial institutions use borrowers' FICO scores along with other details on borrowers' credit reports to assess credit risk and determine whether to extend credit. FICO scores take into account various factors in five areas to determine creditworthiness: payment history, current level of indebtedness, types of credit used, length of credit history, and new credit accounts. Under federal law you are entitled to a copy of your credit report annually from all three credit reporting agencies - Experian, Equifax and TransUnion - once every 12 months. To get your annual credit report online, and by phone or mail, visit www.AnnualCreditReport.com.
What is the difference between a FICO and Vantage Score?
A VantageScore is a credit score jointly developed by the Equifax, Experian and Transunion - three major credit bureaus to predict a borrower’s creditworthiness. It is used by lenders, utilities, and financial institutions to evaluate how likely you are to repay borrowed money. It is a competitor to FICO.
What is the Credit Score Simulator?
Credit Score Simulator is a tool that can recommend the best actions to improve your credit score. It simulates possible actions and impact on your credit score. The example of Credit Score Simulator recommendation is “Your credit score will be 769 in make regular payment for three months” or “Your credit score will be decreased by 10pt if you take out a $200,000 mortgage”
What is the difference between a one-bureau and three-bureau credit report?
Equifax, Experian and TransUnion are the three main consumer credit bureaus. Most lenders will only check your credit report and score with one of the bureaus. The benefits of the three-bureau credit report is you can point out the lenders to the bureau that you have highest credit scores.
Loans
I have bad credit. Can I apply for a loan?
Yes, you can apply for loans and the lender will evaluate your eligibility. Eligibility criteria depends on several factors such as the type of loan and your credit score. If you have a low credit score, you can still get a loan, but it may have a higher interest rate. You can check your credit score on our website, and we’ll even show you different options to help improve your score if needed.
Will it hurt my credit score if I apply for a loan or a credit card?
When applying for a loan it is important to distinguish between a “soft” and a “hard” credit pull. A soft credit pull will not impact your credit score while a hard one will (although just by a small amount). You can get pre-approved for credit cards with just a soft credit pull. Some applications for loans and credit cards will require a hard credit pull that will have a small negative effect on your credit score. During the application, they will tell you when they are going to perform a hard credit pull.
Applying to various loans (e.g. mortgage, auto, and personal) simultaneously to get the best rate will only appear as a single hard inquiry, which will have a small impact on the new credit portion of your score. For credit cards, each inquiry is treated as a single hard pull, which has a greater impact on your score.
The loans and credit cards that don’t require a hard credit pull are usually pre-approved loans, where the provider has already done a soft pull, or loans that require lower credit scores, but have higher interest rates. If you have a bad credit score, we recommend finding loan providers that use soft pulls to process a loan. To make it easy for you, all the reviews on Crediverso show you the typical credit score needed for each product.
What types of loans do you offer?
While Crediverso is not a direct lender, we provide information about lenders to help consumers make the best decision according to their needs and credit score. At the moment, we have partnered with providers that offer personal loans and we will soon offer comparison services for mortgages, student loans, and auto loans.
What is CAT?
The Total Annual Cost (or CAT in Spanish) is a measure that is used to know the total cost of a loan expressed in annual percentage terms. CAT includes elements such as the interest rate, annuity or commissions and allows the different credit offers to be compared, regardless of the type or term, in order for users to make better decisions regarding the cost of financing.
Remittances
What are remittances?
The transfer of money internationally between two parties in two different countries.
How can I use Crediverso to find the best way to send money internationally?
Before you make an international money transfer, compare the costs of the different options on Crediverso. Rates and fees change often, so for the best deal, do a comparison before every transfer — they may have changed since you last sent money. Once you enter the details about where you are sending money from, to and your pay in and pay out preferences, click on compare. You’ll see a list of all the options to send money between two countries that match your preferences.
How is Crediveso different to other money transfer companies?
We are not a money transfer company. We have built a comparison marketplace where you or can transparently compare live money transfer rates to help you make the best decision and help you save money on international money transfers.
How much does it cost to use Crediverso?
It is 100% free of charge to use our marketplace.
How can I send money?
You can send money using your credit card, debit card, linking your bank account or even with cash. The options available depend on which service you want to use to send money, the good news is that at Crediverso we will only show you the services that match your needs.
What are the different supported receiving transfer methods?
Our varied partners have different options for recipients to receive money including to a bank account, pick up cash or paying bills.
Which bank can I send money through?
We work with all the major financial banking service providers and some hidden gems. We are constantly working to add more service providers to guarantee that you always have access to the best possible rates for your needs.
How many partnerships do you have with remittance companies?
6 so far and growing. You can view the complete list of remittance providers we partner with here (link to providers’ landing).
How many countries do your partners cover?
213. Visit our partner profiles to learn more about which countries each of our partners covers (link to providers’ landing).
Safety and Security
What information do we collect?
We collect your personal information including name, address, email, phone number, date of birth, last 4-digits of your Social Security Number (SSN). We store information related to your credit scores and credit reports to provide you customized services.
How do we use your information?
We use your personal information to create your Crediverso account that provides you with access to our website services. We also use your information to retrieve your credit report from credit bureaus in order to provide you with personalized financial offers for which you are already eligible.
Rules and Policies
Do we keep your information safe?
We do not share your credit reports or scores with unaffiliated third parties. We do not sell your Personal Information to or share your Personal Information with unaffiliated third parties for their own advertising or marketing purposes.
How do we use cookies?
We use cookies differently depending on the product you are using. In general, we keep cookies for up to 30 days.