An app called Tally wants to help you manage your credit card debt and make it easier to save money

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Download Tally now and start managing your debt in a smarter way.

  • If you have a collection of credit cards for the benefits, but are concerned with the burden of managing multiple cards, you're not alone.
  • Tally is an app that acts as your own debt and credit card manager, tracking all of your credit lines so you never miss a payment.
  • It helps users who carry debt optimize their payments, so that they can pay off their debt as quickly and inexpensively as possible.
  • If you have excellent credit, you may be eligible for credit consolidation with Tally's own low-APR credit line.
  • While the app is currently only available in 19 states and Washington DC, it's a great way to seamlessly manage your credit card collection.
If you are a credit-based consumer who has accumulated a collection of cards for the benefits but are concerned with the burdens, you are not alone. Jason Brown and Jasper Platz, the co-founders of Tally, are concerned with the same issues and want to help you make your credit journey more viable, profitable, and beneficial. Advertisement

Tally is a new user-friendly credit app that allows you to access tools such as credit analysis and even its own low-APR credit line. But let's not get ahead of ourselves; first, let's talk about how Tally works.

In short, Tally collects information from you about your credit score, different credit cards you have, and lenders. Your credit information is then stored in the secure Tally app and analyzed for your payment habits and spending trends. If you have excellent credit, then you may be eligible for Tally's own credit line. This essentially consolidates your credit into one low-APR line through Tally, and that credit line pays off your other credit lines on time.

So, let's talk more in detail about the features of Tally

First and foremost, Tally acts as a credit card manager.

That means that Tally keeps track of all of your credit lines and multiple payments, whether you're paying down a bank card, store card, airline rewards card, or something else. This means that Tally customers do not miss payments, do not incur subsequent late fees, and do not suffer from rising APRs as a result.

TallyIn order to get started, simply download the Tally app, which is available for iOS and Android.Second, Tally works as a debt manager.Advertisement

The Tally Advisor feature allows customers access to expert credit analysis that can improve their credit scores and save them money in the long run. Tally Advisor is not a repository of articles and tip listicles; instead, it is a tool that adapts to you and your spending behavior in order to project your debt-free day. The best part is that you are completely in control; Tally just does the analysis for you.

For example, if you want to be debt free in a certain number of years, you can use Tally's minimum payment sliding bar to determine the minimum payments necessary to make that possible. Not only is Tally able to take your APR into account for your projected payoff, it also analyzes your spending trends over the past month to provide a more accurate prediction.

Lastly, the feature that is arguably the most enticing is the Tally credit line. Advertisement

Here, Tally moves from a credit and debt manager to a credit consolidator. By analyzing your loaded credit cards and your current APR, Tally offers one single consolidated credit line with a lower APR than the ones you are already paying.

Here's how it works: Upon getting approved for a line of credit with Tally, your new Tally line of credit becomes your main one. All balances of your higher APR lines will be paid by and transferred to your new Tally balance, effectively minimizing the APR you will pay on that credit. That saves you money right away, and you can use those savings toward paying down any of the lower APR credit lines that didn't transfer to Tally.

The Tally credit line, unlike a personal loan, is just like any other revolving line of credit that you have. That means it's as open ended as your credit card debt; you pay interest on your balance, and there is no time limit for paying it off.Advertisement

Keep in mind that not everybody can qualify for the Tally line of credit. The Tally team says that the minimum required FICO score is 660, but having that is not an automatic way in. In fact, many users with good credit won't be offered a low-APR Tally credit line, because Tally depends solely on creditworthiness factors like FICO, spending habits, outstanding balances, and interest rates.

Even if you are not offered a line of credit through Tally right away, you are still welcome to use Tally as a credit card manager. Even without the credit consolidation, Tally is a good place to digitally store your credit lines, and because Tally offers late payment protection, you will not ever miss a payment again. Being punctual with payments is something that could potentially raise your FICO over time, so even if Tally cannot offer a credit line with lower APR or a credit line at all, you are always welcome to try again with your updated score.

Now, let's go over the sign up process

TallyJason Brown and Jasper Platz, the co-founders of Tally, want to help you make your credit journey more viable, profitable, and beneficial with Tally.Advertisement

In order to get started, simply download the Tally app, which is available for iOS and Android. Tally will ask you for a few personal details as well as your credit score in order to evaluate whether or not you are eligible for a Tally credit line. Then, you can load your credit cards into the app.

You have the choice between manually entering your credit card number or scanning the card, and then you will be asked to log into your account for the card. Providing your login information allows Tally to make a secure link between the app and your account. After your cards are loaded and you are all signed up, you can begin to use Tally as a credit card manager. If you are offered a line of credit through Tally, then you will be able to set that up as well. However, note that Tally is currently offered in just nineteen states and Washington DC: Arkansas, California, Colorado, Connecticut, Florida, Illinois, Louisiana, Massachusetts, Michigan, Minnesota, New Jersey, New York, Ohio, Oregon, Pennsylvania, Texas, Utah, Washington, and Wisconsin. However, Tally is focused on adding states on a constant basis because they are committed to eradicating overwhelming credit card debt in the US. Advertisement

In fact, six of the aforementioned states are in the top 10 list for highest average household credit card debt: California, Colorado, New Jersey, New York, Oregon, and Utah. As Tally expands throughout the US, they will be able to provide services to the rest of the 31 states. If you live in one of the 31 states that are not currently serviced, feel free to download Tally and join the Tally waitlist.

But if you live in one of the supported states, download Tally now and start managing your debt in a smarter way.

Get started with the Tally app, here.

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