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Best Ways To Get Your Credit Score For Free

Tony Jay by Tony Jay
March 13, 2022 12:00 am CST
in Uncategorized
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Your credit score is a number – usually between 300 and 850 – that lenders use to predict if you will pay back a loan. It’s based on your credit history and your current credit information. For example, how many credit cards you have open and whether or not you’ve maxed them out.

Good or excellent credit means you’re a “safe” borrower. So, lenders are eager to give you a loan at a great rate.

Poor or fair credit usually reflects more risk. You’ll have difficulty getting a loan. Or if you do, it might not be for optimal rates.

Applying for credit cards with bonuses will also require a credit check – a Hard inquiry. This will affect your score negatively for the short term. But, responsible card usage over time will help to raise your score.

On the other hand, opening a Checking or Savings account for bonuses will typically involve a Soft inquiry, which does not affect your credit.

Credit Scoring

All credit scoring models consider the following important factors:

  • Payments. Paying bills on time shows reliability.
  • Average age of open accounts. The older, the better.
  • Credit utilization. In other words, the total amount you owe divided by your total available credit. Less is more.
  • Types of credit. Credit cards, mortgage, auto loan or a store account. Having a mix is good.
  • Credit inquiries. Apply for credit too often and it sends a red flag to lenders. Keep it to a minimum.

There are two main credit scoring models in the United States: FICO and VantageScore.

FICO Score Vs. VantageScore

FICO SCOREVANTAGESCORE

Ever heard of the Fair Isaac Corporation? Maybe in its short form: FICO? The most popular type of credit score is the FICO score.

Because the three credit reporting agencies – Equifax, Experian and TransUnion – have varying information about you, each one might come up with a different FICO score.

To make things more confusing, there are different types of FICO scores. Some are used to determine credit card eligibility. Others are used for mortgages or car loans. The formulas also change frequently. For example, FICO Score 8, FICO Score 9 and etc.

The second most popular type of credit score is VantageScore. In 2006, Equifax, Experian and TransUnion came together to create this new score.

Although more and more lenders are relying on VantageScore, it’s still not as utilized as FICO scores. But it’s easier to get your hands on a free VantageScore than a FICO score.

For the most part, you can assume that your VantageScore reflects your FICO score. Both are in sync and will fluctuate up or down together.


Why Check Your Credit Score

Your credit score – and therefore your credit history – has a huge say in many aspects of your life. From mortgage and auto loan rates to apartment and job approval. Your credit is the foundation of all lending and credit decisions.

By checking your credit score and obtaining your credit report, you’ll:

  • Have a good sense of your financial “fitness”
  • See areas to improve
  • Spot mistakes and fraudulent activity
  • Reduce the likelihood of rejection
  • Get the best possible loan and credit terms

No one is perfect and that includes credit scores. A better score could equate to thousands of dollars a year.


Free Credit Score Sites

By law, you’re entitled to one free credit report every year from each of the three major credit-reporting agencies. The Fair and Accurate Credit Transaction Act of 2003 requires Equifax, Experian and TransUnion to provide a free credit report upon request through AnnualCreditReport.com.

But, the above gets you your free credit report only. Not your free credit score.

See below for sites that offer free credit scores:

Website Credit Agency Credit Scoring Model Updated
American ExpressTransUnion VantageScore 3.0 Weekly
BankrateTransUnion VantageScore 3.0 –
Capital One (CreditWise)TransUnion VantageScore 3.0 Weekly
ChaseTransUnion VantageScore 3.0 Weekly
CreditExperian VantageScore 3.0 Every 14 Days
Credit KarmaEquifax & TransUnion VantageScore 3.0 Weekly
Credit SesameTransUnion VantageScore 3.0 Monthly
DiscoverExperian & TransUnion FICO Score 8 Monthly
Free Credit Score / Free Credit ReportExperian FICO Score 8 Monthly
NerdWalletTransUnion VantageScore 3.0 Weekly
WalletHubTransUnion VantageScore 3.0 Daily

All sites listed in the table above are open to everyone. Other institutions may also provide free credit scores if you’re a customer. Check your bank, lender or credit company to see if they offer this service.


Final Thoughts

Back in the old days, the only way to get a free credit score was to sign up for a monthly subscription service trial. To register, you needed to provide your credit card number. If you decide to continue the service, your card would be charged a monthly fee. Nowadays, there are plenty of truly free options.

Applying for a credit card or a loan? You’ll want to look at your credit the way lenders would. Access several free services to see how your credit performs across bureaus and scoring methods.

Regardless of the company or method you choose to use, make sure to check your credit scores and reports regularly to maintain a healthy credit history.

READ MORE: SEE THE BEST BANK BONUSES HERE AND THE BEST INVESTING BONUSES HERE.

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Tony Jay

Tony Jay

Hey there! I'm Tony, a personal finance enthusiast.

If you're looking to maximize your savings, I've got you covered. From exclusive banking promotions and investing bonuses, to exciting credit card offers, I'll keep you in the loop on the hottest deals in town.

Need some inspiration for your next shopping spree? Look no further! I'll bring you the latest and greatest discounts, ensuring you never miss out on a steal.

Join me here at MoneysMyLife and let's embark on this adventure together. Contact me here.

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Disclaimer: These responses are not provided or commissioned by the bank advertiser, credit card issuer, hotel, airline or other entity. Responses have not been reviewed, approved or otherwise endorsed by any of the entities included within the post. It is not the bank advertiser's or any other entity's responsibility to ensure all posts and/or questions are answered.

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