To every one of us, credit scores matter. The credit score is an important factor for qualifying the cheapest rates on mortgages. Your good credit score may help you to get low insurance premium rates from insurance companies. You may even get a 0% annual fee credit cards.
But let me remind you that getting your hands on your credit scores can be expensive and confusing too. So, you must find ways to get free credit scores.
4 Factors to consider to access credit score
First, it's crucial to know that you are actually getting your FICO score. Not all credit scores are calculated using the FICO formula. You must know what type of credit score you are getting. FICO score is the most popular among the lenders, but a non-FICO credit score is also valuable.
Second, you must know which credit bureau data is considered for calculating the credit score. There are 3 major credit bureaus - Experian, Equifax, and TransUnion. Your credit score from these 3 credit bureaus may vary as each of them may use different data they collect about each consumer. So, their score may also be different.
Third, some agencies will offer helpful analysis of your credit score. It means they’ll provide you with in-depth data on every good and bad items listed on your credit report. These reports are very important if you want to improve your credit score.
The last one is cost. It is better if you can get your credit score totally free. There are several ways to get your credit score for free.
So, keeping the above factors in mind, here are 6 ways to get credit score for free (or with a small fee):
Option 1 to 3 - Credit Sesame, Credit karma, and Quizzle
These are all separate services, but here they are all grouped together as each of them is totally free. You’ll have instant access to your credit scores online. You just need to sign up and answer few questions to confirm your identity.
But you must know that none of these services will provide you with FICO score.
- Credit Sesame will provide you the Experian National Risk Model score.
- Credit Karma will give you VantageScore 3.0 credit score, based on informations from TransUnion and Equifax.
- Quizzle will give you VantageScore 3.0 credit score based on Equifax.
Option 4 - Credit card
Credit card providers may offer you with a free FICO score on your monthly statement. The names of those credit card providers are - Barclaycard® Rewards, MasterCard®, Capital One Venture Rewards credit card, Discover it® card, First Bankcard, Citibank, and even Walmart, etc. So, get one of these cards and get your credit score for free.
Option 5 - Ally Bank
Ally Bank also provide free FICO® Score to help its auto finance customers. This started on February, 2015. However, the full operational service started in 2015 summer.
Option 6 - MyFICO.com
MyFICO.com offers credit score directly for a small fee. You’ll get the access to your FICO score after signing up with myFICO.com. It’ll cost you $24.95 a month.
You can cancel your online credit report from them at any point of time, although you’ll not get your refund if it is a partial month.
Your credit score act as a booster since potential creditors review your credit report to decide whether or not to offer you a loan or cancel your application.
To ensure you’re approved for a loan, or you’ll get the cheapest interest rates, it’s good to pull one of your free credit reports once in every 4 months. It’ll help you to maintain the highest possible credit score.