It is easy these days than ever to get and track your credit score for free. A growing number of companies are offering credit card services and reporting to customers the scores. These companies have the flexibility to view users score online sans the gimmicks, which eventually cost you money.
Federal law enables you to see your credit reports, the payments, and the account history for free once every year. So, it should not be tough for you to access the credit score if you know how to do it. The best part is you can avail the reports from either of these top three credit bureaus- TransUnion, Equifax, and Experian.
Tips to Get Credit Score for Free
It is challenging to get your credit score, especially the number derived from the credit history that lenders use when you apply for a mortgage or a credit card. But not any longer as this has now become a thing of the past. The credit score has gone beyond being that mysterious tool nobody apart from lenders was familiar about. The credit score is vital because lenders will accept or reject your loan application based on the score. Now the most crucial question is how to avail of a free credit score? Well, here you go,
First and foremost, check with your credit card provider. These days, many people are getting FICO scores on the credit card statements every month, as per the Consumer Financial Protection Bureau. Federal officials have prodded card issuers to offer this, and a new program introduced has made this free. Initially, two big brands began giving cardholders access to free credit scores. Now following them, several other providers have entered the fray.
There are other banks, on the other hand, that are running promotions that have limited-time. Some have offered customers the opportunity to request their score at least once every year during a specific time. Those who cannot avail the credit score for free through financial institutions can make the most of the different websites that offer free scores. Such sites truly provide credit scores for free. Also, they do not ask the user for their credit card information. They make money by suggesting credit cards, loans, and other forms of financial products based on your credit score. Be careful to not take any hasty decisions here. Be wary of the other websites that ask for one’s credit card number.
For instance, you can consider sites that may offer credit reporting its name and offer them credit scores for free. The truth is that they will require paying a certain amount for the credit score and a credit report. After this, the user gets automatically roped into the website’s trial membership. And unless you cancel the membership after a week, the company will charge an amount. It will get you the credit monitoring service, which will help track credit activity and notify the user of unusual behavior. Yet, as per experts, this is not worth it. They recommend pulling a credit report every four months. You can get a free score when you apply for mortgages, or is denied any loan.
What After the Credit Score?
As you begin checking your credit score, regularly, you will get a good sense regarding where you stand. If your FICO score is between 300-850, and anything over 780 it is good, and below 600 is fairly bad. Your credit score is vital as lenders use it to determine whether they can give a credit card, mortgage, or car loan, and how high the rate of interest you will pay. It is vital to always keep in mind that the score they see is not the exact score that lenders use. When it comes to the score, a lender may show dozens of versions that they can use for evaluating for a mortgage or a car loan. Moreover, you are getting the actual FICO score through their credit card. Other sites provide other forms of credit score that is new and
which lenders do not use much and these scores are calculated from three places.
It is the most vital score that considers users credit on such reports and sending behavior. Check them for errors or any other credit account which you did not apply but has been opened in your name. After checking the score each month, you may see certain ups and downs. You can consider this as your heart rate that bounces up and down. But it should stay in a healthy range.
So, next time you are looking for a free credit score, you know what are the rules and guidelines to follow. Always do proper homework to choose a trustworthy company and enjoy peace of mind. Good Luck!