You know that your FICO credit score is an important number. According to MyFICO.com, more than 90% of lenders in the US use FICO scores to determine which consumers qualify for loans and credit cards and at what interest rates.
Your three-digit FICO score can determine if you qualify for a better-rewarding mortgage, car loan, or credit card. That’s why it’s so important to check your FICO credit score regularly. You need to know if your score is strong or if you need to take steps to improve it.
There was a time when the only way to see your FICO scores was to pay the three national credit bureaus Experian, Equifax and TransUnion. There was no way to see your FICO score for free.
This has changed. Today, banks, credit card issuers, credit unions, and credit counseling agencies provide free FICO points to their customers. MyFICO.com reports that over 300 million consumer accounts now have access to FICO points.
Credit Card Issuers Offering Free Credit Scores
With the FICO Score Open Access Program, you can get your FICO scores for free from over 200 financial institutions, including banks, credit card providers, auto lenders, and mortgage service companies.
The following major credit card issuers offer free credit scores to their cardholders, and most provide them to non-cardholders.
- american express – Amex provides a free credit score updated weekly to anyone who enrolls in the free MyCreditGuide. The good news is that you don’t even need to be an American Express cardholder to sign up. The program provides you with your VantageScore 3.0 credit score from TransUnion.
- Bank of America – This issuer provides cardholders with free FICO points from TransUnion every month. The only requirement is that you must have a consumer credit card and enroll in the program. The FICO score must be viewable in your online account or mobile app.
- Capital One – Available to everyone, not just Capital One cardholders, Capital One CreditWise gives you free access to your credit score. Anyone can register to view their VantageScore 3.0 from TransUnion and check their credit report. CreditWise will also monitor your social security number activity and scan for potential dark web scams for you.
- chase – This issuer offers a credit trip to everyone, not just Chase cardholders, and even tracks any changes to your account. Your score will also be updated every week in your account. Like the CreditWise tool, Credit Journey tracks your social security number activity, scans the dark web, and can cover your expenses if you fall victim to identity theft.
- City – Depending on which Citi card you have, you can view your credit score for free. You must create an online account to be able to see your score, which is the FICO score provided by Equifax and updated monthly.
- discover – The Credit Scorecard service allows everyone, not just Discover cardholders, to check their FICO credit score. Like other free credit scoring services, Credit Scorecard will notify you of any major changes to your Experian credit report and scan your social security number on the dark web.
- US bank – US Bank cardholders can view their credit score for free on the US Bank mobile app or online. The CreditView dashboard provides your TransUnion VantageScore 3.0, Score Simulator for suggestions on how to improve your credit and basic credit education.
- Wells Fargo – With this issuer, customers access free FICO ratings, updated monthly, through Wells Fargo Online.
How to use a free credit score
Compared to the more widely used FICO score, VantageScore is newer, but it still compresses your information based on payment history, loan type, credit utilization rate, and more into a three-digit score ranging from 300 to 850.
And while it’s true that most lenders use the FICO score to determine if you’re eligible for a loan and at what interest rate, that doesn’t mean checking your VantageScore doesn’t make sense. In fact, your VantageScore is often used by credit card issuers. Chris Butler, Equifax’s vice president of marketing, said this score will give you a good idea of how strong your creditworthiness is. And it’s a useful tool.
Butler, in fact, recommended that consumers check their credit scores monthly—whether they look at their VantageScores, FICO scores, or the various private ratings offered by one of the bureaus.
“It’s important that consumers have a vested interest in their credit,” Butler said. “Most consumers only think about their credit when they are ready to apply for a mortgage or when they are looking for a car loan. But they should keep an eye on their credit and review their credit reports on a regular basis. It’s part of a healthy financial lifestyle.”
“While most lenders will look at your FICO score first, VantageScore can be just as important because it gives you a general idea of your creditworthiness,” said Joe Cortez, credit officer at IDSeal, a credit monitoring and identity theft protection service. . “A lower VantageScore means your FICO score may be subprime. A high VantageScore means you have generally good credit health.”
Kevin Haney, CEO and founder of ASK Benefit Solutions, said the FICO and VantageScore scoring models use the same inputs to calculate their scores – credit reports backed by TransUnion, Experian and Equifax. Both scores are also an effective way for lenders to predict the future financial behavior of consumers.
For this reason, Haney said, FICO scores do not outperform VantageScores. Big difference between scores? Most lenders use FICO to make lending decisions, so consumers typically focus on their FICO score rather than other alternative credit scores. In regards to credit card applications, knowing your FICO score or VantageScore will give you a good idea of whether you qualify for a particular card.
Where to Get Free FICO Credit Scores
In addition to major issuers, some lesser known issuers such as HSBC, Sallie Mae and UnionBank also offer access to free FICO credit ratings. Several credit unions also provide FICO points for free, including the Federal Navy Credit Union, Hudson Valley Credit Union, DCU, America First Credit Union, and others.
Unlike in the past, you can also order a credit score for free from two of the three national credit bureaus. Equifax has launched a free program called Equifax Core Credit to give you access to Equifax’s monthly credit report and your monthly VantageScore 3.0. Experian also offers access to FICO Score 8, although the credit bureau does not specify how often you can view your credit score. Unfortunately, TransUnion does not provide estimates for free.
However, keep in mind that your credit score may vary with each credit bureau, as some lenders may report your credit information to each bureau at different times.
bottom line
Your FICO score can determine if you qualify for a mortgage or loan, or even better-rewarding credit cards. This will also affect the interest rates you are offered. Fortunately, most credit card issuers offer free access to one of three credit bureaus and make verification easy. Be sure to take advantage of this valuable opportunity.
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