Need to See Your FICO Rating for Free? Right here’s Tips on how to Do It
The vast majority of lenders use your FICO credit score to assess your credit risk as a consumer when deciding whether or not to give you credit. In the past, however, consumers have found it costly to access their own FICO results.
Popular websites like Credit Karma and Credit Sesame offer free credit scores. However, the scores provided are usually VantageScores and not FICO credit scores.
Knowing your VantageScore is still valuable information, but it is not directly linked to your FICO score. As a result, it is less useful when you are preparing to apply for a loan. While it is often true that a consumer’s FICO score is similar to a VantageScore, in some cases they can be very different, particularly depending on which credit scoring models are used and which credit bureaus provide the credit reporting information.
If you need to check your FICO score, where can you do it without paying an access fee?
Here are some of the best places to get your FICO score for free.
Your credit card issuer
Several major credit card companies are now offering consumers the option to review their FICO scores for free.
Discover offers a free way to check your FICO score with theirs Credit scorecard Program. Even consumers who have no relationship with Discover Bank can freely use this feature.
Experian provides the credit report information that is used to calculate your FICO score. Your credit score is updated every 30 days, and Discover will notify you when it is time to review your new FICO score.
In addition, Discover’s FICO Credit Scorecard tracks your credit score history so you can see how it changes from month to month.
The credit scorecard also provides a summary of what happened to each five credit score factors that affect your FICO score: your payment history, Use of credit, Length of creditworthiness, Credit mixand new credit (e.g. inquiries). The website also provides information on credit scores.
To access your FICO score using Discover’s FICO Credit Scorecard, either visit their website or use the bank’s mobile app.
Bank of America is another widely used bank offering free FICO scores to consumers. However, you must be a Bank of America credit card customer to enroll in this program.
Similar to the Discover offer described above, offered by Bank of America FICO Score Program In addition to providing customers with their FICO ratings, they also provide information on the top factors that affect your credit score, monthly credit score, and your information on achieving and maintaining good credit scores.
In addition, Bank of America compares your creditworthiness with the national average.
Bank of America customers can view their FICO score for free on the company’s website or mobile app.
Consumers with Citibank branded credit cards can get their FICO score for free at Citi.
Citi states on its website: “We believe it is important to give our card members free access to information that will help them understand and keep track of their credit status. That’s why we’re making your FICO® Score and information available to help you understand it better. “
Your Citibank FICO score is determined using information from Equifax Credit report and the FICO Bankcard Score 8 credit scoring model. Unlike the standard FICO 8 version that you may be used to, which is between 300 and 850, the bank card model Citi uses ranges from 250 to 900. It is updated once a month.
For more information on Citi’s Free FICO Score Program, visit their website website.
American Express recently started giving consumers with American Express credit cards access to free FICO results.
The bank uses the standard version of FICO 8, so the credit score range is between 300 and 850. Experian provides the credit report data that is used to calculate your score.
As with the other free FICO score programs, you can also see how your FICO score changes over time and get a summary of the factors that affect your credit score.
American Express credit card holders can see their FICO results in your online account or on your monthly statement.
If you don’t have American Express credit cards, you can get your TransUnion VantageScore free of charge by the company MyCredit manual Program, but this does not include FICO scores.
TransUnion’s FICO scores are available to all Barclays credit card customers through the bank’s online banking system.
After receiving your Barclays card for three months, you can view a table of your FICO score history over the time you opened an account with Barclays. according to SmartAsset.
Barclays will also send you email notifications when your credit history changes, including an explanation of why your score has changed.
Wells Fargo Account Holders using their online banking platform can View FICO creditworthiness within their online account.
Other features include your credit score history, information about your credit score factors, and personalized Wells Fargo credit tips.
According to the bank, they are offering your FICO Score for free to “increase your awareness and understanding of FICO® credit scores and how they can affect the credit that is available to you”.
The FICO score given to you by Wells Fargo is calculated using Experian Credit report Data and is updated once a month.
Experian is the only major credit bureau offering consumers their FICO 8 scores along with their Experian credit reports for free.
In addition, Experian offers a alternative credit information Program called Experian BoostThis can add positive payment history from certain invoices to your credit report, such as: B. Utilities and Netflix.
Sign in to Experian website to use these free services.
Your local bank or credit union
Not all banks and credit unions offer customers the option to review their FICO scores for free. However, it’s worth asking if you don’t have access to the previous options. If your local bank or credit union doesn’t offer free FICO scores, they may be able to direct you to a place that does.
Will Checking Your FICO Score Affect Your Credit Score?
While this is a common problem, check your own Credit score should never hurt your credit.
These Credit myth probably stems from the fact that tough inquiries on your credit report can have a small negative impact on your score.
Difficult, however Credit inquiries This only happens when you are actively looking for credit and a lender needs to get your credit report to decide whether or not to borrow.
All other credit checks, including those that you do yourself for educational purposes, are considered soft queries that don’t affect your score at all.
Final thoughts on how to get your FICO score for free
If you want to see your FICO score for free, there are many options available to you, especially if you have credit card accounts with major banks like the ones listed above.
FICO also has a program called FICO Score Open Access, which aims to improve consumer access to FICO scores and educate consumers about the subject. FICO has one list from additional lenders as well as credit and financial advisory organizations participating in this program that you can search if you do not have accounts with the banks mentioned here.
Note that lenders use many different versions of FICO scores, including older generations and versions that are specific to certain industries. That said, checking your FICO score for free is not guaranteed to be the exact same FICO score that a lender uses when applying for a loan.
Whenever you review your FICO score using one or more of the methods outlined in this article, make a note of which credit bureau provides the information and which FICO score version is used to calculate the score so that there is no confusion if you see one elsewhere other FICO score.
Lastly, remember that you can get yours too VantageScore also free in many places. While it’s not the same as your FICO score, it can still provide educational value as it uses the same general principles to calculate your score.
Let us know if this article helped you figure out a way to get your FICO score for free by leaving a comment below!