Are you creditworthy for that house, car, or premium credit card? Do you think you are a trusted borrower? Is your credit score on the same page as your expectations? We have you covered on how to do a credit score check, and that too for free!
Now you know why it is important to keep track of your credit score every now and then. But how would you go about getting a free credit score check? That is what this article is about.
What is a credit score?
A credit score is a three-digit number ranging from 300 to 850 that reflects your overall creditworthiness or how liable you are as a borrower. Lenders use this number to determine whether to offer you a mortgage, credit card, auto loan, or other credit products. Your credit scores may also have an impact on the interest rate and other terms of any loan or other credit account for which you are eligible.
VantageScore and FICO score are two of the most popular credit scoring models. Both have slightly different methods of calculating scores, which explains why your score may differ slightly if you check it on different platforms.
However, we recommend that you check both your FICO and VantageScore credit scores to get an accurate picture.
How to do it for free?
There are many different ways to check your credit score. There are many free resources available, but some organizations will charge you. Some sources, such as Citi and Discover, offer free FICO Scores, while others, such as Chase and Capital One, offer free VantageScores.
You can check your credit score in less than five minutes by going to the credit score section of your credit card issuer’s website or a free credit score service. A dashboard will typically display your score and the factors that influence it.
CreditWise from Capital One
Capital One CreditWise is an online tool and app that allows you to track your credit score. TransUnion’s VantageScore 3.0 scoring model is used to assess your credit.
CreditWise does not require a Capital One credit card to use. You can use the tool online via the CreditWise mobile app or, if you already have a Capital One card, via the Capital One mobile banking app.
Create an account at CreditScorecard.com to get your free Discover FICO score. Personal information, including your Social Security number, will be required, followed by questions to verify your identity and set your security questions.
You can check your Discover FICO score as often as you want without affecting your credit score, but FICO scores only update once a month. Credit monitoring and Social Security number alerts are included in the Discover Card free credit score.
Chase Credit Journey
Chase Credit Journey allows you to check your VantageScore 3.0 from TransUnion for free. Along with your credit score, the Chase Credit Journey tool offers free credit alerts to keep you informed of any changes to your credit. If you are concerned about identity theft, this can be extremely beneficial.
A credit score is influenced by five factors: payment history, types of credit obtained thus far, new credit, current debt and length of credit held. The lender must pay close attention to current debt and payment history.
Simply put, borrowers with higher credit scores are more likely to receive favorable credit terms. This may result in lower payments and less interest paid over the life of the account. An unfavorable credit score, on the other hand, may result in your loan or credit card application being denied or approved on unfavorable terms.