The best credit cards that Give Free FICO Scores
In the past, lenders don’t really want you to know your FICO score. But the Fair Credit Reporting Act by the U.S government enables you to ask you for your credit score from the major approved credit bureaus. Though you’ve to pay for the credit score report.
Now I’ll be letting you know how you can get your free credit score. Before now it isn’t easy to get the Score free until Fair Isaac Corp created the FICO Score in 2013. Before I talk more about the free scores, let’s introduce what meaning of Credit score and FICO Score.
This is the most vital aspect of your credit health. It’s what the lenders look up to know if you’re creditworthy. Anytime a consumer applies for a credit, credit card, loan or a mortgage loan, lenders look at the credit score to know the level of the risk they’ll be undergoing by lending to you. Lenders can order for the credit report containing your credit score which will summarize the credit risks. The higher your credit score, the greater the chances of you getting the loan or Credit card application.
This is the most widely used Credit score to solve credit-related decisions annually. FICO score is calculated using the information in the consumer credit report. It’s used to estimate the level of future risk of your credit.
You can find a good credit score between 300-850 score range.
Why is the FICO Score Very Important
FICO score is gotten from the credit report from the credit reporting agency. Before you can get the report, you’ve to have enough information and your account must be existing for at least six months.
After launching FICO Scores in 2013, lenders can now give their customers Free FICO scores. Most Financial institution and credit card issuers offer free Credit scores to their customers.
Below are the credit card issuers that that offers free scores.
Card issuers Free Credit Score Type Who Can Get It
American Express FICO Cardholders
Bank of America FICO Cardholders
Barclaycard US FICO Cardholders
Capital One VantageScore3. Cardholders
Chase FICO some cardholders
Citi FICO Some accounts
Discover FICO Anyone
US Bank Absent Absent
Wells Fargo FICO Customers with consumer credit accounts
The benefits of knowing your Credit Score
When you know your credit score, it’ll help you have more power to control your financial life. Now, you can help your credit scores by paying on time. Presently, over 60% of Cardholders in the U.S know their credit score and how to grow their credit scores. In addition, over 86% of cardholders are aware that 700 is a good credit score.
Also, the knowledge about your credit score keeps you on a better platform in deciding your own stand in the eyes of your lenders and bankers/card issuers.
However, if you’re working on improving your credit score, knowing your FICO score every month will go a long way in helping you. You can easily know when you’re making progress and when you’re making mistakes. In the case of mistakes or errors, you can quickly keep out of trouble.
FICO Score is not the same
All your FICO scores won’t be same or will you have a single FICO. But they’ll appear similar. This is because different credit reporting bureaus (Equifax, Experian and TransUnion) collects their data differently. But your lender that require different scores for different purposes. For instance, the same credit score may not work for a credit card and a Mortgage Loan.