How to Get a Free Credit Score: Your Guide to Knowing Your Credit Score
Your credit score plays a vital role in many aspects of your financial life, including your ability to buy a home, take out a loan, and secure credit cards. Yet, 25% of Americans have never checked their credit score. The good news is that obtaining your credit score no longer requires spending money or going through a lengthy application process. Here is your guide to how to get a free credit score, including websites, DIY methods, credit card companies, and more.
Top Websites Offering Free Credit Scores
There are several websites that offer free credit scores, including Credit Karma, Credit Sesame, and WalletHub. These sites allow you to check your score as often as you want without negatively impacting your credit score.
Credit Karma provides you with a TransUnion and Equifax score, while Credit Sesame offers a credit score based on TransUnion data. WalletHub is unique in providing you with a VantageScore based on a credit report provided by TransUnion.
All three of these sites offer additional features such as credit monitoring, credit advice, and financial education that can help you stay on top of your finances.
Credit Monitoring Services with Free Credit Score
If you are interested in more comprehensive credit monitoring services, there are also options that offer free credit scores. For example, IdentityForce and Identity Guard offer a 14-day free trial period that includes unlimited access to credit reports and scores, as well as identity theft protection and alerts.
Other companies like CreditCheckTotal and Experian also offer free trials, which can be good options for those interested in monitoring their credit on a trial basis. Before signing up for any trial period, make sure you understand any fees or membership costs should you decide to continue using the service after the trial period ends.
DIY Methods to Obtain a Free Credit Score
There are a few DIY methods you can use to obtain a free credit score on your own. One way is to request a free credit report from each of the three major credit bureaus: Equifax, Experian, and TransUnion.
You can request a free report from each bureau once a year at AnnualCreditReport.com. While this option does not provide you with your actual credit score, it does allow you to review your credit report to make sure it is accurate and up to date.
Another DIY method is to take advantage of free trials or coupons provided by credit score software companies. For example, MyFICO offers a 30-day free trial (which includes a free credit score) for its credit score monitoring services. Be sure to cancel any subscriptions before the trial period ends if you do not want to pay for the service.
Other DIY methods for obtaining a free credit score include speaking with a lender or credit counselor, or checking with your bank or credit card provider to see if they offer free credit score access as a perk.
Credit Card Companies Offering Free Credit Score
Many credit card companies now offer free access to credit scores as a perk for cardholders. For example, Chase Credit Journey, Discover Credit Scorecard, and Capital One CreditWise all provide free credit scores to their customers. In addition to offering free credit scores, these credit card companies may also provide fraud alerts, identity protection services, and more.
It’s important to remember that not all credit cards offer free credit scores, so make sure to check with your provider before signing up.
Benefits of Knowing Your Credit Score
Knowing your credit score can provide many benefits in your financial life. A good credit score can lead to more opportunities for loans and mortgages at lower interest rates, which can ultimately save you money.
Additionally, your credit score is often a factor in negotiating prices and terms with lenders, such as car dealerships or credit card companies. Knowledge of your credit score can give you the confidence to negotiate a better deal.
Credit Score Myths Disproven
There are many myths surrounding credit scores that can lead to confusion or anxiety. For example, one common myth is that checking your credit score too often will hurt your credit score. This is not true. Checking your own credit score does not impact your score; it’s only when others check your score (like a lender or a credit card company) that it can potentially harm your score.
Other myths include the idea that closing a credit card automatically improves your score or that paying off loans early improves your credit score. In reality, credit score algorithms are complex and unique to each person, so it’s important to understand what factors do impact your particular credit score.
Conclusion
Knowing your credit score is an important step in managing your finances and making financial decisions. By taking advantage of free credit score options online, through credit monitoring services, and even through credit card companies, you can access your credit score any time without spending money. Take the time to educate yourself on your credit score and options to improve it.
