You can feel more in charge of your finances if you keep an eye on your credit scores. Fortunately, a lot of financial companies provide free access to your FICO® ratings.
Credit scores have a significant impact on one’s financial life, influencing loan approvals, credit card applications, and interest rates. To stay updated on your credit scores, there are multiple options available to you.
While VantageScore differs from FICO, it still offers valuable insights into your credit standing. Alternatively, you can access your FICO® scores for free through various platforms. FICO® scores are based on credit-scoring models developed by the Fair Isaac Corporation. Luckily, there are several sources where you can obtain your FICO® scores without any cost.
Difference between VantageScore and FICO
VantageScore and FICO credit scores utilize different scoring models to assess creditworthiness. While they consider similar factors based on credit reports, such as payment history and credit utilization, the specific calculations and weightings may vary. It is worth noting that VantageScore is a collaborative effort among Equifax, Experian, and TransUnion, the three major consumer credit bureaus. On the other hand, FICO scores are independently developed by the Fair Isaac Corporation.
How do I obtain my FICO® ratings for free?
FICO offers free access to FICO® ratings for consumer accounts through its collaboration with more than 200 financial institutions. We’ll walk you through six ways to obtain your FICO® scores for free if you’ve ever wondered what your score is.
Find a Credit scorecard.
Credit cards from American Express
Credit cards from Citibank®
Banks and credit unions of America
Bank Ally
Discover Credit Scorecard
Discover Credit Scorecard is a highly recommended method to access your FICO® credit score for free. This service is available to both Discover customers and non-customers at no cost.
To begin, you will need to provide personal information, including your Social Security number, and answer a few identity verification questions. The best part is that this process does not result in a hard inquiry, meaning it won’t negatively impact your credit. The same applies to all the other methods listed for accessing your FICO® scores for free.
With the Discover Credit Scorecard, your FICO® score is updated every 30 days, and checking your score will not have any negative consequences. This allows you to easily track your FICO® score as you work towards building your credit.
In addition to accessing your FICO® credit score, the Discover Credit Scorecard provides valuable insights into the factors influencing your scores. It offers a detailed breakdown of the elements contributing to your credit score, helping you understand what factors are positively and negatively impacting your score.
Credit cards from American Express
American Express provides cardholders with access to their free FICO® score, including 12 months of score history. The score is based on the Experian® credit report and can be accessed through the online American Express account, with periodic updates.
Credit cards from Citibank®
Citibank is another credit card issuer that offers free FICO® scores to select cardholders. The scores are based on the Equifax® credit report and are updated monthly.
Banks and credit unions of America
Bank of America offers eligible cardholders free access to their TransUnion® credit report-based FICO® score. The score is updated monthly and comes with useful charts that track recent scores over time and compare your score against national averages.
Credit unions can also offer free access to FICO® scores, although not all credit unions provide this benefit. Navy Federal Credit Union and DCU Credit Union are two larger credit unions known to offer free FICO® scores.
Bank Ally
Ally Bank offers a free FICO® score to consumers preparing to buy a new car via the Ally Auto Online Services or the Ally Auto Mobile Pay app.
These options allow individuals to access their FICO® scores without any associated costs or fees.
Next Steps
Gaining a thorough understanding of your credit scores, including your FICO® credit scores, is crucial for assessing your overall financial well-being. These scores have the potential to impact the costs associated with borrowing, such as when purchasing a new vehicle or home. Fortunately, there are numerous accessible avenues to obtain your FICO® scores at no charge. By taking advantage of these opportunities, you can stay informed about your credit standing and make any required adjustments to secure a stable financial future.