How to Easily Check Your Credit Score

Your credit score is like a financial report card that reveals how responsible you are with credit. It’s an essential factor that credit card issuers and lenders use to determine the risk of lending you money. Understanding your credit score allows you to assess your options when applying for credit cards and loans, as well as detect missed payments and fraudulent activity. With that in mind, you might be wondering, “How do I check my credit score?” Luckily, there are several simple and free ways to access this important information. Let’s explore your options.

Why Credit Scores May Differ Across Credit Bureaus

The three main credit bureaus used by lenders to assess your creditworthiness are Experian, Equifax, and TransUnion. While they all use similar information to generate your credit score, such as payment history, amounts owed, length of credit history, credit mix, and new credit, there are reasons why your credit score may vary across each bureau.

Your Credit Card Issuer Doesn’t Report to All Credit Bureaus

It’s important to note that when you open a credit card, not all credit bureaus may be notified. Credit card issuers may only check one or two bureaus to retrieve your information. Furthermore, credit card issuers are not obligated to report your activity to all credit bureaus, which means your credit habits may not be reflected in the credit score you receive from the other bureaus.

Different Types of Credit Scores

There are multiple types of credit scores, with the two common ones being FICO and VantageScore. These scores can vary significantly, so it’s crucial to compare apples to apples when assessing your creditworthiness. While both scores consider similar factors, VantageScore assigns different weights to each category and categorizes “balances” and “available credit” separately.

Examination of Different Credit Reports

Each credit bureau analyzes the information on your credit report to assign your credit score. However, the information can differ for several reasons. For instance, Experian Boost is a popular credit-building tool that recognizes responsible activity not directly related to credit, such as on-time payments for utilities, rent, and streaming services. Using Experian Boost will only raise your Experian credit score, making it different from the scores assigned by Equifax or TransUnion.

5 Ways to Check Your Credit Score

Now that you understand why your credit scores may differ, let’s explore five simple and free ways to check your credit score.

1. AnnualCreditReport.com

The website AnnualCreditReport.com allows you to access a free credit report from each of the three major credit bureaus—Experian, Equifax, and TransUnion. Previously limited to one report per year, this program has been extended indefinitely during the pandemic, enabling you to view all three reports weekly.

2. Experian’s Free FICO Score

Experian offers a free FICO score and report directly through their platform once a month. You can access this information without providing payment details. They also provide a paid option, Experian CreditWorks℠ Premium, which offers more comprehensive information, such as three-bureau reports and scores, score alerts, dark web surveillance, and more.

3. Use myFICO to Monitor Your Score

For a comprehensive view of what lenders consider when assessing your creditworthiness, myFICO is an excellent service. They offer a free subscription that includes coverage from Equifax, your FICO score, credit report, and credit monitoring. While you receive one update per month with the free subscription, myFICO provides additional paid options for more detailed information, such as three-bureau coverage, identity monitoring, and identity theft insurance.

4. Financial Websites

Several websites provide free access to your credit score. Websites like CreditSesame offer updated scores weekly or monthly. While these scores are helpful, keep in mind that they may not reflect the most recent information since credit card issuers typically report activity once a month.

5. Credit Card Benefits

Many credit cards now offer a free credit score as a perk to cardholders. You can usually find your updated score after each monthly statement by signing into your credit card account online. If it’s not prominently displayed on the homepage, it should only take a few clicks to locate it.

Checking Your Credit Score Is Free and Easy, but Not Entirely Accurate

While there are numerous ways to check your credit score, there are variables that may result in the score you find differing from what a potential lender sees. For instance:

• You might be looking at a VantageScore while the lender refers to FICO.
• You may only have access to your Experian credit score, while the lender examines Equifax or TransUnion.

Despite these discrepancies, reviewing your credit score allows you to gain insight into what lenders perceive and helps you monitor your credit health. It also enables you to detect fraud, irregularities, missed payments, and more. With the availability of free weekly scores from all three bureaus, you can check them all before making significant financial decisions, such as applying for an auto loan.

Frequently Asked Questions (FAQs)

What does each credit score range mean?

FICO credit score ranges provide a general idea of how credit card issuers and lenders view your creditworthiness. The ranges are as follows:

• 300-579 (poor): You may face challenges in getting approved for credit cards. Focus on building or rebuilding your credit.
• 580-669 (fair): Considered a high-risk borrower, you may be eligible for subprime credit cards. Hold off on applying for rewards credit cards for now.
• 670-739 (good): You are a low-risk borrower and can be approved for most credit cards, including premium rewards cards. However, your Annual Percentage Rate (APR) may not be the most favorable.
• 740-799 (very good): Your credit history is exceptional, and your credit score won’t hinder you from being approved for most credit products. Other factors still play a role in lenders’ approval decisions.
• 800-850 (excellent): You are among the lowest-risk borrowers. You will receive the most favorable interest rates and loan terms.

What factors affect my credit score?

Your FICO credit score, the score used by the majority of lenders, considers five elements:

1. Payment history: 35% of your credit score.
2. Amounts owed: 30% of your credit score.
3. Length of credit history: 15% of your credit score.
4. Credit mix: 10% of your credit score.
5. New credit: 10% of your credit score.

VantageScore, another commonly used score, comprises six elements:

1. Payment history: 40% of your credit score.
2. Depth of credit: 21% of your credit score.
3. Credit utilization: 20% of your credit score.
4. Balances: 11% of your credit score.
5. Available credit: 3% of your credit score.
6. Recent credit: 5% of your credit score.

You may notice slight differences between FICO and VantageScore, such as “depth of credit” referring to your length of credit history, and “credit utilization,” “balances,” and “available credit” representing your amounts owed.

Does checking your credit score lower it?

Checking your own credit score does not lower it. Requesting your credit score results in a soft inquiry, which only you can see. Soft credit pulls remain on your credit report for 12 to 24 months, but since they are only visible to you, they have no impact on your score.

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