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How To Check Credit Score Free?

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Nowadays, people use credit or credit cards to finance many expenses. Therefore, the credit score is gaining more importance with each passing day. Tracking and improving your credit score is extremely important. Therefore, many banks and non-bank sources offer the possibility to check credit score free of charge.

Before you check your credit score for free, there are two important things you need to know;

  • Types of credit scores,
  • You have multiple credit scores.

Types of credit scores.

There are multiple types of credit scores, and the importance of each type of credit score is different from the others. In addition, these credit score types also differ in themselves. The type of credit scores that lenders pay the most attention to is FICO. There are five main factors affecting FICO score. After to check credit score free, you should improve your credit score by paying attention to these five factors. After to check credit score free, the five factors you should be aware of are;

  • Payment history,
  • Loan utilization rate,
  • Length of credit history,
  • Hard credit inquiries / New accounts,
  • Credit Mix.

Payment history;

This is the most influential factor on your FICO score. 35% of your FICO score is made up of payment history. For lenders, the most important issue is the repayment of the borrower. Your credit score increases when you complete your payments on time. However, if you pay incomplete or late, your credit score will be considerably reduced and will remain in your credit reports for 7 years. However, as time goes on and your credit payments are made on time and in full, the impact on your credit score will decrease. If this happens, it is important to check credit score free from time to time before applying for the credit.

Loan utilization rate;

The second factor that affects the FICO score the most is the loan utilization rate. Loan usage rate is the ratio of your total loan amount to your total loan balance. This rate should not exceed 30%. At the same time, the ratio of each loan to your total loan balance should be at most 30%. If you exceed 30%, your credit score will decrease.

Length of credit history;

The longer your credit history, the higher your credit score. This is because it is a factor that shows lenders that you make your payments on time and in full, and lenders are less suspicious of repayment. The effect of this factor on credit score is 15%.

Hard credit inquiries / New accounts;

Check credit score free is very important for this factor. Because when you check your credit score, you make a soft credit inquiry, but if a lender that you haven’t worked before checks your credit score, there will be a hard credit inquiry. A hard credit inquiry lowers your credit score. Similarly, new accounts cause your credit score to decrease, and the effect decreases as time goes on. The effect on FICO score is 10%.

Credit mix;

Your credit score will increase if you borrow different types of loans and make payments on time. This is an indication of you make good budgeting even if you have different borrowings. If you have different types of credits, when check credit score free, you’ll see it impacts more than your borrowing from the same credit type.

VantageScore is the other type of credit score that you will see the most when you want to check your free credit score. This type of credit score is very similar to FICO, but the calculations are different, and VantageScore is generally higher than FICO score. Therefore, if you do not want to experience problems when applying for a loan, you should pay attention to which type of credit scores you have when check credit score free.

You have multiple credit scores.

When check credit score free, the first reason you get more than one credit score is that there are different types of credit points, as described above. The second reason is that there are three major credit reporting institutions. These credit reporting agencies are; Experian, Equifax and TransUnion.

Lenders provide information about your loan payments to one, two or all three credit reporting agencies. These institutions calculate your credit score based on your payment information. In addition, each credit reporting agency has different calculation criteria and the credit score ranges of each credit reporting agency are different.

When you check credit score free from Experian, you should evaluate your credit score according to the following credit score ranges;

  • Very poor: 0-560,
  • Poor: 561-720,
  • Fair: 721-880,
  • Good 881-960,
  • Excellent: 961-999.

When you check credit score free from TransUnion, you should evaluate your credit score according to the following credit score ranges;

  • Very poor: 0-550,
  • Poor: 551-565,
  • Fair: 566-603,
  • Good 604-627,
  • Excellent: 628-710.

When you check credit score free from Equifax, you should evaluate your credit score according to the following credit score ranges;

  • Very poor: 0-278,
  • Poor: 279-366,
  • Fair: 367-419,
  • Good 420-466,
  • Excellent: 467-700.

Where can you check credit score free?

There are many ways to check credit score free. These methods can be summarized as follows;

Bank or Service         Reporting Agency     Score Types         Access                                     Updates

American Express     Experian                     FICO Score 8        Primary card members        Monthly

Experian                     Experian                     FICO Score 8        Public                                      Upon request(Monthly)

Chase                          Experian                     FICO Score 8        Chase Slate cardholders      Monthly

USAA                           Experian                     VantageScore      Members                               Monthly

Discover                     Experian                      FICO Score 8         Public                                     Upon request(Monthly)

Wells Fargo                Experian                     FICO Score 9         Primary card holders           Monthly the 5th

Bank of America       TransUnion                 FICO Score 8        Personal card holders          Monthly

American Express    TransUnion                 VantageScore       Public                                      Upon request(weekly)

Capital One               TransUnion                 VantageScore       Public                                      Weekly

Barclays                     TransUnion                 FICO Score             Card holders

U.S.Bank                    TransUnion                                                 Card holders

Chase                         TransUnion                 VantageScore        Public                                     Upon request(weekly)

Citi                              Equifax                        FICO Score             Holders of select cards        Monthly

There are also non-bank resources to check credit score free. These sources are;

  • Quizzle,
  • com,
  • Credit Karma,
  • Credit Sesame,
  • Mint.

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