Many people need loans to improve their living standards. The availability of a credit or credit card depends on your credit score. Your credit score is a three-digit number that shows how you make your payments and reflects how you manage your money. But you don’t have a single credit score.
Everyone has multiple credit points. There are two reasons why you have multiple credit points. These are as follows;
- All three credit reference institutions have different calculation systems and different score ranges.
- Types of credit scores.
There are three credit reference institutions. These; Experian, Equifax and TransUnion (formerly CallCredit). Your credit score is calculated from your credit reports from three credit reference institutions. Each credit reference agency can generate different credit reports. Both the criteria used to calculate your credit score are different, and lenders or creditors may not have reported their payments to all credit reference agencies. Some lenders or creditors may only have reported your payments to one or two credit reference agencies. In this case, credit reports of credit reference institutions where your payments have not been reported will be incomplete. And this will cause your credit score to be different.
Your credit score can be of different types. FICO is the type of credit score that you will most often come across and will be most asked for. While not as much as FICO, the type of points you’ll usually get when you get your credit score for free is VantageScore. There are other types of credit scores, but these are the most important types of credit scores. Although FICO and VantageScore are very similar, they differ. You should be more careful, especially if you want to improve your credit score by FICO credit score type. FICO’s rates and requirements are more challenging than VantageScore. And usually the VantageScore FICO credit score is higher than the type.
How do you get your credit score?
Each service or method you use to get your credit score uses credit reports from three credit reporting agencies to calculate your credit score. In the methods you apply to receive your credit score, you can usually learn your credit score by FICO or VantageScore credit score type. You can learn your credit score by paying or free of charge, by FICO credit score type or by VantageScore.
In order to learn and improve your credit score in the most healthy way, you should get both your credit score and your credit reports from three credit reporting institutions. You can learn your credit score from the three credit reporting agencies during the ‘trial period’ through the services they use, but after the trial period you have to pay a monthly subscription fee. You can get your credit reports free of charge from three credit reporting institutions. You have the right to receive your credit score every 12 months at all three credit reporting institutions. You can compare your credit reports with your credit reports every four months using all three.
What are the ways to get your credit score free?
You can get your credit score free of charge by both FICO and VantageScore credit score types.
Methods of learning your credit score by VantageScore score type;
- Credit Carma,
- Credit Sesame,
- Some credit cards.
Methods of learning your credit score by FICO score type;
- Some credit cards (Citibank® credit cards, Discover Credit Scorecard, Walmart Credit Card accounts, American Express® credit cards, etc.),
- Bank of America,
- Credit unions,
- Some banks (like AllyBank).