Keeping a track of your credit score is extremely important; especially if you want to stay on top of your finances. It can also help you understand if you qualify for major purchases or loans. So, check your credit score regularly as it will help you course-correct and improve your financial health.
So, how can you check your credit score for free? Here are 3 easy methods.
Other than visiting a credit bureau, there are other options to help you figure out your credit score and keep a track of your finances. Here are 3 easy ways to check your credit score for free:
If you want to check your credit score for free, then free credit scoring websites are a great place to start. These websites not only offer your credit score and report, but also credit monitoring services that are updated regularly.
While the basic credit report and score updates are free, you might have to pay a monthly or a yearly fee for their advanced features. The most common credit checker sites are: Experian Credit Report checker and Equifax free credit report checker. Of course, there is also the free FICO credit score checker.
One of the easiest ways to check a credit score is actually via your credit card provider. They usually have tools or an online platform that lets you check your score and score history in their free credit report. Additionally, they also let you see recent changes with each payment or purchase.
Of course, this is dependent on the credit card company. So, be sure to do your research or ask the company if you can opt-in for this service and they’ll take you through the specific steps.
What’s truly brilliant is that these tools also provide you with credit forecast features that would change based on mortgages, credit limits, and much more. It’s honestly an extremely useful tool if you planning on making major financial decisions.
The only issue with this method is that it’s up to the credit card provider as to when they want to update your score. Certain providers like American Express do it every month while providers like Capital One do it weekly.
Nonprofit Credit Counseling is another unique way of checking credit scores for free. A Nonprofit Credit Counseling organization will not only check credit for you for free but also offer services to help you improve your credit. It is extremely useful to those who need basic money management advice. Most importantly, it helps people get out of debt.
A good Nonprofit Credit Counseling organization can help you get out of debt by working with you for free. They help create a budget, build healthy financial habits and even work with creditors.
The “Nonprofit” aspect is extremely important. Not just because of the free consultations but also because paid credit repair organizations or any sort of debt settlement businesses can end up hurting your credit score even further. Nonprofit credit firms on the other hand are reliable, safe, and offer a free credit report.
You don’t have to be worried about how checking your credit score would impact it. When a consumer checks their credit score, it is commonly considered a soft credit inquiry. It won't lower your credit score and the inquiry won't be reflected on the report.
It’s recommended you check your credit score at least once a month to course correct or check for irregularities.
Checking your credit score every month with a free credit score report is a great way to understand your financial situation. After all, it’ll help when it’s time to buy a home, take out loans, or even make large purchases. Understanding your credit score will also help you improve it.
Additionally, certain scoring websites even show you a simulation of your credit score based on factors like on-time payments. So, be sure to check your credit score regularly as this will help you strategically plan.
Understanding your credit score with a free credit report can help you if you planning on taking out a load. It will let you know you qualify for the loan or if you have to pay a much higher interest rate.
More than anything, keeping a track of your credit score can help you catch errors or even fraudulent activity. Catching errors early can significantly help rectify the situation and get your credit score back on track faster.
While keeping a track of your credit score with a free credit score report is important. It is also important to interpret and understand what exactly constitutes a good credit score. The national average in terms of credit score is 670 to 739. This is also considered the “good” range and you won’t have major problems when applying for a loan.
However, we do recommend you stay at the “very good (740 to 799)” or the highest “exceptional (800 to 850) range” if you want to borrow large loans or access great lines of credit. The real benefit of staying in this range is that you're offered much cheaper interest rates and down-payments than those in the poor or good category.
To wrap up, check your credit score regularly to make healthy financial decisions. You can easily check your credit scores with free credit checkers like free Fico credit score checker, Experian Credit Report checker, and Equifax free credit report checker. Of course, check out our entire articles for all the best methods.