While most people understand the importance of your credit score when it comes to making large purchases such as a home or auto, the truth is, your credit score affects far more than that. It also determines the interest rate you pay on credit cards and even how much you pay for auto insurance. If your credit score is low, it can be causing you more problems than you know. This is why it is important to know your credit score. There are a number of companies that will show you your credit score for a fee, but there are also ways to find out your credit score for free. Here are 3 ways to find out your credit score for free.
- Credit cards
Today, most major credit cards will grant you access to your credit score once a month. Keep in mind there are actually two major companies that compile credit scores, so you will either be looking at your FICO score or your VantageScore. You may want to sign up with more than one credit card to get your monthly credit score so you know what they both are.
Many banks and credit unions, such as Bank of America, Citi and Pentagon Federal will also give members and customers access to their credit scores. Once you actually know your credit score, many banks and credit unions will provide tools that can help you determine how to improve your credit score.
- Credit Bureaus
Most credit bureaus will charge you a small fee for accessing your credit score, but Experian will show you your credit score for free on their www.freecreditscore.com website. If you get your credit score from a credit bureau, there are still a number of free online tools available that can help you understand how factors, like paying down debt, increasing credit limits, opening a new card or letting a single card slip into delinquency, will affect your score.