Your credit score is a financial report card that tells lenders how risky it is to do business with you. Credit scores are especially important for homebuyers because a high score indicates that they are more likely to pay back a loan. And that means mortgage lenders will be more willing to offer bigger home loans and lower interest rates! With that in mind, is it easy to find a free credit score? The short answer is: yes!
Finding your credit score is easy if you know where to look. In fact, here are three simple ways you can find your credit score — for free!
Access It Online
Plenty of web-based companies offer free credit scores. Financial management service companies like Credit Karma, credit education sites like Credit.com and online credit management tools like Credit Sesame are just a few examples.
Ask Your Bank
Several lenders — including JPMorgan Chase, Bank of America, USAA, the State Employees Credit Union, and Ally Financial — recently announced that they’re now providing free credit scores to their customers.
Check Your Credit Card Bill
A growing number of credit card companies offer free credit scores as part of their service. In fact, Discover has been including credit scores on their customers’ online- and paper-statements since 2013 — which means that many credit card holders actually look forward to getting their bills now.
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Readers: This is article 11 of 25 from my no-nonsense “Mortgage Basics” quick-reference series.
Photo Credit: GotCredit
I check mine in Discover. I am always informed about my credit score, which is really a good thing because I can monitor my standing in terms of my score.