Readers: This is article 11 of 25 from my no-nonsense “Mortgage Basics” quick-reference series.
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!
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.
Photo Credit: GotCredit