10/21/2022
What is credit score is like the master key that will open all the doors to financing. Due to its importance for banks and for you to improve your quality of life or that of your family, we will show you the available ways to check it when necessary.
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Reasons to check your credit score
It is clear that no one is under any obligation to check their credit score, especially if there is no concern for personal finances. This information is only valuable to those who aspire to own a home, car or other equity or to obtain a personal loan or credit card.
It is a figure that tells banks and lenders how you have handled financing in the past. This score ranges from 300 to 850 points.
The higher the value, the better the chances of getting a credit or loan. One reason to know it beforehand is that it allows you to have a clearer idea of whether or not you qualify for specific financing. Remember that a poor (300-579) or regular (580-669) score is usually insufficient.
Another equally important reason to know is with the intention of making the necessary adjustments to improve it. There are several factors that can add or subtract points, so we suggest you review it at least once or twice a year.
This consultation is more critical when you have several accounts or have incurred in some defaults in the last 6 months.
What are the scores that you can check?
You should know that there are 3 credit bureaus that generate these scores based on a series of their own criteria to make their calculations. These bureaus (Equifax, Experian and TransUnion) provide you with 2 main scores: the Fico Score and the VantageScore.
They are similar and you have the possibility to review your credit report on their respective portals, free of charge and once a year. While 90% of financial institutions check FICO more than Vantage, we suggest you check both to get a more accurate perspective of what others are seeing.
You can also request a credit report within 60 days of being turned down for financing. The same applies if you are unemployed or on welfare.
Options for checking your credit score
You can check your credit score at AnnualCreditReport.com or by calling toll-free 1-877-322-8228. You can do this once a year at no cost to you. But if you don't want to shell out $20 for each additional inquiry, there are other alternatives:
Equifax Score
There is only one bank that offers this information: Citibank. The Fico Bankcard Score 8 of this bureau is available every month with a delay of 10 days while they verify the data. This institution publishes this score for those who handle certain cards, among which the following stand out:
- Citi Prestige
- Citi Dividend
- Citi Double Cash Card
- Citi AT&T Access Card
- Citi Business / AAdvantage Platinum Select World Mastercard
Experian Score
In addition to the FreeCreditScore website that sponsors this bureau, you can check both scores (FICO and Vantage) through several financial institutions, such as:
- Discover Bank. You can check the FICO Score 8 once every 30 days through the Credit Scorecard and they calculate it the same day you request it.
- USAA. Updated monthly, you can check the VantageScore 3.0 at no cost through Experian's CreditCheck service. You must be a customer of this bank.
- Chase Slate Credit Card. Cardholders of this plastic can use the Slate Credit dashboard to check FICO each month.
- American Express. This payment processor gives FICO automatically for those who have a primary credit card, receive a statement and have a score available. If you are only an authorized user or show little activity, you will not be able to check your score.
TransUnion Score
As with the other credit bureaus, there are several entities that offer to view your score for free:
- US Bank. They make it easy for their cardholders to check their FICO once a month using the CreditView dashboard on their website.
- Capital One. You can check your VantageScore 3.0 with the CreditWise app and through your credit card account.
- Barclays. Barclays credit card holders can view their score and history by logging into their account and clicking on "View my FICO Score".
- Bank of America. Eligible customers with a credit card can check their FICO score each month and click on the "View your FICO Score" link.
As experts in personal finance, at Busconómico we give you several tools to improve your credit score in a simple and effective way.
Español: Cómo consultar tu puntaje de crédito