Check your credit score for free whenever you want with these 7 services (but there’s a catch)

Checking your credit score may not be part of your daily financial routine, but when you apply for new credit, such as a loan or credit card, your credit score is crucial in determining whether you get approved and the interest rate you pay. Fortunately, you can check your credit score for free using many online services and financial institutions.

When you review your score, you can check and dispute errors. Correction can significantly boost your score. You’ll also see activities that helped your credit score and areas you need to improve. Some services provide your VantageScore, while others provide your FICO credit score, the metric most creditors and lenders use to determine eligibility and rate.

Who provides free credit scores?

More and more credit services and financial institutions offer free credit scores, but there are differences between them:

• Credit Karma: Once you sign up for a free account, Credit Karma pulls your information from Equifax and TransUnion to display your VantageScore.
• Experian: Create a free account and get access to your FICO Score every day.
• Equifax: Sign up for a free account and get your credit score for free once a year, or use the link to annualcreditreport.com to see your Equifax score for free once a week.
• myFICO: Choose a free plan to get your FICO score through Equifax, in addition to your credit report.
• VantageScore: Not surprisingly, VantageScore will provide your own VantageScore, but you will have to select a provider from the links on their website. For example, get a free VantageScore through Lending Tree, Nerdwallet, or Credit Sesame.
• Banks and Credit unions: Major banks or community credit unions may provide free access to your credit score if you use certain products or services of theirs. Typically, you can log into your account and click the free credit score link.
• Specific credit card issuers: Many credit cards offer the ability to see your credit score. For example, American Express allows you to view your FICO score through a program called MyCredit Guide. Discover gives you access to your FICO through Credit Scorecard, while Capital One offers Vantage and FICO Score 8 through CreditWise.

Why do lenders use FICO scores?

Most banks and lenders prefer to use FICO scores because they provide a standardized, objective, and reliable way to evaluate a borrower’s credit risk. Additionally, FICO scores have been used since 1989, while VantageScore was introduced in 2006. Lenders generally prefer better methods of evaluating credit.

Is it worth checking my VantageScore?

You may wonder why people use VantageScore at all, since 90% of lenders prefer to use FICO. One main reason is that VantageScore can create a score for people with limited credit histories, which helps lenders determine their creditworthiness. Because it weighs credit factors differently, VantageScore is able to produce a credit score within just a month or two of a person opening their first credit account, compared to the six months required for a FICO score.

VantageScore also excludes medical debt and has a more lenient approach to people who have been hit by a natural disaster. So, if your FICO score is lower than you expected, check your VantageScore to see if it’s a better fit.

If you ask potential lenders or landlords what credit model they use and find one that uses VantageScore, make sure you know your score.

Bottom line

Checking your credit score regularly can help you manage your credit and money. Ideally, you want your score to be at least 670, the higher the better. If your score could use improvement, check your credit report for errors and dispute them, as errors can negatively impact your score. Next, make paying off debt a priority, making other minimum payments on time. Avoid applying for new credit until your scores improve, which may take several months.