90% of top lenders use FICO® Scores—do you know yours?
Taking your credit score under control is a vital part of your financial life, especially when you need to apply for a new credit card, auto loan, or mortgage. You may already know how to check your credit score, but this post will show you how to check your FICO Score, which is used by 90% of top lenders.
How to find out my FICO score for free
There are many ways to get your FICO Score, free and paid. Check out the methods to find the one that suits you.
1. Check with your bank/credit card issuer
Hundreds of financial institutions, including banks, credit unions, credit card issuers, and credit counselors participate in the FICO® Score Open Access program, offering free credit scores for their customers. If you carry the right kind of plastic, you can get your FICO Score for free. Note that not all credit card issuers use FICO Score, some use the Vantage Score.
These are the issuers that provide free FICO Score access to their cardholders:
- American Express
- Bank of America
- Citi
- Discover
- Wells Fargo
You can view your free FICO Score by logging into your online account, or finding your score on your monthly statement. Many credit card issuers offer mobile apps to let you check your credit score easily. You may need to opt into the service to receive your scores.
2. Get from myFICO.com
FICO® also sells scores on myFICO.com and authorizes “FICO® Score retailers.” myFICO is the official consumer division of FICO, the company that invented the FICO credit score.
For users who want to check their FICO scores for free, click the Free tab and you’ll see the Free plan. Click Start Plan and follow the instructions to get your FICO score.
If you need more information, such as your mortgage scores, auto loans, and identity monitoring, you’ll need to pay for the features. MyFICO provides 3 plans to meet your need.
What is a good FICO score?
According to myfico.com, a “good” credit score is considered to be in the 670-739 score range.
Your credit scores will change over time.
As the information in your credit report changes, so will any new credit score based on your credit report. Your credit scores from a month ago are probably not the same score a lender would get from the credit bureau today.
Credit Score Ranges | Rating | Description |
<580 | Poor | This credit score is well below the average score of U.S. consumers and demonstrates to lenders that the borrower may be a risk. |
580-669 | Fair | This credit score is below the average score of U.S. consumers, though many lenders will approve loans with this score. |
670-739 | Good | This credit score is near or slightly above the average of U.S. consumers and most lenders consider this a good score. |
740-799 | Very Good | This credit score is above the average of U.S. consumers and demonstrates to lenders that the borrower is very dependable. |
800+ | Exceptional | This credit score is well above the average score of U.S. consumers and clearly demonstrates to lenders that the borrower is an exceptionally low risk. |
How to increase your FICO score?
If you have trouble disputing issues on your credit reports and wish to improve your scores, Sky Blue Credit is a convenient choice to try. It’s a professional credit reporting and repair service. Sky Blue Credit not only can spot and address inaccurate records but also provide professional advice to optimize your credit scores.
After completing the signup form on Sky Blue Credit, follow their instructions to get your free credit reports. The team will conduct a detailed review to spot any erroneous items (even the most subtle disputes) on your credit report. Their custom and effective 35-day dispute cycle assist you to run faster than other companies.
Sky Blue Credit’s professional team is always on call to assist you to optimize your score. With their personalized advice and solid support, you can open new credit cards and manage them for optimal score benefits.
Sign up today for free and see if this service works for you. If you’re not satisfied, they guarantee a condition-free 90-day refund.
Is the FICO® score the same as a credit score?
FICO® scores and credit scores are the same things. A credit score is a number that reflects a person’s creditworthiness, it is calculated by scoring models. It explains why you have different credit scores, different companies use different scoring models. And the credit score calculated by a scoring model developed by the Fair Isaac Company is known as the FICO® Score, one of the most recognized scores.
Think of credit score as a computer product, FICO® Score is like Apple Inc. Of course, there are other scoring models, Vantage Score is another major credit score that is used by CreditKarma, Chase, etc.
The aim of these credit scoring models is to help you have a better understanding of your financial situation and help financial institutions evaluate customers quickly and accurately.
So it’s crucial to know which credit scoring models your lenders use when you need to apply for a credit card, auto loan, or mortgage. Not all lenders use the FICO Score, but 90% of lenders commonly use it to make lending decisions. Thus, checking your FICO Score is essential, the higher your FICO Score, the better your chances of receiving low-interest rates and competitive terms.
Track your credit scores and protect your identity & accounts
Credit scores are essential especially when you need to apply for loans. Identity theft is a major threat to your credit life and there are credit monitoring services that can offer help. With an identity protection service, you can stay on top of changes to your credit file. It will alert you when there are changes to your credit report like there is a new account opened in your name.
Aura offers you credit scores and credit reports from Equifax, Experian, and TransUnion. It provides you with early notice of potential fraud, so you can take steps to protect your personal information. Aura tracks your single-bureau credit score monthly, this allows you to see how and why your credit score changes. With this powerful tool, you can check your credit reports regularly to look for mistakes and early detect fraudulent activity to minimize the damage caused by identity theft.