How to see my fico score free

For MyCredit Guide, the process was very similar to what I stepped through at Credit Karma. Once the account was created and MyCredit Guide took me to the page with my credit score information, I wasn’t surprised: My free credit score, being requested only a few hours apart and based on the same TransUnion report and VantageScore model, was identical to the TransUnion-based score Credit Karma showed me.

The credit report information at MyCredit Guide was presented in a simple, high-level way, and clicking on one of these high-level summaries took you to a detail page with comprehensive information. But the thing I found really cool was at the bottom of the page: a credit score simulator. You fill in a form supposing different possibilities – both positive and negative – such as opening a new credit card account, paying off balances, or falling behind on payments. Then press the “simulate” button to reveal your “simulated score” should those events actually happen. I played with that for a while!

Then I logged into my American Express customer account where, under “Account Services,” I chose “View FICO Score.” Again, my scores differed by a few points. For more on why your scores can vary, read “Why Do I Have Different Credit Scores?"

Both American Express and Credit Karma offered information about disputing errors on your credit reports, with links to facilitate that purpose.

1. Your FICO Score isn’t your only credit score — you’ve got a lot of them — but it’s one of the most important. When making lending decisions, 90% of top lenders use FICO Scores when deciding whether or not to loan you money, and at what interest rate.

2. The history behind the move from fee to free began with something called FICO Score Open Access. Fair Isaac Corp. — creator of the FICO Score — launched the policy in 2013 to educate consumers and increase access to credit scores. It encouraged financial institutions to provide credit scores for free to their customers.

3. A general rule about credit scores: the higher your score, the better. This chart shows how your base FICO Score breaks down in a range of 300-850.

Here are the FICO credit score ranges:

• 800-850: Exceptional
• 740-799: Very Good
• 670-739: Good
• 580-669: Fair
• 300-579: Poor
  

4. Identity theft can be a serious threat to your FICO Score. For instance, a thief who uses your identity to open a new credit card, rack up purchases, and skip out on the bill can push down your credit score. That’s big, since your credit score can influence whether you can get a credit card, mortgage, auto loan, or job.

5. It’s smart to pay attention to your FICO Score, and it’s nice to be able to do it for free.

How is my FICO Score calculated?

Your FICO Score is derived from information in your credit report. Your credit report is a history of how you’ve handled borrowed money in the past.

When it comes to calculating your credit score, your data falls into five categories. Each category influences your credit score. How much? It varies.

Here are the five categories. The percentages reflect the influence each has in determining how your FICO Score is calculated.

• Payment history (35 percent). Did you pay past credit accounts on time?
• Amounts owned (30 percent). How much do you owe? How does it compare to your available credit?
• Length of credit history (15 percent). How long have your credit accounts been established? What’s the oldest one?
• New credit (10 percent). How many new accounts have you opened in the last two years?
• Credit mix (10 percent). What types of credit accounts do you have? These might include credit card, mortgage loan, and installment loans.

The factors that go into a FICO Score are based on the borrowing habits of the general U.S. population. FICO may not determine your credit score in exactly the same way.

Ways to increase your FICO Score

It takes time to boost your FICO Score. Here are a few ways to get started.

• Pay your bills on time. Delinquent payments can lower your credit score. Be diligent and set reminders to pay bills on time. Remember payment history is one of the most important factors in determining your FICO Score.
• Use credit responsibly. If you have credit cards, be careful not to rack up debt that might be hard to pay down. Remember, your FICO Score reflects not only your amount of debt, but also how it compares as a percentage of your available credit. It’s a good idea to pay your credit card debt in full, on time, every time.
• Avoid applying for too many lines of credit within a short time. Creditors may think you need money if you make a lot of credit applications. Also, you credit score may drop if a lot of lenders check your credit report.
• Check your credit reports regularly. Your credit reports may contain inaccurate information. If you see errors, dispute them right away.
• Avoid closing credit accounts. Lowering the amount of credit you have available could also lower your credit score. Even so, you may want to consider closing accounts you seldom use that have an annual fee.

You can help raise your credit score by practicing responsible financial habits. That way, when you get your FICO Score for free, you might be pleasantly surprised.