There are two different kinds of credit scores: FICO scores and the VantageScore. FICO scores are based on data available from the three credit bureaus (TransUnion, Equifax and Experian). The VantageScore (not as commonly used as the FICO) is based on the same collective data.
Until recent years, the only way you could receive your credit score is if you pay to view it. However, many credit card companies have begun to offer snapshots of your credit score for free. Here are several credit cards that are offering your credit score for free:
American Express
American Express gave its cardholders access to their credit scores online in 2015. When you login to your American Express account, you can select the “My Free FICO Score” in the menu and take a look at your score. The score AmEx uses is based on data from Experian.
Bank of America
B of A not only provides its customers with their credit scores, but it also provides them a 12-month history of their credit. Bank of America also provides its credit card users with credit score comparisons with national averages so that you can compare your score with others throughout the United States.
Barclaycard
Barclaycard offers its cardholders credit score alerts through email. When your score changes, Barclaycard sends you an email to let you know. This feature has been especially useful for people who notice a significant drop in their credit score. With this information, you may want to check and see if someone is using your financial information (if the drop seems unwarranted).
Capital One
CreditWise through Capital One provides its users with access to your credit scores based on VantageScore and TransUnion data. With Capital One, you can access these scores online as well as on the mobile app. You don’t have to be a Capital One customer to use CreditWise though. Everyone is able to access the benefits of this application.
Citi
Citi is another credit card company that provides its customers with credit score updates. It provides customers with the FICO score based on Equifax data. Citi-branded cardholders are able to receive their score online and it is updated monthly.
Discover
Discover provides its customers with their FICO score (based on TransUnion data). Discover offers FICO scores for its customers with the following cards: Discover It, Motiva, Miles by Discover, Escape by Discover and Open Road. It also provides you information about the factors affecting your credit score. You can get your score online and the mobile app. Like with Citi, it is updated monthly (four days before your monthly payment).
Wells Fargo
Wells Fargo has a feature on its mobile application that shows its customers their credit score for free. The company provides its credit card customers with their FICO score (Experian). However, you cannot view your credit score online. You must access your credit score through Wells Fargo on smartphones and tablets.
First Bankcard
First Bankcard offers a free FICO score for its cardholders. It is updated monthly like many of the others and it provides you with the main factors affecting your score.
US Bank
You can view your credit score for free online if you hold a credit card with US Bank. The company provides its cardholders a credit score from Experian directly. Simply log in to your account and you can view your score for free through US Bank.
Walmart Credit Card
You can get a free FICO score if you enroll in electronic statements with the Walmart Credit Card. Like many of the other credit cards, Walmart’s credit services offer reasons behind your credit score.
Photo: Flickr: 401(K) 2012
American Express is the way to go!