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Credit Cards That Give You Your Credit Score for Free

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Credit Cards with Free Credit Scores
Your credit score can greatly affect your life. This one simple number can determine what kind of credit cards you are approved for, what your mortgage interest rates will be and sometimes whether or not you’ll get a job offer. It is important to know what your credit score is and be aware of what affect it can have on your life.

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

Will Using Credit Karma Hurt Your Credit Score?

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Will using free credit score sites like Credit Karma hurt your score?
One of the questions people often have when using free credit score sites like Credit Karma, Credit Sesame and Quizzle is whether using them will ultimately hurt their credit scores. This question usually arises because they hear somewhere that checking your credit score too many times can lower your credit score. While this is true, it fails to take into account the difference between a “hard inquiry” and a “soft inquiry” when your credit score is checked. When you get free credit scores from Credit Karma and other sites like it, you are doing a soft inquiry, not a hard inquiry. Understanding the difference between these two types of credit score inquiries is essential so that you don’t accidentally damage your credit score.

What Is a Hard Credit Score Inquiry?

A hard credit score inquiry is usually done when you are directly applying for some type of credit and the institutions where you are applying checks your credit report to see if you qualify for a loan. Typical instances when a hard inquiry would take place is when you apply for a credit card, a car loan, a student loan or a mortgage. In most cases, you will directly authorize the lending institution to pull your credit report because you are hoping to get the credit or loan.

The important aspect of the hard credit score inquiry is that these do lower your credit score. While a single hard inquiry will only lower your score by a few points, a number of hard inquiries over a short period of time can have a much more profoundly negative affect on your score. Hard inquires usually stay on your credit report for two years, although the negative affect of them may wear off before they completely disappear from the report.

What Is a Soft Credit Score Inquiry?

A soft credit score inquiry is when a credit report is requested, but not for the purpose of giving you credit or a loan. For example, if you want to rent an apartment, the apartment company may do a soft inquiry just to make sure you haven’t defaulted on paying rent or on other loans in the past. They aren’t going to lend you any money, but they want to make sure you have a good record of paying debts. Another example would be when you check your own credit score. You aren’t going to be giving yourself a loan, but you may want to know it so you can try to improve it before requesting a loan. Free credit score companies like Credit Karma, Credit Sesame and Quizzle all use soft inquiries. Soft inquiries can be requested without your permission, and while these may show up in your credit report, they aren’t detrimental to your credit score in any way like the hard inquiries can be.

Why Do Hard Inquiries Hurt Your Credit Score?

A single hard inquiry shouldn’t hurt your credit score too much. It might take a few points off of it, but this usually isn’t any concern in the scheme of things. If, however, you have several hard inquiries in a short period of time, this can send up red flags that you’re having money issues. When the credit bureaus see several hard inquiries in a short period of time, the assumption is you may be in dire need of credit or there’s some reason you aren’t qualifying for credit. Both these are seen as greater risks of you not being able to pay back loans or credit, and thus your score will fall.

Will Using Credit Karma, Credit Sesame or Quizzle Hurt My Credit Score?

Since Credit Karma and other sites like it use soft inquiries to give you your credit score at no cost, they won’t adversely affect your credit score. The credit bureaus know that soft inquiries are for informational purposes, not for trying to get more credit, and thus they are usually ignored by the credit bureaus when it comes to your score, even when there are a number of them made over a short period of time. For this reason, using free credit score companies that use soft inquiries to get your score won’t end up hurting it.

How Credit Karma, Credit Sesame and Quizzle Can Help You Save Money

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How Credit Karma, Quizzle and Credit Sesame help save money
The fact is that many people don’t pay much attention to their credit scores. In this day and age, the ability to comprehend how your credit score can benefit or hurt you is important to learn. If you don’t have the best credit or even know what your credit score is, you can attain the needed knowledge on how to improve your credit score by visiting sites like Credit Karma, Credit Sesame and Quizzle.

Credit scores can affect your life in many aspects. Primarily, your credit score affects the qualification of whether or not you will be able to get a loan for either a car or a home, but it can have an influence in many other ways as well. Of course, getting the loan is based on other criteria as well, but if you have a poor credit score, then you can be sure you’ll have to pay a lot more in interest for a loan, if you’re even able to get one at all. You might even have to find a suitable co-signer, which may prove to be difficult.

If, on the other hand, your credit score is in good standing, then you’ll be offered better terms, such as lower interest rates from lenders. When you go to purchase a car or home, you won’t have to stress about having to spend more money just because you let your credit go downhill. In fact, because you have great credit, you will be saving money in the long run. With the lower interest rates, it will take you less time (and less money) to pay off this debt potentially saving you thousands, or even tens of thousands, of dollars.

While sites like Credit Karma, Credit Sesame and Quizzle are best known for giving their customers their credit score at no cost, this isn’t the real benefit they have for most people. Yes, knowing your credit score is important, but even more important is learning how the actions you take affect your credit score in a positive and negative way. By gaining a better understanding of how your credit score is calculated, and how the actions you take will affect it, you are in the driver’s seat in determining your future score. All these free websites help educate you to better understand your score, and what steps you need to take to make it better.

In addition, Credit Karma and sites like it offer tools to their users to see how specific actions can help or hurt their credit score. This allows you to input a number of different scenarios, and to see what happens to your score with each. It also allows you to see results even before you take an action so you can make better decisions before the act. This can help you avoid making a financial move that could hurt your score and ultimately cost you more money.

By helping you better understand about how credit scores work and how the actions you take can effect them, the free credit sites help you to save money by helping you improve you credit score.

Credit Karma vs Quizzle: Which is Better for Free Credit Scores and Reports?

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Credit Karma and Quizzle: whihc is the better free credit score company?
There are so many websites out there that promise free credit scores and free credit reports. The problem is many of them walk the tightrope of being scams, and only a few of them tend to deliver on their promise. Credit Karma and Quizzle are two credit reporting websites that, for the most part, actually delivery on their promise of no cost credit scores and reports. While both deliver, they aren’t identical, and there are a few differences which exist between them.

What is Credit Karma?

Founded in 2008, Credit Karma is a website offering free credit and financial management services. The site provides free credit scores, free credit reports, and credit monitoring from TransUnion. When you visit this website, you can access your TransUnion credit score and reports at no cost. All the services offered at the site are completely free, and there is no need to pay or give your credit card to access any of their services. They are a legitimate site offering a solution to allowing you access to credit score and reporting.

What is Quizzle?

Just like Credit Karma, Quizzle was also launched back in 2008. Quizzle is also in the business of offering consumers information regarding their credit score and their credit standing at no cost. The site also doesn’t require a credit card or any other form of payment to access the services they provide. They are a legitimate company which offers consumers free access to their credit score and report.

What is the difference?

One can’t help but ask what are the differences between Credit Karma and Quizzle. The most significant difference between the two is the credit agency they use to create your score and report. Quizzle makes use of the credit agency Equifax, while Credit Karma makes use of the credit agency TransUnion. Since each of the three credit reporting agencies (Equifax, Transunion and Experian) are different, what their scores and reports contain can be different from the others.

Another difference between Credit Karma and Quizzle are the types of credit scores each provides. Of the two, Credit Karma offers consumers four scores (TransRisk Score, TransUnion Home Insurance Risk Score and TransUnion Auto Insurance Risk Score and VantageScore) while Quizzle only offers the VantageScore through Equifax. All these scores from both companies are FAKO scores.

Both companies also offer free credit reports, but again, these are from different credit reporting agencies. Consumers get their credit report from TransUnion when using Credit Karma, and it can be accessed as often as once a week. Consumers get a report from Equifax when using Quizzle, but can only have access to it every 6 months.

Of the two companies, Credit Karma is generally regarded as having the better combination of credit tools and access to the scores and reports, but a lot depends on the consumer’s individual needs. It also depends a lot on which credit bureau they want to see the information obtained from (Experian free credit score information can be found at Credit Sesame). While in general terms the two companies appear to be almost the same, there are some key differences which favor Credit Karma over Quizzle for many people.

Six Reasons to Like Credit Karma, Quizzle and Credit Sesame

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Reasons to like Credit Karma, Credit Sesame and Quizzle
If you want to find out your credit score these days, it’s a lot easier than it was even a few years ago. With sites like Credit Karma, Quizzle and Credit Sesame, you can find out your credit score by simply signing up with their website. This is important because your credit score can save you money in a number of ways, many of which you may not have ever considered. Below are five reasons to like Credit Karma, Credit Sesame, Quizzle, and other sites like them.

It’s Truly Free

It wasn’t too long ago when it was impossible to find out your credit score at no cost unless you paid money or jumped through a lot of hoops. If you didn’t want to pay to see it, you had to give your credit card and sign up for a one-month trial of a credit monitoring service. It was the introduction of Credit Karma and other sites like it where you could find out your credit score at no cost and without having to give a credit card.

More Than a Credit Score

While all these sites started off by offering no-cost credit scores, they have expanded to offer other information as well. Credit Karma and Quizzle both offer free credit reports while Credit Sesame offers free identity theft protection. You get even more financial information than you thought you were going to get.

Credit Education

Credit Karma and sites like it do more than just give you your credit score. In addition, they have a number of tools and information which can help you better understand your credit score, and how the financial decisions you make affect it. By better understanding how the financial decisions you make do affect your credit score, you’re in a position to be in control of it, and to build the score to your advantage.

Frequency

The free credit score sites allow you to view your credit score and credit report on a regular basis, rather than just every once in a while. For those who are in the process of trying to rebuild their credit, this allows them to see the incremental changes that come with the financial decisions that they make, and how these decisions affect their score over time.

Credit Goals

If you’re trying to improve your scores, the site can help you view and maintain your credit goals. Improving your credit score isn’t a one time thing that magically makes it improve. In order to improve the score, you have to make changes in how you handle your finances as compared to what you were doing before. These sites can help you find a credit score goal, and help you work toward that goal until you achieve it.

It’s Easy

For those who are curious where their credit score stands, these sites are an easy way to find out what that score is. You simply need to sign up with the service, and you can find out what your current credit score is right away. Then if you want to see if it has changed at any point in time, you simply need to log back into the site to find out what your current credit score is. It’s a convenient way to find out your current score without having to pay money to do it.

Does Credit Karma Ask for Too Much Sensitive Financial Information to be Safe?

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Why does Credit Karma ask for so much financial information
Credit Karma provides credit tools and financial monitoring services to help consumers keep track of their credit report and score. While they have a number of no-cost services, the main two are giving consumers their free credit score and free credit report. In doing this, they use data from the TransUnion Credit Bureau. Instead of charging a fee for their financial services and credit tools, their revenue is generated through highly targeted advertising offers. There are several other similar competing sites which do this as well such as Credit Sesame and Quizzle.

Does Credit Karma request too much information?

One complaint about Credit Karma is the company requests an extensive amount of sensitive personal and financial information when you sign up for their services. If this information were to fall into the wrong hands, it could easily be used to steal a person’s identity. With this in mind, there are quite a few people who are reluctant to give this information simply to acquire a free credit score/report.

The problem is Credit Karma needs this sensitive information, at least much of it, in order to obtain your credit score/report. Without the information, they would be unable to know if they are pulling the information for the correct person. That means you’ll have to give your social security number along with other identifying information in order to obtain their offers. The company asks for the information because they can’t provide the free reports without it.

Is it safe to give this sensitive information to Credit Karma?

The question then becomes will the company be able to keep this sensitive information safe so it doesn’t get stolen? There is always a risk in giving sensitive information to a third-party company, as it gives this information another place where it might be intercepted by identity thieves. Credit Karma also doesn’t have the best track record in keeping this information secure. They recently had to settle with the FTC for not keeping their mobile app secure, and potentially leaving their users vulnerable to “man in the middle” hacking attacks.

Can you delete your information?

Another question to consider is do you want to give your sensitive financial information to Credit Karma forever? If someone wishes to deactivate their account from sites which give free credit scores and reports, then the companies will deactivate the account. That doesn’t necessarily mean, however, all your information has been deleted. In actuality, it’s common for these companies to keep all of the personal information of their former users. While it’s common for a website to retain information after an account is deleted, most websites do not have your personal financial information.

Is it worth the risk?

Ultimately, the question each person needs to ask themselves is whether or not getting access to a free credit score and credit report is worth the risks involved. In the scheme of things, the risks are probably fairly minimal considering a lot of this information is available in other ways. That being said, there is certainly more of a risk than if you didn’t give them the information in the first place. In the end, it’s important for each person to understand what information they are willing to give, and the risks involved in giving that information, to obtain a no-cost credit score.

(Photo courtesy of Scott Schiller)