As we’ve been in the financial industry for over 50 years, one of the most common questions we get is how to check my credit score.
Your credit score is a three-digit number that shows lenders, landlords, and employers your financial responsibility. It’s an important factor in obtaining loans, housing, and jobs. Fortunately, it’s easy to view credit scores for free and without hurting your credit.
In this Western Shamrock article, we explore how to check your credit score and why it’s important to monitor it for good financial health.
What Is a Credit Score?
Your credit score reflects your creditworthiness and your ability to repay money you borrow. The calculation for determining your credit score involves a combination of details from your credit report, including payment history, length of credit history, types of credit used, amounts owed, and credit inquiries.
Before you check credit score, it’s important to understand the difference between credit score and credit report. Your credit report is a record of your accounts, payments, and negative marks like collections or late payments. On the other hand, your credit score is simply a number between 300 and 850 that summarizes that information.
The most common types of credit scores are your FICO Score and VantageScore. Both scores assess the same data but put more weight on some factors than others. Therefore, your scores may differ slightly between the two scoring systems.
It is also possible to have multiple credit scores based on which credit bureau collects the data. Experian, TransUnion, and Equifax may show different credit scores for you, and lenders may use a certain version of your score based on what you’re applying for.
What Your Credit Score Means
Once you learn how to find credit score, you’ll need to understand how to interpret that number. Here’s a breakdown of the FICO Score ranges:
- Poor (300–579)
- Fair (580–669)
- Good (670–739)
- Very Good (740–799)
- Excellent (800–850)
The FICO breakdown, or how your FICO score is calculated, is as follows:
- Payment history – 35%
- Amounts owed / credit utilization – 30%
- Length of credit history – 15%
- Credit mix – 10%
- New credit / inquiries – 10%
VantageScore also uses a 300 to 850 range, but VantageScore weighs account mix and total balances differently than FICO. It generates credit activity more quickly than FICO and may weigh utility and rent payments more favorably while ignoring very small collections accounts under $250.
In both models, your score matters because a higher one often gives you access to better loan terms, lower interest rates, and higher chances of approval.
How to Check My Credit Score for Free
Credit Bureaus
You can check credit scores through Experian, which offers a free FICO Score and credit report with monthly updates. Equifax can provide you with your free VantageScore, which is updated monthly.
However, TransUnion only makes it possible to view credit scores through paid credit monitoring programs.
Credit Card Issuers
When you’re searching for how to find credit scores, you should know that many companies that issue credit cards can help. Some offer free access through your online account or mobile app. This score is often the same one that lenders use to evaluate loan applications.
Free Credit Score Websites
Websites like Credit Karma and NerdWallet offer additional options for how to check your credit score. They can provide you with your FICO Score or Vantage Score, along with loan suggestions.
However, be wary of any suspicious upsells or credit card offers you may see on websites you use to check credit score.
Nonprofit Credit Counselors
If you are struggling with your credit or budgeting, you might consult a nonprofit credit counselor for help. These financial professionals can give you free access to your scores, plus personalized financial advice.
Where You Can’t View Credit Score
It’s a common misconception that the website AnnualCreditReport.com can provide you with your credit score. However, this site only provides your credit report, not your credit score.
Remember that your score is a three-digit number, but your report is much more detailed. Yet, it’s also essential to check your report regularly to catch any errors or signs of fraud early on.
Why It’s Important to Check Credit Score
It’s a wise idea to keep an eye on your credit score regularly, even if you’re not planning to make a significant life change or borrow money soon.
When you check your credit score, you stay on top of your financial status and are in an informed position to report errors and notice signs of identity theft. When it becomes time to apply for a loan or make a big financial move, you’ll be prepared for what’s ahead because you have a general sense of your credit score.
How to Boost or Maintain a Good Credit Score
Once you’ve found the best way to check credit score, here are some tips for how to improve your score and keep it as high as possible:
- Pay all bills on time
- Keep your credit card balances as low as possible
- Don’t open multiple accounts at once
- Check your credit reports for errors and promptly dispute them
- Keep a mix of different credit types, such as credit cards and loans
Common Myths About How to Check Credit Score
- MYTH: Checking your credit score hurts your credit
- FALSE: Soft inquiries do not affect your score
- MYTH: You only have one credit score
- FALSE: There are multiple versions of your score based on the scoring model and credit bureau
- MYTH: You must pay to view credit score
- FALSE: There are many free options for how to check my credit score
How Western Shamrock Uses Credit Score
At Western Shamrock, we know that you are more than just your three-digit credit score – you’re a person with a unique financial history and a valued customer we will listen to and respect.
We offer installment loans with a personal touch and look at many financial factors to make each loan decision. Even if you think you have a bad credit score, it’s still worth applying for a loan to get the money you need. We help customers with less-than-perfect scores every day.
Please contact us to learn more about our loans or visit a branch near you to apply.
