How to Check Your Credit Score for Free
Your credit score is an essential part of your financial life that is a required part of any financing decision or loan agreement. However, many Americans do not know how to check their credit score to see where they are at when it comes to their attractiveness as a borrower.
The Top Line
- Having a good credit score is essential for obtaining almost any kind of loan, including a mortgage and a car loan.
- If you want to maintain a good credit score, you need to know the factors that influence your credit score and determine your worthiness as a borrower.
- Being able to check your credit score for free is an important skill for anyone who wants to live a responsible financial life.
- We will provide you with some fast and free options for checking your credit history and credit score.
What Factors Affect Your Credit Score?
In order to truly understand your credit score and comprehend why it is important to check your credit score, you must also be familiar with the factors that will affect your credit score. There are a variety of factors that will affect your credit score. These factors come together to give lenders an idea of whether you are to be trusted with loans.
Payment History
Lenders will want to know how reliably you have paid off your past loans. To learn this information, they will take a look at your past payment history to ensure you are up-to-date.
Credit Age
Believe it or not, lenders are more comfortable if you have been borrowing money and paying it back for a longer period of time. They are more likely to give you a loan when you have a mature credit age.
Credit Utilization
Lenders also want to see that you are using a responsible portion of the credit that is available to you. Those who consistently use high amounts of credit are seen as higher risk. You should seek to keep your credit utilization low, but not too low.
How Often Should You Check Your Credit Score?
People often wonder how often they should be checking their credit score. The answer isn't the same for everyone. First of all, you want to make sure that you are using a free service to check your credit score. This will allow you to check your credit score at your convenience without having to worry about paying for the report each time. Additionally, you want to make sure that the service that you use does not create a hard credit pull on your account, which could lower your score.
Generally, it is good to check your credit score every few months. You might check it more often if you are planning to apply for a mortgage, car loan, or any other type of financing.
How to Get Your Free Credit Report
If you're looking to get a free credit report, which lists the various activity on your credit, then you should use AnnualCreditReport.com. This website, conceived by the three major credit bureaus, allows you to access your credit report for free once a year. This service does not provide a current credit score.
How to Get Your Free Credit Score
If you're looking for a free credit score check, one of your best options is going to be CreditSesame.com. They will provide you with the particulars of your credit and if you are aiming to be above a certain credit score, you can certainly find out how close you are to your goal on this website.