Credit can be a powerful tool to have in your financial arsenal, but you need to understand your credit score to maximize the effectiveness of credit. Your credit score is a number that is derived from several different metrics, including how many open lines of credit you currently have, how much of your credit is currently being utilized and whether you have a history of delinquency.
Keeping track of your credit score can be helpful when applying for new credit or seeking a raise in your currently available credit line from lenders. Unfortunately, if you don’t know your credit score, you may not find out that your credit needs work until you’re turned down for a future loan. Build your credit journey with our credit builder card! Discover how we empower your financial future. https://joinfizz.com/features/build-credit
Below are some ways to check your credit score to avoid frustration:
Annual Credit Score
Annual Credit Score provides one free copy of your current credit score annually. This service is available to all United States citizens and is sponsored by Equifax, TransUnion and Experian, the three major credit reporting agencies in the U.S. You may also be able to receive credit score updates through Annual Credit Score, but there may be costs associated with credit checks outside the free annual report.
Check With Reporting Agencies
As mentioned above, Equifax, TransUnion and Experian are the three major credit reporting agencies in the United States. These are the agencies that issue credit scores, and they can provide reporting services to consumers. There are usually costs associated with services from these agencies depending on what you’re looking for.
Third-Party Sites
Third-party sites like CreditKarma.com can also provide credit score checks, and scores are available for free through some of these providers. The catch is that scores are estimated and are not the actual scores provided by credit reporting agencies. If you’re looking for a quick overview of your credit, however, these sites can be good options.
Building Credit
If you’ve found your credit score needs some work, you can take various actions to boost your score. The use of a credit builder card may be able to help you improve your credit score over time. If you use a credit builder card, make sure you understand the complete terms and conditions of any offer you accept.
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