How do I get my real FICO Score?

Posted on: 05 Aug 2024

One of the most important figures influencing your financial life is the FICO score. Most lenders use this score to evaluate credit risk and lending as well as credit card interest rates. Getting your real FICO score, however, might be confusing. Here is a detailed road map.

FICO ranges from 300 to 850. Important is also the FICO score; over 700 is regarded as good credit, and above 750 is excellent credit. The specifics in your credit reports from Experian, TransUnion, or Equifax define your score. The FICO scoring model uses your credit history on the credit products, the fraction of the credit limits, the duration of your credit history, the credit mix, and the current credit inquiry count among some of the indications.

Why the FICO Score Is Important

Your FICO credit score plays a significant role in your financial life. The higher the score the higher the chances one has of being approved for credit cards and loans with better interest rates. On the other hand, if a person has a low credit score, they are considered a high-risk borrower, and if it takes longer for them to get approved when they do, their rates will be high. Through increased interest rates, poor credit can end up costing someone over a lifetime well into the six figures.

Where to Obtain Your Real FICO Score

Many websites are offering free credit scores, but those scores are generally not the same scores that lenders use. For instance, credit scores that people get from Credit Karma and Wallethub are supplied using the VantageScore model, which is comparable to FICO but not quite the same. Some sites provide ‘educational credit scores’ which are not utilized in credit decisions at all. If you want to view the scores that are most important to your creditworthiness, you have to request your actual FICO scores. Here are some options:

Free through Credit Cards and Personal Loans

More credit card companies and personal loan providers are now providing FICO scores free to their customers. For instance, Discover cards allow cardholders to get a free FICO score through their monthly statement or online account. Other issuers, such as Citibank, offer FICO scores to customers who are subscribed to certain monitoring services for free.

That is why when you are planning to apply for a card or a loan for the sake of improving your score, you should note that such programs are often only available to those who are already customers of that particular company. However, if you have an account with these institutions, take a look at the statement or log in to try to find out whether free FICO is offered to you.

Direct from myFICO. com

The consumer solutions division of FICO is called myFICO. com which provides all 28 kinds of FICO Scoring that is utilized by the lenders. The most popular model that myFICO offers is the one that uses information from the Experian company. To access your scores, you’ll have to purchase one of the site’s subscription plans: To access your scores, you’ll have to purchase one of the site’s subscription plans:

1-Month Plan: $19. 95 per month 3-Month Plan: $29. 85 in total for $9. 95 per month Quarterly Plan: $39. 85 per quarter Annual Plan: Average annual subscription fee per customer: $99. 85

To buy FICO Scores, or learn more about your FICO Scores, you need to sign up for myFICO plan; the plan provides you with full Experian credit reports and explains what is impacting your credit. From myFICO, you can track your scores and recognize the problem to improve your credit as soon as possible.

FICO Scores from credit bureaus

You can obtain your FICO score from the three credit reporting agencies namely Experian, Trans Union, and Equifax. Each bureau provides only the FICO score derived from its credit information. You can access FICO scores from the credit bureaus through the following options: You can access FICO scores from the credit bureaus through the following options:

Experian CreditMatch SM: Provides your FICO score for $24. 99 per month based on the data of Experian.
Equifax Complete TM Premier Plan: Contains the latest FICO score obtained from Equifax as well as credit tracking and identity theft for $19. 95 monthly.
TransUnion myTransUnionTM: Offers your credit report from TransUnion and your FICO credit standing for $24. 95 monthly.

It is recommended to review your credit report from all three credit bureaus annually to identify inconsistency and fraud. Thus, signing up for one of these credit bureau sites allows you to get both your FICO scores and your actual credit reports for tracking.

Frequently Asked Questions About FICO Scores

Indeed, it is almost impossible for any borrower to get a functional FICO score for free. Currently, around 40 million people have FICO scores from a free program offered by Discover as part of their Discover credit card. Moreover, anyone who has an Experian account can get a free FICO score by enrolling in the trial of the Experian credit monitoring service. These two options offer genuine FICO scores for free without the need to sign up for a new credit card or loan.

While shopping for home loans, some mortgage lenders will also offer free FICO scores to pre-qualified borrowers in case they meet some set measures. But about 5 to 10 banks offer FICO scores for free when you apply for a loan, including when the loan application is denied. For instance, applicants who are declined by the Pentagon Federal Credit Union are given a letter containing information about their credit score.

Should You Pay for Your FICO Score?

However, if you want to get your real FICO score, you will need to pay for most sites that offer the information. However, paid FICO scores are more useful to most people. Regular monitoring of your scores is important so that you can gauge your credit risk exposure before going for a mortgage, auto loan, or credit card. Monitoring also helps to identify credit report problems in advance. As you can see, if you do not fall into any of the FICO programs in the above section, paying to get your score directly is often the cheapest way.

The Bottom Line

FICO scores are between 300 and 850 with higher scores benefiting consumers when it comes to loans. If you are lucky to have good credit, then you must monitor your FICO to ensure it remains high. By monitoring, you can rebuild your credit ratings over some time and be in a position to get the best charges. It may cost you money to get a credit score but following your credit is something you need to pay for.