Credit score something that can affect your financial situation significantly. One must have a good credit score to borrow money with lenders. It is not like you won’t get any money if you don’t have a great credit score. Ask any of the banks, who would they like to lend money to. Would they give it to a person with a high credit score or a person with a low credit score? The answer is simple. For those who don’t know what a credit score is, it is a number that shows the creditworthiness of a person. Usually, this number is between 300 to 850. This number depends on various factors such as the total number of debts, repayment history, the number of open accounts, and more. The lenders are inclined to lend money to borrowers who have a high credit score.
This is because the person with a high credit score is more likely to repay the borrowed amount in a fixed period of time. Generally, people with a credit score below 640 are known as subprime borrowers. These subprime borrowers will get loans from the financial institutions for a higher interest rate than usual. On the other hand, if you have a credit score greater than 800 you will get loans for reasonable interest rates. So it is very important to keep track of your credit score. The other main reason to check your credit score is to see if your credit score is accurate or not. There is a high chance that your credit score is depicted incorrectly. This will directly affect your chances of borrowing money from lenders. Even the Federal Trade Commission says that one in five scores are depicted wrongly.
Here are a few places where you can check your credit score for free.
The first application on this list is the CreditWise application that is provided by the credit card company Capital One. If you are over the age of 18 and have a valid social security number you can use this application. The application is very user friendly and its interface is really good compared to lots of other similar applications. One of the great features of this application is its Dark Web monitoring feature. This feature will send you a notification if your name or social security number appears in Dark Web. However, it does not help you solve the problem it will only alert you about it. It also has a credit simulator which helps people to know about the effects of their credit decisions. This feature will let you know would be the repercussions of taking a loan. CreditWise allows checking credit score for free.
This is another application that is very popular for checking credit scores. Credit Sesame has applications for both Android users and iPhone users on Google Play and iTunes App Store respectively. One of the impressive things about this app is that it allows you to sign in using a four-digit PIN or Touch ID. the mobile application of Credit Sesam is very easy to understand and simple to use. By using this application one can easily access their VantageScore. Not only that but they can also get their credit monitoring report along with all the components that impact it.
Credit Sesame also suggests your personalized options on financial products and recommends ways in which you can improve your credit score. Some people have been concerned about the security offered by Credit Sesame but there is no need to worry about it. The application is very safe as it uses the same security measures used by the banks to safeguard your information. If you have any issues with Credit Sesame you can contact them through their website or support center. You can even use social media platforms like Facebook and Twitter to raise your issues
Credit Karma is another application that is widely used by people to check their credit score. This application is similar to other applications like Credit Sesame and CreditWise. Credit Karma is an online service that has been offering free monthly credit scores to its customer from 2007. It is not only limited to credit scores but it can also provide credit card recommendations, loan recommendations, credit score monitoring along with income tax preparation for the federal and state. It earns money through credit card recommendations. Credit Karma provides credit score details to credit card companies that accept applications with a good credit score.
This online service is the first service that offered free credit scores to its customers which made them one of the largest online services that are available today. Not only credit scores but Credit Karma also provides credit monitoring for free. This is the main reason why more and more people are using Credit Karma. You can even file taxes for free using Credit Karma. Though this is a recent feature more than a million people are benefitting from it. Using Credit Karma you can file almost any tax for free. Credit Karma has a user base of more than 80 million which only shows it has grown over the years.
The last service on this list that provides free credit scores is Credit Journey. This application is provided by Chase bank. Credit Journey offers free credit scores to its customers. It is available to all the people you have an account with Chase bank. You can also use this application by signing up even if you dont have a chase account. Using Credit Journey you can monitor both credit scores and overall credit. This is a great application to monitor your credit score to detect identity theft or fraud. Credit Journey also has a credit simulator which shows the impact of your credit decisions. You can make both negative and positive simulations. One can make positive simulations like paying off a debt or negative simulations like late payment to know their impact on your credit score.
Keeping the track of your credit score will help you know your current situation. You will know the impact of your credit decisions on your financial situation. Having a constant reminder will make you want to pay off the debt in time. Maintain a good credit score as it will help you get loans easily. You can always sign up for websites that offer micro jobs to make some extra cash. They will help in paying off debt in time. Use any of the applications that are mentioned above to keep track of your credit score for free.