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What’s My Credit Score

What Is My Credit Score – Get a Copy of Your Credit Score Report

Presented by Bobby Blueblood

If you need or want to get anything that cost a lot of money that you need to pay over time with payments, you need to consider your credit. No one will sell you a high-ticket item like a house or car on payments unless you have good enough credit.

Your credit score will usually be the primary consideration, assuming you have an income. That along with income and expenses will be used to determine if you are credit worthy. The answer to “what is my credit score?” can be answered by getting a copy of your credit score report.

You are entitled to a free credit report from each of the scoring companies (Equifax, Experian, and TransUnion) each year.  However, securing this will not answer the question of what is my credit score.  That is because the reports only list the positive and negative credit marks.

Unfortunately, the only way to find out your actual score is to generate a score report.  There are a couple of ways to do this.

If you have your credit report generated by a lender such as a mortgage agency or car dealership, they will often tell you the score that they are working with.

But, you don’t want to apply for a loan just to find out what is my credit score.  That is because every loan you apply for will count as a “ping” on your report which will actually lower your score.

You do however have the right to check your score without affecting the report.  The problem is that this will cost you money.  You can get a “free” credit score report from some sources, but it almost always involves signing up for a monthly credit monitoring service.

Fair Isaac is the company that compiles the data on which your credit report is generated.  You can get a copy of your TransUnion and Equifax scores by singing up for their Score Watch service.  They give you a free 30 day trial.  But you have to give them your credit card information.  Then, after your 30 day trial is up, you will be charged $89.95 indefinitely for credit score updates every quarter.

Other services like Credit Karma will offer you a free credit score contingent on your purchase of other products.  You may or may not want these offers.  If you buy the products just to get the credit score, you may end up paying more than you have to.

If you are willing to pay a one time fee for your credit score, QScore offers the scores from all three reporting agencies for $34.95 with no additional fees, though there are upsells.  You can also get your score from just one agency for $14.95.  In general, your scores for each agency will be similar but not identical.

What I have done in the past to get my credit score for free is to apply for something I know will likely be rejected for, such as a high limit credit card. Yes it will leave an inquiry on my credit report, but one such inquiry may not make much difference. If you are rejected for the credit card then you have a legitimate right to get a free credit report if you apply for it within 90 days of the rejection. Unless they have changed the rules by the time you read this all the major credit reporting agencies allow one free credit report every year if you have been rejected (if you apply within the time period allowed).

It is important to find the answer to what is my credit score because this can mean the difference in what kinds of loans and credit offers you qualify for.  If you have been the victim of identity theft, it can seriously lower your score.

Today, the credit score you have can also affect other areas of your life in addition to your loan worthiness.  For instance, if you are trying to qualify for a rental car, rental home or apartment, or car insurance, the company may pull your credit score.  Employers are also increasingly looking at credit scores before making employment offers.

While the answer to what is my credit score may take some digging and you will probably have to pay a fee to answer it, it is worth knowing. While you are at it is a good idea to check it out thoroughly. If there are any errors on it be sure to protest and try to have them removed.

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