As credit scores have grown in importance, so too have their availability. However, even though you can obtain a free credit report each year, getting the accompanying credit score always comes at a cost. The good news is, you don't have to pay for a credit score to know if that score is good or not.
Pre-Screened Offers
The easiest way to see if your credit score is good requires virtually no effort on your part. All you have to do is look at the kinds of offers for credit cards you get in your mailbox. These offers are distributed to mailing lists provided by the credit bureaus that meet specific credit-related criteria, such as those with excellent credit and those trying to rebuild their credit. If you notice that your offers include perks like no annual fee and a great introductory rate, it shows that you have a good credit score. Be sure to check what the actual APR will be after your introductory rate, as that is the true sign of your credit worthiness.
Credit Limits
The credit limits on your existing cards can be another good indicator of how your credit stacks up. If your non-store cards have low limits, it may be indicative of a low credit score. On the other hand, if your limit is high, it shows that the bank has a high level of faith in your ability to manage such a high limit. If your credit limit increases, it's likely a sign that your credit is good or is improving.
Online Tools
Many people are curious about what their credit scores might be, but they've grown wary of the bait-and-switch nature of retailers that sell credit monitoring products. Fortunately, a small number of sites allow you to get your credit score for free. Credit Karma gives you unlimited access to your score based on data from the TransUnion credit bureau, while you can get a score based on your Experian credit report every six months from Quizzle. These sites also give you tips about managing credit and how you can improve your score.
Free Online Trials
Most online credit sites will be happy to give your credit score for free, but the bill comes when you forget to cancel your free trial and are stuck paying for a monitoring service you might not want. You can make use of these scores if you want, but be sure to call and cancel before your trial expires. These scores can be useful, but take note of the scoring model used when determining your score. For example, a score of 700 on the FICO model is a very good score, but a 700 score using the VantageScore model is below average. Review the information given by the site regarding how your score compares to the scores of others, as that is the only real way to evaluate your credit score.
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