How to Check Your Credit Score
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Credit scores can be a scary thing. In a nutshell, they’re a specific number credit bureaus assign to you, one that quickly encapsulates your entire credit history and assesses your financial credibility as an individual. Although they’re merely comprised of a three-digit number between 300 and 850, they directly influence some of the most important financial facets of your life, from the mortgage rates on your home to the potential loans available to you as a student or a first-time car buyer. If that wasn’t enough, bad credit scores also make it tougher to start a small business, obtain insurance, and even obtain a job in some situations — an issue that has only become more pervasive since the economic collapse of ’08 and a general tightening of credit standards by regional banks.
Like most scores, you credit score is a culmination of multiple components (in this case five). The first and largest portion of your scores relies on your payment history — whether you’ve paid your bills on time or neglected them — but it’s quickly followed by the amount of money you owe, the amount and type of credit you possess, the length of your credit history and how long it has been since you last opened a credit line. Your given score is a crucial factor, if not the most important factor, potential money lenders use to evaluate your risk level. The higher the credit score or rating, the less risky you’ll likely appear and the greater the economic opportunity afforded to you will be. Or, you hope so, anyway.
However, although each of three major credit reporting agencies — Equifax, Experian, and TransUnion — offer a free copy of your credit report once a year in compliance with the Fair Credit Reporting Act of 1970, none of them offer free access to your official credit score unless you pay an upwards of $5. Thankfully, credit-monitoring websites like Credit Karma and Credit Sesame offer free estimates of your credit score without adversely effecting your credit, whenever you’d like and as often as you’d like. It’s the closest thing to an official FICO score as you’re going to get.
Here’s our quick guide on how to check your credit score.
Check your credit report (and score estimate) using Credit Karma
Step 1: Create a Credit Karma account — Navigate to the main Credit Karma homepage, click the orange Get started now button and enter your appropriate email address and password before click the blue Next Step button to create a user account.
Step 2: Enter your personal information — Once directed to Step 2, enter your personal information in the resulting text fields, quickly listing your name, current address, birthday, and the last four digits of your social security number among other information. When finished, click the blue Next Step button to create a user account.
Step 3: Confirm your identity — Once directed to Step 3, confirm your identity by correctly answering the three or four resulting questions in order. To do so, check the bubble directly left of the correct answer below the corresponding question. Questions vary, but they often include information regarding your previous county of residence, loans and other pertinent information.
Step 4: View your credit score — Once properly completed, your TransUnion Credit Profile will be properly linked and verified. Generally, a score hovering around 650 is considered okay, with a score an upwards of 700 being good. Anything below 600 is trouble. More at HOW TO CHECK YOUR CREDIT SCORE