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The Complete Guide On How To Check Your Credit Score

Jackie Lam

6 - Minute Read

UPDATED: Sep 17, 2024

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It's a given that having strong credit is your gateway to the lowest interest rates and best terms on credit cards and loans. And being clued in on how to your check credit score is mission crucial to understanding where you stand financially.

Let's take a look at the different types of scores and how to check your credit score.

Why Checking Your Credit Score Matters

A credit score is a three-digit number that usually ranges from 300 to 850. Your score signals to lenders your creditworthiness, or how likely you are to repay a debt. The higher your score, the greater your creditworthiness. It tells lenders that you have a track record of demonstrating financial responsibility. But the lower your score, the less creditworthy you're deemed.

As mentioned, a credit score is important because it can impact your ability to get the lowest interest rates and best terms on credit cards and loans. It can also affect other financial aspects, such as your ability to open a cell phone account and get approved for a lease on an apartment or an insurance policy.

Your credit score is made up of a handful of factors, including:

  • How long you've had your credit accounts open
  • Your bill-paying history
  • New applications for credit
  • How many loan accounts you have open, and the type of loans
  • Your different types of credit
  • How much of your available credit you're using
  • If you have had any debt sent to collection, foreclosure, or a bankruptcy, and how recent it was

It's a good idea to check your score regularly for several reasons. For one, seeing where your score falls can help you figure out if you need to take steps to build or improve your score.

Plus, checking your score can help you see when it goes up and down, and might clue you in to what behaviors and financial activities played into your score changing.

Types Of Credit Scores

The reality is that there's not just one type of credit score. There are actually many types of scoring models. Each of the different scoring models can come up with a different score based on information from each of the three credit bureaus — Equifax®, Experian™ and TransUnion®.

The two most widely known companies that create scoring models are the FICO® Score and VantageScore®. VantageScore® has four different models and FICO® has a grand total of 40. Lenders and creditors decide on which scoring model to go with. While 90% of lenders use the FICO® Score, the VantageScore® is a better way to get a handle on your score and look for ways to improve your score.

The factors and exact mix of factors that go into a credit score can vary slightly between the VantageScore® and the FICO®. That said, the factors are comparable:

VantageScore® 4.0

  • Payment history: 41%
  • Utilization: 20%
  • Age/mix: 20%
  • New credit: 11%
  • Balance: 6%
  • Available credit: 2% 

 

FICO® Score

  • Payment history: 35%
  • Amounts owed: 30%
  • Length of credit history: 15%
  • New credit: 10%
  • Credit mix: 10%  

Difference Between Credit Scores And Credit Reports

While both a credit score and a credit report help determine your creditworthiness, a credit report is essentially a statement that includes data on your credit activity and behaviors. For instance, it may include history on paying off your loans and credit cards, and where you stand on your credit accounts.

A credit score, on the other hand, is determined according to information pulled from your credit report. So, as you can see, both are related.

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How To Check Your Credit Score

While the act of checking a credit score is usually pretty straightforward, there are different ways to go about it. Some cost money, while others are free.

1. Use A Credit Scoring Service

There are a handful of credit scoring services that offer a credit score for a low monthly cost. A credit scoring service might alert you of any changes to your score, and offer ideas on ways you can boost your score.

Wondering how to check your credit report for free? Rocket Money℠ lets you check your score through the app and monitor your credit. It also offers ideas on how to improve your credit. Plus, you can manage your finances, lower your bills and cancel unwanted subscriptions.

2. Look At Your Credit Card Or Loan Statement

Chances are, your credit card issuer, lender, or financial institution may offer free credit scores. This is usually updated monthly, and you can find your most recent credit score by checking your latest statement, signing online to your account, or via the mobile app.

While the credit score might be slightly different from what you would receive from a credit bureau, the score should be within the same ballpark.

3. Talk With A Credit Counselor

A credit counselor can walk you through your credit report and help you make sense of the different information that's included in your credit profile. They can also order a credit score or check it through your credit card statement. If your credit is hovering in the poor or fair range, they can help you understand why your score might be less than perfect, and what you can do to build your score.

You can find a credit counselor for a reasonable fee through a nonprofit credit agency. A director can be found through the National Foundation for Credit Counseling (NFCC).

4. Check With Your Bank Or Credit Card Issuer

You can also check with your financial institution, such as a bank or credit union, or your credit card issuer to see if they offer free credit scores. The specific credit scoring model used depends on the bank or issuer. In turn, the score might vary slightly.

5. Order a Credit Score From a Credit Bureau

You can get your credit score from one of the credit bureaus — Experian® Equifax™ or TransUnion®. The cost depends. If you sign up for an account with Experian ®, you can access your score, free of charge. Signing up for TransUnion® or Equifax™ credit monitoring services also yields you access to your credit score, but you'll need to pay for a monthly subscription.

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Requesting A Copy Of Your Credit Report

To look carefully at your credit profile, you can also Credit reports are available for free at AnnualCreditReport.com. You can order one from each of the three major credit bureaus on a weekly basis, if you so desire.

Credit reports don’t always include a credit score. However, when you look over your credit report, you can see if you spot any inconsistencies, mistakes or missing information. Certain mistakes, such as payments incorrectly reported as late, can hurt your score.

You can file a dispute with the bureau the credit report came from to correct the information. Once you do, the credit bureau has anywhere from 30 to 45 days to look into your inquiry and complete the investigation. 

FAQs About Checking Your Credit Score

Let's take a look at some of the most frequently asked questions about checking your credit score.

How often should I check my credit score?

It's good practice to check your score at least once a month. Doing so doesn't harm your credit, and this can alert you of any changes to your score. If you plan on applying for financing, such as a loan or credit card, be sure to check your score at least 3 or 6 months prior to applying.

How can I check my real credit score for free?

You can check your credit score in a number of ways: through a credit monitoring service, loan or credit card statement, or financial institution or card issuer. If you want to check the credit score that's directly linked to your credit report from the three credit bureaus, you can order a credit score when you get your credit report. The cost varies.

How can I check my credit score on my phone?

It's more common to check your credit score through a mobile app or by logging onto your online dashboard. If you'd like to check your credit report by phone, you can call (877) 322-8228 to make a request at AnnualCreditReport.com.

The Bottom Line

A good credit score can help you get the most favorable interest rates and terms on financing. Knowing how to look at your credit score can help you detect any changes.

Plus, by keeping tabs on your credit and seeing where you stand, you can figure out ways to increase your score. If you'd like your complete credit history and carefully monitor their finances, download the Rocket Money app.

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Jackie Lam

Jackie Lam is a seasoned freelance writer who writes about personal finance, money and relationships, renewable energy and small business. She is also an AFC® financial coach and educator who helps creative freelancers and artists overcome mental blocks and develop a healthy relationship with their finances. You can find Jackie in water aerobics class, biking, drumming and organizing her massive sticker collection.