Luckily, credit scores aren't written in stone. It's always possible to build or rebuild your credit, and a trustworthy credit-monitoring service can help you stay on top of your score. Even better, certain credit cards include your credit score for free.
Why your credit score matters
Regardless of your financial situation, credit is important in today's world. Going from no credit or bad credit to good credit can open a lot of doors for you financially. If you're currently in debt, your newfound credit score might give you some leverage to negotiate a lower interest rate or refinance your debt at a lower rate. If you plan to borrow money in the near future whether to purchase a car or a home or to invest in your new business it's important to get your credit score up in order to qualify for the lowest rates available.
Even if you're debt-free and have no plans to borrow money in the future, good credit gives you access to some of the best rewards credit cards . Taking advantage of these can save you hundreds of dollars per year in the form of cash back or award travel.
How to monitor your credit score
Many people assume that checking their credit too frequently will drag their score down, but this is actually a myth. Hard inquiries can harm your credit score, but these are performed by a potential lender when you apply for a loan or line of credit. When you check your credit report yourself, it's called a soft inquiry, and it won't affect your credit at all.
If it's been a while since you've peeked at your credit, you might want to start by checking your full credit history to get a sense of where you're at financially. Thanks to government regulations, you're entitled to one free credit report from each of the three major credit bureaus every year. All you have to do is go to AnnualCreditReport , where you can request all three free credit reports. While you generally only get free access once every 12 months, you can currently get your credit report for free each week through April 2021 .
It's important to monitor your credit throughout the year ideally on a monthly or weekly basis. Not only will this help you keep track of changes in your credit score, but it will also keep you in the loop if any bad marks or suspicious activity show up on your credit report.
You can pay for a monthly subscription to a credit-monitoring service, but the best things in life are free. If you want to track your credit without paying a monthly fee, get a credit card that offers free credit scores. In some cases, you can even get your free credit score without having a credit card from the issuer offering access to your credit score.
Credit card issuers that offer free access to your credit score
Free credit score service Who gets access American Express MyCredit Guide (VantageScore 3.0) Anyone who creates a free account Bank of America FICO score Bank of America cardholders Barclaycard FICO score Barclaycard customers Capital One CreditWise (VantageScore 3.0) Anyone who creates a free account Chase Credit Journey (VantageScore 3.0) Anyone who creates a free account Citi FICO score Citi cardholders Discover FICO score Anyone who creates a free account US Bank TransUnion Credit View (VantageScore 3.0) US Bank customers Wells Fargo FICO score Wells Fargo customers
As you can see, all the major US credit card issuers offer some type of free credit score access.
Some banks use the FICO score credit model, while others use the VantageScore 3.0 model. These are simply two different credit score models that factor the information from your credit report in slightly different ways, so you may see a discrepancy between your two scores. (Note that the FICO score model is more widely used by lenders.)
5 of our favorite no-annual-fee credit cards that include access to your credit score
Here are our favorite credit cards with no annual fee that give you free access to your credit score.
For flat-rate cash back: Capital One Quicksilver Cash Rewards Credit Card
- CreditWise credit monitoring
- $150 cash bonus when you spend $500 in the first three months of account opening
- Earn 1.5% cash back on all purchases
Capital One makes it easy for you to check and monitor your credit score anywhere, at any time. Simply log into your cardholder account on mobile or desktop, and you'll have access to Capital One's credit monitoring service CreditWise.
Not only will CreditWise give you access to your credit score for free , but the app will also track your credit report and Social Security number. You'll get credit alerts each time your TransUnion credit report changes so you can stay on top of your finances and protect your credit. The app even includes a simulator that lets you see the potential impact any given financial decision could have on your credit score.
On top of this, the Quicksilver from Capital One card comes with a generous cash sign-up bonus and 1.5% flat-rate cash back on all purchases all at no annual fee.
For consistent earning: Discover it Miles
- Get your FICO score for free
- Earn 1.5 miles on every dollar spent
- Discover will match all the miles you earn in the first year
- Miles are worth 1 cent each toward travel
For balance transfers: Amex EveryDay Credit Card from American Express
- MyCredit Guide credit monitoring
- $0 balance transfer fee on balance transfers requested within the first 60 days
- 0% intro APR on balance transfers for the first 15 months after account opening (then variable APR rate of 12.99% to 23.99% applies)
- 10,000 Membership Rewards points if you spend $1,000 in the first three months after account opening
- Earn 2 points per dollar spent at US supermarkets on up to $6,000 per year, then 1 point per dollar
American Express cardholders get access to the American Express MyCredit Guide , which provides weekly credit updates, a credit score simulator, and credit alerts to help you detect identity fraud. You'll also get a detailed copy of your TransUnion credit report.
In addition to free credit score monitoring, the Amex EveryDay Credit Card offers one of the best balance transfer offers on the market. If you're looking to pay off debt using a balance transfer, the $0 balance transfer fee makes this card worth considering especially because you'll want to continue tracking your credit score as you pay down debt.
You'll even earn rewards at a rate that's pretty generous for a balance transfer credit card with no annual fee. American Express's flexible Membership Rewards program is great for folks who want to save money on travel because the points you earn can be transferred to a long list of travel partners.
Earn bigger rewards and track your credit score with these credit cards
If you already have good credit and want to maximize your rewards potential, there are a number of lucrative rewards credit cards that allow you to monitor your credit score while earning free flights and cash bonuses.
These higher-earning rewards credit cards do come with an annual fee. However, the benefits associated with them usually make up for the cost.
If you're hoping that padding your wallet with some hotel points and airline miles will bring a few more vacations your way this year, the Capital One Venture Rewards Credit Card is worth considering.
This credit card charges a reasonable $95 annual fee, and it offers one of the best sign-up bonuses on the market: 50,000 bonus miles worth $500 in travel spending if you spend $3,000 in the first three months after account opening.
All Capital One credit cards come with access to CreditWise, a free credit monitoring service that sends credit alerts when there are changes to your file.
If you prefer the ease of cash back, the Blue Cash Preferred Card from American Express will get you a higher cash-back rate than credit cards with no annual fee.
Although it charges a $95 annual fee, you'll get 6% cash back at US supermarkets up to $6,000 (then 1%), 3% cash back at US gas stations, and 1% cash back on all other purchases. The Blue Cash Preferred Card from American Express also comes with a $250 statement credit if you spend $1,000 in the first three months after account opening.
American Express Blue Cash Preferred Card from American Express
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