Credit Cards Now Offer Free Credit Scores

Checking your current credit score should be an easy task, free to everyone. Using loans and credit cards is our current lifestyle and creditors use our FICO score to determine whether to loan us money or not. Knowing your score before you apply for loans can reduce the stress of the unknown.

Below are credit providers who offer free scores to their clients: Continue reading Credit Cards Now Offer Free Credit Scores

Did you know? Credit Card APRs…

Did you know your credit card may use 2 different APRs, a standard one and a higher, Penalty APR (also called Default APR)? If you are more than 60 days late on your monthly payment, the creditor may apply the higher Penalty APR to all your outstanding balances. So try your best to pay your bills on time!

Do inquiries affect my credit score?

Inquiries have a relatively small impact on your credit score.

The only inquiries that might affect your credit score are those initiated by you for specific credit transactions including mortgage, credit card, auto applications, and insurance.

Multiple inquiries that may occur when shopping for the best rates should not lower your credit score. Most of the methods used by the credit bureaus involve steps that make sure your score will not be negatively affected.

 

What is VantageScore?

VantageScore is the only model to be developed jointly by all three national credit reporting companies.

VantageScore 2.0 was created using  data blended  from two different timeframes, and pulled from the most recent lending environment, 2006-2008 and 2007-2009. It uses a national sample of anonymous credit information of approximately 15 million consumers.

The VantageScore ranges from 990 to 501 and it is grouped as follows:

  • A: 901-990
  • B: 801-900
  • C: 701-800
  • D: 601-700
  • F: 501-600