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Chase Offers Customers Free FICO Scores in 2015
Published on January 14, 2015
Following the lead of Discover, Barclays and Citibank, Chase will begin offering some of its customers their free FICO score. This access will help consumers determine where they stand before they apply for credit, apartments, cell phones and more. Here’s what you need to know about FICO scores and how to access them for free.
Chase will provide some customers with free FICO scores in 2015
President Obama announced during a speech at the Federal Trade Commission that along with Bank of America® and Ally Financial, Chase would begin offering free FICO scores to some of its customers. According to the Wall Street Journal, Chase will offer these scores to Slate cardholders who have expressed a need to use their FICO scores to manage their finances in the next few months.
I’m a Chase customer. Why should I care about a free FICO score?
There are multiple credit score algorithms. but the FICO score is most oft used by lenders. An excellent FICO score can get you the best rates on personal loans, mortgages and automobile loans. Not planning on taking on any type of debt in the future? Good credit is also important for getting a new cell phone, securing an apartment and even getting a job in a sensitive field.
With this move from Chase, you’ll be able to monitor your score to ensure it’s improving if it needs a boost, or you’re maintaining your already excellent score. If your score drops unexpectedly, you’ll want to pull your credit reports which you can do annually for free and check for any errors. Credit report errors can be disputed with the individual credit bureaus .
Other ways to get a free FICO score
If your Chase card isn’t eligible for a free FICO score, don’t worry. With a credit card from one of the following issuers, you may be entitled to your free score:
- Bank of America
- First National Bank of Omaha
You may find that other issuers offer you a free credit score as well, but remember that FICO scores are most widely used by lenders. Proprietary scores from the bureaus’ algorithms or free score services may help you gauge your overall financial health, but they aren’t an accurate representation of what your future lender is looking at.
If you don’t have a credit card with any of these issuers, you may still be able to get a free FICO score through another lender. Those with eligible car or student loans through Sallie Mae, Hyundai, Kia or Pentagon Federal have ongoing free access to their FICO score .
Still don’t qualify, but want to see your score? You can buy your FICO scores one each from Experian. Equifax and TransUnion from the bureaus directly.
Image via iStock.