Chase Bank Offering Customers Free FICO Scores in 2015
Following the lead of Discover, Barclay’s and Citibank, Chase Bank 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.
Along with Bank of America and Ally Financial, Chase Bank will begin offering free FICO Scores to some of its customers. According to the Wall Street Journal, Chase Bank will offer these Credit Scores to Slate cardholders — who want free FICO Scores to manage their finances in the next few months.
Why should I care about a free FICO Score from Chase Bank?
There are multiple credit score algorithms, but the FICO Score is most often used by lenders. An excellent FICO Score can get you the best rates on personal loans, mortgages and automobile loans. With this move from Chase Bank, you’ll be able to monitor your Credit Score to ensure it’s improving if it needs a boost, or you’re maintaining your already excellent Credit Score. If your Credit Score drops unexpectedly, you’ll want to pull your credit reports — which you can do annually for free from AnnualCreditReport.com and check for any errors. Credit report errors can be disputed with the individual credit bureaus.
If your Chase Bank credit 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 FICO 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 credit scores from the bureaus’ algorithms or free credit 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.
If you still don’t qualify for a free FICO Score, but want to see your Credit Score — you can buy your FICO Scores from the credit bureaus directly — Experian, Equifax and TransUnion.
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