Credit Card Issuers Give You Access to Your Score
Everyone can get a free copy of their credit report, but you usually must pay to see your credit score.
Now credit card issuers are starting to provide free credit scores to their cardholders. Partially they do it because they want to attract new consumers and partially because they want to educate their cardholders about what goes into their credit score, which effects consumers’ ability to open a credit line and the interest rate they pay.
Discover and Barclays are two of those credit card issuers who offer free FICO scores to users. Discover started offering free FICO scores to the new Discover it® cardholders last November; and Barclays began providing free FICO scores to consumers under the program started last fall.
In effort to make credit scores more clear, the firms that purchase credit scores were allowed to make the scores available free to consumers. That also was considered as a good contribution to consumers’ education.
The most widely used by lenders credit scores are provided by three major credit bureaus – Experian, TransUnion and Equifax. These three companies use formula and software provided by FICO to calculate their credit scores.
Credit card issuers have different credit programs and the scores they offer may also vary. For example, both Discover and Barclays provide FICO scores from TransUnion while other issuers can partner with other credit bureaus to provide scores. But despite program differences, most of credit card issuers offer access to a monthly updated FICO credit score.
Discover, as well as Barclays, provides a general risk FICO score which ranges from 300 to 850. It is a very commonly used credit score. It indicates the consumer’s risk on any type of credit product. Other creditors may use a wider rage, from 250 to 900, but generally speaking those ranges are very close.
Along with the scores, the credit card companies also provide consumers with information about how their credit scores can be affected. They also give tips consumers can take to improve their credit score.
Latest Credit Card Issuers News
Dog-lovers can get checks or credit cards printed with pictures of adorable pups. If you’d rather be at the beach, you can carry a credit card picturing the waves and sand. And now sports fans can order a new credit card with the logo of their favorite teams and players.
Loyal JetBlue customers have another reason to use Chase credit cards: the banking giant and credit card issuer has announced that the JetBlue TrueBlue loyalty program is the newest Chase Ultimate Rewards partner, and cardholders will now be able to redeem their reward points for travel on the airline.
Good news for American Express Platinum cardholders who live or travel in the Denver area: American Express has just announced plans to add a Centurion lounge to the Denver International Airport (DIA). And it will be huge—over 14,000 square feet—making it the second-largest Centurion lounge location.
The Walt Disney Company and Chase Card Services recently announced that they will continue their longstanding relationship, extending their co-branded Disney Visa Card, Disney Premier Visa Card and Disney Visa Debit Card programs in a multi-year agreement.
According to the 2017 Direct Retail Banking Satisfactions study, Discover is the second of the nine participating U.S. direct banks, scoring 869 points out of 1,000, being one in three banks topping the industry average for overall satisfaction.