New Free Credit Score Tool by Amex

Thursday, August 27th, 2020
Updated: August 27th, 2020
The content is accurate at the time of publication and is subject to change.

This month, American Express introduced its new tool called MyCredit Guide. The Amex website says: “We believe everyone should know their credit score and have the tools to understand it better.” That’s why the new feature was developed.

Using the tool, you can find out your credit score and take a look at your credit report, as well as figure out the key factors that affect your credit history, and more. Here’s the complete list of what you can do with Amex’s MyCredit Guide.

  • Get free VantageScore® 0 by TransUnion;
  • Get free detailed TransUnion credit report;
  • Use Credit Score Simulator to estimate how different actions may impact on your credit score;
  • Set your credit score goals and time frames between 6 and 24 months to reach them with the Score Goals feature;
  • Get your goals tracking and personalized recommendations;
  • Get alerts on address updates, new inquires on your credit report, new accounts opened, and more to help detect identity theft and take timely measures.

It looks surprising but the feature is really free and available for everyone. So, you don’t even have to be an Amex cardholder. You simply need to enroll online to create your MyCredit Guide account or sign in with your existing American Express Card Member account at the American Express website.

Moreover, MyCredit Guide does not downgrade your credit score. In fact, it does not affect credit at all, no matter how often you use it. Like some credit card issuers, the tool makes soft credit pulls which do not appear on credit reports and therefore have no impact on scores.

Still, note that VantageScore® 3.0 by TransUnion is not the only credit score type. Credit card issuers and lenders may use different credit score models and pull different credit bureaus. The most commonly used score model is the FICO® Score. Also, remember that in addition to scores banks take into account other factors when deciding whether to approve you for a credit card or loan.

All rates and fees, and other terms and conditions of the products mentioned in this article/post are actual as of the last update date but are subject to change. See the current products' Terms & Conditions on the issuing banks' websites.

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