3 Free Credit Scores From Credit Karma

by admin on July 5, 2011

You may not have heard of CreditKarma.com but I’m sure you have heard of FreeCreditScore.com or FreeScore.com

One of these sites has totally free credit score offers and the other 2 do not. Credit Karma offers absolutely free credit scores that you can check each day, week, month, or yearly. You can update your Transunion credit score as often as you want and it will not cost you a dime. You can also get access to your Vantage Score and your Auto Insurance credit score. You get 3 free credit score from Credit Karma and you don’t need a credit card. There is no free trial offer. It is all free.

FreeCreditScore.com and FreeScore.com both offer free credit score but you have to enter your credit card details to sign up for a free trial of credit monitoring before you can view your scores free. Then you have to remember to cancel within the trial period if you do not want to continue with the credit monitoring.

CreditKarma is a much easier way and you don’t have to jump through a bunch of hoops to get an instant credit check.

You can also find personalized savings for insurance, credit cards, loans, and other products. That’s how they make their money – through sponsored advertising. But it does not cost you anything.

You can also simulate your credit score if you pay down your debts, apply for a new credit card, or max out a card. You can also see how you compare against the average American credit scores.

Check out CreditKarma.com now and view your 3 free credit scores in the next 2 minutes.


Free Credit Score Canada

by admin on May 17, 2011

Isn’t it great to get something for nothing – that is, free? Free stuff is just great. Unfortunately, one of the things you can’t get free – despite the ads you see to the contrary – is a free credit score Canada.

Credit reports

To begin with, there are credit reports and credit scores. You can get your credit reports free by mail or online for a small fee. Two companies collect information and generate credit reports – TransUnion Canada and Equifax Canada. You can get a copy of your credit report – or credit file – from either one – free by mail or via the Internet. If you choose to get it via the Internet, you’ll get almost instant access but will have to pay a small fee.

Credit scores

A credit report is created when you first apply for a credit card or borrow money. It’s a collection of information about your credit history that generally includes data going back six years.  This can include whether or not you pay on time regularly, what your credit limit is on each account, a list of companies that have granted you credit, whether or not your credit cards are maxed out, if you have installment loans or revolving credit (credit cards) and how often you’ve applied for credit.

In comparison, a credit score is just that – a three-digit score. It’s based on a complex mathematical model that takes into consideration everything about your credit history. When you apply for credit, your lender will look first at your credit score as it represents a shorthand way of showing how much of a risk you would be. These scores go from 300 to 900 and the higher a score you have the better.

Why do lenders look at these numbers? Here’s an example. It’s known that 27% of the population share the credit score 700-750 Statistics show that only 2% of them will default on a loan or go bankrupt within the next two years.  This is important to lenders because when they see you have a 750 or higher, they will see you as low risk so you’re more likely to get that loan or credit card.

Why free isn’t exactly free

There are companies promoting a free credit score Canada. You can get your credit scores free from both credit reporting companies – but only if you are willing to jump through a hoop or two. With most of the companies who advertise free annual credit scores in the US and Canada, you will have to first sign up for a free 7-day trial subscription to their services – and give them information on a valid credit card.

You will then be required to work your way through eight or nine pages to finally see your credit scores. While some of these screens are legitimate in that they have to do with security issues, about half of them are designed to sell you additional services – what marketers call upselling.

If you want your free annual credit scores to be really free, you will have to remember to cancel the service before your free 7-day trial runs out. If you don’t, your credit card will be automatically billed each month at the rate of $29.95 US.  There may also be a $1 processing fee but you can get it refunded – if you remember to ask.

Or pay about $8?

The alternative to giving out your credit card information and jumping though all the hoops required to get a “free” credit score is to pay for one. Both TransUnion Canada and Equifax Canada will sell you your credit score for about $8 U.S. And this could be a much easier and faster way to get your score then all the work that’s required to get a “free” one.


Four numbers that are really important to you are your blood pressure, your pulse, your cholesterol levels–and your credit score.

Why is your credit score so important? Whenever you apply for a credit card, a loan of any kind or even a job, the first thing that a lender or prospective employer will probably look at is your credit score. If you have a low credit score of 600 or less, you may find that you have a really hard time getting a loan, mortgage. a new credit card or even a job. For that matter, insurance companies may charge you more for your auto or homeowner’s insurance if they find that you have a low credit score.

What is a credit score?

The first time you apply for any kind of credit, the three credit reporting companies (Experian, Equifax, Transunion) will open a file or record on you. This file contains everything about your credit history–whether or not you paid your credit cards and loans on time, how often you applied for credit cards, whether you ever defaulted on a loan or filed for bankruptcy and so forth. This credit report goes back six years and can be 20 or 30 pages long.

Image representing TransUnion as depicted in C...

Image via CrunchBase

Since many of the people who provide credit didn’t want to have to spend a half an hour or more wading through credit reports, they developed a credit score which sort of mashes your entire credit history down into a three digit number.

Free annual government credit score?

You may have seen ads on television or the Internet offering a “free annual government credit score.” If you go to this company’s website or another one such as freescore.com, you will be able to get a free credit score but you’ll find that it’s not entirely free.  The first thing you will need to do is give them information on a valid credit card.

Image representing Experian as depicted in Cru...

Image via CrunchBase

You may then be charged a “processing fee” of one dollar. You will also be required to sign up for a free seven-day trial of the company’s credit reporting service. If you fail to cancel the service before the free trial ends, you will immediately be charged something in the neighborhood of $30 for a month’s worth of service. If you decide to stay with the service, it will continue to cost you around $30 a month.

How to cancel the free trial

If you want to cancel your subscription and avoid the $29 payment, you will have to find a way to contact the company by mail, telephone or via the Internet. While these credit reporting services don’t exactly hide their contact information, you may have to look carefully to find it.

What you get for the $29 a month

Image representing Equifax as depicted in Crun...

Image via CrunchBase


The website, freescore.com, says that its service includes unlimited access to your three credit scores, credit bureau monitoring, e-mail alerts of any activity in your name, identity theft consultation and restoration, a Social Security report, toll free access to customer service and access to a comprehensive online credit learning center.

If this sounds important to you, you might want to spend the $30 a month. If not, you can cancel your subscription–as noted above–or you can get your credit score with less hassle simply by paying for it.

An $8 investment

As an alternative to sites such as freescore.com to get your annual government credit score you can go directly to one of the three credit reporting agencies and pay eight dollars to see your score. The three agencies are Equifax, TransUnion and Experian.  Of course, if you want to see how all of them score you, it cost $24. However, our experience is that these three companies score about the same, give or take 10 or 20 points. This means you may need to buy your score from just one of them to see where your stand.

That little three-digit number called your credit score can have either a very negative or very positive effect on your life. So, if you don’t know what your score is, you better take whatever steps are necessary to learn it.


What Is A Good Credit Score?

by admin on May 5, 2011

Believe it or not, your credit score is like the ghost of Christmas past – just lurking around in the background, waiting to jump out and rattle its chains in your face.

What is a credit score?

Your credit score is a kind of an X-ray or snapshot of your credit record for the past six years. It’s based on a complex mathematical model that takes all of the information in your credit record and mashes it down into a three-digit number. The lowest FICO credit score is 300 and the highest is 850. You want to have a high score because the higher your score, the easier it is for you to get credit cards, a mortgage, a loan or any other kind of credit.

What’s in your credit record?

Your credit record goes back six years and may consist of 20 or even 30 pages. It contains information on all your credit transactions as reported by your creditors. This typically includes data on each of your accounts, including when it was opened, what type of account it is, your monthly payments, if you’ve closed the account or paid off the loan, and were there any missed or late payments. It also will have information that indicates how credit worthy you are, including any tax liens, bankruptcies or court judgments.

Your report will also have a list of all the financial institutions that have received a copy of your report and those that haven’t seen the report but have requested your name and address to offer you credit – which is where all the so-called pre-approved offers come from.

If you would like to see your report you can get it free by going to www.annualcreditreport.com.

What is a good credit score?

Financial Responsibility in the United States

Image by Bart Claeys via Flickr


If you have a credit score of 640 or lower, you need to get to work and do what you can to improve it. A low score will not only have a negative affect on your ability to get new credit, it can actually keep you from getting a job. This is due to the fact that many employers now look at applicants’ credit scores when making hiring decisions. You may even have to pay more for your auto or homeowner’s insurance if you have a low score.

About 27% of all Americans have credit scores of 700-750 – this is a good credit score range to fall in. If you fall in this group, you will probably be able to get credit because potential lenders know that only 2% of the people with these scores will default on a loan or file for bankruptcy in the next two years. So they will see you as a good credit risk. Of course, if you have a score of 800 or higher, you’re practically golden and should be able to get a mortgage loan or any other type of credit with no problem at all.

How can you know your credit score?

You can get your credit record free – once a year – just by requesting it. There are three credit-reporting companies – TransUnion, Equifax and Experian. They must give you a copy of your credit report annually at no cost. It’s actually a law. But getting your credit score is a different kettle of fish. If you don’t mind paying for your score, you can contact Experian, TransUnion or Equifax and pay $8 to get it. Of course, if you want to see your credit scores from all three, you will have to pay about $24.

“Free” credit scores

If you don’t feel like paying to see your credit scores, there are companies that will give them to you free – if you don’t mind trying a credit monitoring product. For example, freescore.com offers free credit scores but you must first sign up for a free 7-day trial of their credit monitoring service and then remember to cancel it – or you will be charged $29.95 a month, beginning on day eight. You will also have to wade through as many as eight or nine screens before you see your scores, about half of which will be sales pages.

Whether you like it or not, your credit score can have an incredible affect on your life. So if you don’t know whether or not you have a good score, you best get to work and find out what it is.


There is no such thing as a free lunch and, unfortunately, there is no such thing as a free annual credit score.

Where the confusion comes in is that you can get a free credit report. In fact, the government requires the three credit reporting companies (Experian, Equifax, and Transunion) to give you a free credit report yearly. But there is no law that says they have to give you a free credit score yearly.

The differences between a credit report and a credit score

A credit report is just that – a report of how you handle your credit. There are three companies that gather and report this information. They are Equifax, TransUnion and Experian. The information they acquire comes from the credit card companies, banks and other companies with which you do business. Order one of these reports, and you will be able to see the factors that go into your credit history – how maxed out are your credit cards, your payment history, how old your records are, how many times you’ve applied for credit and your credit type mix.

To get a free copy of your credit report, just go to www.annualcreditreport.com, fill out the required information and then choose to get your report from Equifax, TransUnion or Experian. A good idea is to spread out your credit checks every 4 months so you can follow your credit throughout the year.

A complex mathematical model

Credit Scores


Your credit score comes from a complex mathematical formula that appraises the info in your credit history. If you ask for credit such as a new credit card or a mortgage, the lender looks at your score to determine how much of a risk you represent to their company. The lowest FICO credit score is 300 and the highest is 850. The higher your score, the better. In fact, you really need to have a score of at least 640 to get a decent interest rate. A 720 FICO credit score is considered a good credit score.

If you don’t, you need to get to work to make it better. A low score can even prevent you from getting a job or a promotion these days. It may also result in higher auto and homeowner’s insurance premiums, as well as higher credit card interest rates.

Why a credit score costs money

A credit score costs money because of its convenience. It’s just a simpler way for you, a credit company or a potential employer to see how you stack up in a glance vs. having to plow through a credit report that might be 20 or even 30 pages long.

The “free” credit score.

You may have seen the offers for a “free credit score.” And you can get your score free but you will have to do something to get it. In most cases, it will mean starting a free trial of a credit monitoring service. These services monitor your credit report and alert you if they find possible errors or if it looks as if you’re the victim of identify theft.

If you accept one of these free trial offers, you will have two choices. You can cancel the service before your free trial period is up or your can pay to continue the service. Usually you have 7 to 30 days to decide if you want to continue. But this is a good way to get your free annual credit scores from Experian, Equifax, and Transunion.

If you would rather not go through this hassle, you can just pay for your credit score. Each of the three credit reporting companies sells credit scores for about $8 each. This means that if you want to get your scores from all three credit-reporting companies, you’ll end up paying around $24. (MyFICO.com charges $19.95 for one FICO credit score)

Paying $8 or $24 might seem like a lot of money just to get a three-digit number. But your credit score is so incredibly important these days that buying yours could be one of the best investments you make this year.