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Free FICO For A Few

Thursday, November 14, 2013 - 4:48 PM

FICO makes credits scores free — for almost no one - MarketWatch

"Yet somehow, access to a free FICO score remains limited. So far, just two lenders are willing to provide the free scores: credit-card issuers Barclaycard and First National Bank of Omaha. Collectively, they account for less than 2% of purchase volume in the credit card market."

"The score consumers see will be the specific FICO score (there are many variations of this score) that a lender looks at when it is maintaining their account and making decisions that could impact the terms on their existing loan. That’s a more useful score than the FICO score consumers pay to get, which shows them an overall figure for where they stand."

So, in short, if one does not have Barclaycard or FNBO card, one runs out of luck.  The actual FICO (from Transunion; TU08) is a bit confusing as well, when compared to other scores (e.g., Credit Karma).  It tends to be a bit higher than other scores. 

But hey, free is free.  I got mine from NFL Extra Points Card. 
51hh51hh1,476 posts since
Jan 16, 2010
Rep Points: 6,427
1. Thursday, November 14, 2013 - 5:23 PM
What's the big deal about getting your FICO scores free or otherwise unless you need it for something special?  We get our scores free with one of our accounts and since we never need it for anything it became boring to check.  I think if one really needed to know what it was, they could get the institution they were dealing with to check it out for them. 
paoli2paoli21,401 posts since
Aug 10, 2011
Rep Points: 6,135
2. Thursday, November 14, 2013 - 7:54 PM
Certainly many (including myself) are interested since (1) not all can get free credit scores, (2) as the article stated, many free scores are not the ones used by lenders, so having an additional reference (which maybe closer to the ones used by lenders) is certainly beneficial, (3) some would like to track their FICO continually due to their situations (e.g., mortgage applications, credit card/line applications, insurance premium reduction), and (4) some may want to improve their FICO on a regular basis.

"While many credit scores have been available for free, they aren’t the ones used by most lenders. Borrowers meanwhile see a credit score and think they know where they stand in the eyes of a lender and are then surprised when they are denied for a loan or receive less favorable terms than they anticipated."

Also see below for the many (including myself) that are interested and the comparative remarks concerning various credit scores:
51hh51hh1,476 posts since
Jan 16, 2010
Rep Points: 6,427