Checking your credit score is quite easy with Credit Sesame and can be done in 90 seconds.
Once you open your new account you will get an instant credit check from Trans Union, using Vantage Score 3.0, which has their own way to calculate credit scores.
Other credit score models include the FICO score, which uses a different methodology to calculate your credit.
We use Trans Union (Vantage Score) to show you what’s impacting your credit score, if you are overpaying on your loans and credit cards, and how your financial picture compares to your peers.
We’ll show you personalized, objective savings recommendations on home loans, credit cards, auto loans and more.
You do a free credit check online as many times as you like (at a cost if done more than once monthly) and it will not affect your credit standing.
If you plan on applying for a loan, then you are saying that the lender can “check my credit” to see if you can be approved.
There are four different types of credit starting with revolving credit, charge card, service credit, and installment credit.
When you get credit and pay it back on time your credit rating improves over time and allows you the opportunity to borrow more from grantors.
When you check your credit score for free with Credit Sesame it makes no impact on your credit score since it is a soft credit check, not a hard credit check.
When doing a soft credit check you are only pulling your credit score to view how you are performing, not because you are applying for a loan or other type of credit that you are hoping to get approved for.
Credit is simply the ability for a consumer to be able to borrow money in order to purchase a product or service.