Your credit score determines the interest rate that lenders charge you for debt (and whether you can get credit at all). This means that your credit rating affects everything you buy – your car, your home and even your education. It makes sense not only to track your credit score, but also to take the necessary steps to improve it. You can do both with these apps.
Does my credit check affect my credit rating?
No. Checking your credit score is usually a "soft request" or a "soft pull," meaning that it does not affect your credit score. This differs from "hard requests" that influences your credit rating; These happen when you apply for things like credit cards or loans. Credit Karma has a great article that highlights the difference between the two types of requests if you want to learn more.
And with that, let's go to the apps.
Credit Karma: Best For Most People
Credit Karma is perhaps the most popular free service for checking your credit score and it is the one we think is the best for most people. Creating an account is fast and you do not even have to share your credit card number. The score is updated weekly and called up with a "soft pull", so that your credit score is not affected at all.
Credit Karma takes your credit report from Equifax and TransUnion – both use VantageScore 3.0. Your credit report includes a report card that lists the factors that affect your credit point. You can check your credit score several times and changes in your score will tell you if your score will improve or not. With Credit Karma, you can find out about the various accounts in your credit report so that you can always see what's in your report.
Credit Karma's iOS and Android app also alerts you to important changes in your credit score. You report disputes when you find them.
Mint: Not bad, especially if you already use mint
Mint is a well-known personal finance service with helpful apps that help you keep your accounts and check your current financial status on the go. In 2016, Mint added a feature that allows you to check your credit rating, and you can access it through the iOS and Android apps.
The Mint Credit Score service is free. It is available once a quarter and draws an Equifax three-office score (Equifax, TransUnion, Experian). You will receive your credit score and a summary of your credit report
Mint also offers a Mint Credit Monitor service for $ 16.99 per month. It gives you a monthly Equifax score from all three offices, a full monthly credit report, identity tracking and many more features.
Generally we recommend Credit Karma over Mints service. Although Credit Karma only offers your points and reports from two offices (Equifax and TransUnion), you will receive updates much more often. If you need the Experian report specifically, or if you're already using Mint, Mint's service might work better.
Experian: Limited but free and useful for Experian results
You may have noticed that both apps So far, use the Experian Credit Rating Model. Would not it be great to get your credit information directly from them? Yes you can. Experian provides a free credit reporting service available in their iOS and Android apps. You can receive an updated Experian Credit Report from every app every 30 days.
Should you pay for your credit score?
Since you can learn your credit score for free on the apps discussed above, you might be wondering if it is useful to pay your credit score.
The vast majority of the time is the answer no; Free credit score apps should be fine. A big exception is when you apply for a mortgage. Mortgage lenders sometimes use different versions of a FICO point and it helps to know which version the lender uses before applying. A few points difference in a score can affect your interest and even minor changes in interest rates can have a big impact on long-term loans like mortgages. You can see the difference even with the CFPB Mortgage Rate Tool. If you order a FICO score directly from the source, you can view multiple versions of your score.
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