Discover Offers Free FICO Credit Score to All Cardholders

DISCOVER FREE FICO CREDIT SCORE – As a longtime Discover cardholder, I was rather disappointed when back in November they announced that they would offer Discover it cardholders a free FICO credit score on their statement each month, as well as when you logged into your account online. However, I knew of plenty of other resources to get access to my credit score if needed, albeit not necessarily a FICO score.

So I was delighted to receive the news this week that Discover was now offering a free FICO credit score to all cardholders.

“The response from Discover it cardmembers – who already receive free FICO Scores on their monthly statements – has been overwhelmingly positive, so we’re thrilled to extend this service to other Discover cardmembers,” said Julie Loeger, senior vice president of brand and acquisition at Discover. “Knowing their score can help our cardmembers achieve their personal goals and better prepare to reach life’s many major milestones.”

In order to build a more knowledgeable consumer, Discover is also implementing tips discussing why your score may be what it is, and how you may go about improving your score.

“Beyond sharing the FICO Score itself, we’re now taking it one step further by providing consumers with the specific reasons their score is what it is,” Loeger continued. “A knowledgeable consumer is a powerful one, and we’re happy to partner with FICO and TransUnion to give consumers the information they need to make smart financial decisions.”

Building and protecting your credit is a lifelong process. It is a marathon, not a race. Doing things like making your payment each and every month, having various types of credit (mortgages, car loans, student loans, revolving credit), and making sure you have accounts with long histories (i.e. not opening and closing credit cards necessarily just for the bonuses) help build and maintain high scores that will result in lower interest rates and better chances financially in the longterm.

Comparing Discover FICO Score to Others

I am always curious how my credit scores stack up against various models. The FICO score offered by Discover gives a good representation of the scoring model other lenders would see.

Credit Karma also uses a scoring model from TransUnion, though it is TransUnion’s proprietary TransRisk score. One can not necessarily compare scores apples-to-apples since all of the scoring models are calculated based on different methodologies.

Are you excited to get access to your FICO credit score each month with your Discover card statement?

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Source: Discover PR