- 1 Free Credit Report Without a Credit Card
- 2 Which credit cards use experian only
- 3 Five easy ways to wreck a perfect credit history
- 4 Here’s What Applying for Multiple Credit Cards Does to Your Credit Score
- 5 Average Credit Score in America Reaches New Peak at 700
Free Credit Report Without a Credit Card
If youвЂ™re looking for a free copy of your credit report without providing your credit card details, then youвЂ™ve come to the right place! WeвЂ™ve got all of the information on free credit reports, where to get your credit report and whether or not you need to provide your credit card details to receive it.
There are 3 credit reference agencies in the UK. Any true credit report will be based on the information that has been collated by these credit reference agencies. These 3 credit reference agencies are Equifax, Experian and Callcredit.
In order to order a credit report from any of the 3 main credit reference agencies, you will be required to provide card details (either a credit card, or a debit card). Despite having to provide your credit card details, you can still get your credit report for free with Experian or Equifax. If you have a credit or debit card available, we wholly recommend that you order your credit reports from these providers.
There are very good reasons for credit reference agencies asking for you to provide your credit card details to them:
вЂў The free credit report services that are provided by Experian and Equifax are free trials to credit monitoring services. You have 30 days in which to try out the free credit report services with these agencies. If you like the service (and donвЂ™t cancel it within the 30 days), then you automatically become subscribed to Experian and Equifax services. When entering the subscription stage, the service becomes chargeable and is billed to your credit card or debit card.
вЂў Credit cards and debit cards are very good methods of proving your identity. Proving a persons identity online without card details being provided can become cumbersome. This means that a greater range of identity information would need to be provided in order to verify those personal details.
The identity verification process is required as it is illegal to provide anyone with a credit report other than their own. The exception to this rule is where the person in question has granted express permission for someone to view their personal credit report. This law has been made in order to prevent identity fraud, which has become ever more prominent in today's society, whilst still allowing creditors to credit check individuals. After all, we're sure that we'd all rather have our credit records protected from fraudsters, than allow them free access to our credit reports by not making them provide some sort of identification online. Wouldn't we?
Although the market leading credit reference agencies (Equifax and Experian) provide free credit reports that require bank card information, Callcredit do not currently offer a free credit report service.
If you donвЂ™t have any sort of bank card, credit card or debit card available, you can still get a free copy of your credit report. However, the weaknesses of the free credit report without a credit card are:
вЂў You wonвЂ™t get the free credit report instantly online without your credit / debit card information.
вЂў You will need to wait 3-5 days for a postal verification code to arrive at your address.
вЂў You will be required to provide further identification reference information.
вЂў Your credit report is compiled using information from Callcredit who are the credit reference agency with the least coverage of data from credit providers (credit card operators, banks, telecoms operators, mortgage providers etc.).
вЂў Your personal details can become part of a marketing list, which cause you to receive regular contact (at all times of the night and day) for various credit related services. Adding your details to a purchasable marketing list and emailing you with product offers is the way they make their money.
If youвЂ™re solely after a free credit report without credit card details, or debit card details and have given full consideration to the weaknesses listed above, then you will need to visit www.annualcreditreport.co.uk. It is worth noting that they do also offer a free instant credit report (using Callcredit information). However, in order to receive the instant online credit report for free, you will need to provide credit card, or debit card details.
Every credit reference agency is likely to hold different credit data on you. Our recommendation is to check the credit reports with all 3 of the credit reference agencies (Equifax, Experian & Callcredit). This is the only true way to ensure that you have a clean credit record.
Use these links if you would like to access a free copy of your credit report. Obtain a Free Equifax Credit Report, or get your Free Experian Credit Report
Want to order a personal credit report: Use the links below to place your order with Experian & Equifax:
Which credit cards use experian only
There is not a specific answer to this question. The best way to explain this is that not all creditors report with all three bureaus. Ask that specific creditor who.
Which Banks Use Experian?. Experian is a credit reporting agency, or credit bureau, that. Also, major stores that issue credit cards use Experian to check consumers.
Free download for ebooks about experian credit card,what credit card use experian only,credit card that accepts experian,what credit card companies use experian,site.
Does anyone know if there is a cc company that uses Experian exclusively? Thanks in advance.
My Experian score just jumped to a 674 FICO "Checked by local credit union" Curious if any credit card companys pull Experian only? I live in California.
Best Answer: None all Credit Card companies use all 3 credit agencies Equifax, Transunion and Experian. all
Well, I applied today, instantly declined because my TU score was too low. Doesn't Amex usually just pull Experian? What credit card companies ONLY pull experian as.
Awesome forum. Would you guys be able to tell me which credit card companies use Experian only for credit checks? Most of all I am interested in who
I'm now in the process of rebuilding my credit and I'm curious which credit card will use experian as there. When we went the bank that did financing only pulled TU..
Experian's authentication service verifies credit card transactions and provides fraud. Credit Card Verification is the only tool that verifies a complete credit card.
Five easy ways to wreck a perfect credit history
10:03AM GMT 11 Feb 2015
You think it's enough to pay your bills on time in order to have perfect credit record? Think again.
Over the years, Telegraph Money has reported on credit history nightmares including cases of mistaken identity and missed payments that won't disappear. Borrowers may only discover their records are incorrect once they have been turned down.
Once you are refused a financial product, this has a further negative impact on your credit score.
Lenders use automated credit scoring systems to assess anyone who applies for a financial product. This means decisions are instant, but also inflexible. If you're thinking of applying for a mortgage, loan or any other form of credit first look at these all-too-easy mistakes you could make that could damage your file and result in rejection.
1. Failing to spot mistakes on your credit history
Errors on your credit file could mean you are repeatedly rejected for a loan, mortgage or credit card.
Sometimes credit history errors arise from cases of mistaken identity. Joanne Smith, a beauty therapist from Southampton, checked her credit file after she had been repeatedly rejected by lenders for a loan.
It turned out that another Joanne Smith held a mortgage with Nationwide Building Society, and both Miss Smith and her partner had a number of debts against their name.
Even an accurate entry on your credit file, such as a missed payment, can turn into errors. That's because defaulter notices should be scratched from the record after six years, but this isn't always done. Bankruptcy should also disappear from a credit report after 10 years.
To spot errors, check your credit history before making a loan application. You can check your score online for free – find out more here – for example by taking a one-month free trial with Experian or signing up to Callcredit's free "Noddle" service.
If there is a mistake, contact the lender and the credit rating agencies. If they do not respond, you can take your complaint to the Financial Ombudsman Service, which is free to use.
You should also report the incorrect entry to the Information Commissioner's Office (ICO) which is responsible for protecting the accuracy and security of people's data.
2. Making too many 'hard search' credit applications at once
Even if you're just getting a quote for a loan, credit card or mortgage, or applying for credit to see if you will be accepted, these applications could leave a mark on your credit file.
Most lenders use a "hard" search when offering you a loan which lowers your credit score and can make it harder to access cheap borrowing in the future.
Too many credit applications in a short period of time can trigger rejections, as lenders might think you are desperate for credit – even if you are just shopping around.
To get around this, customers can use a "soft search" facility to get an idea of whether they will be accepted for a loan and at which rate.
Many credit card companies, for example Barclaycard and NatWest, offer an "approval indicator" that uses a soft search to approve a loan in principle. Comparison website Moneysupermarket also offers a similar "Smart Search" service.
3. Not being included on the electoral roll
By being on the electoral roll you give an added assurance to lenders that you are who you say you are and live where you say you live.
"It will help support your application and improve your credit score because identity verification measures help protect lenders and borrowers from possible fraud. So electoral roll inclusion is more important than many people may think in getting approved for credit," says Julie Doleman of credit rating firm, Experian.
4. Using too much of your available credit
Even if you pay on time and in full, maxing out your credit limit is a looked down on by lenders and can lower your credit score.
"When scoring you, lenders will look at the total amount of money you owe and the total amount of credit you have available so they can understand if you might be overextending yourself," Ms Doleman says.
"Having a high credit limit on a card but using a low percentage of it will have a more positive impact on your credit score than having a low credit limit but spending the entire amount regularly."
5. Forgetting to pay or skipping the odd agreed payment
One missed payment can last on your credit file for six years, so if you ever amend a direct debit or close a bank account make sure that your credit card, loan or mortgage provider is notified.
Around one in ten people have a missed payment recorded on their credit report, according to Experian.
However, your recent credit history is more important than your credit past, says Ms Doleman. "If you have had a chequered history of meeting agreed credit repayments, remember your most recent credit management counts more so try to keep your accounts up to date for as long as possible before making any new credit applications," she said.
Here’s What Applying for Multiple Credit Cards Does to Your Credit Score
Monday, July 7, 2014
The editorial content on this page is not provided by any financial institution and has not been reviewed, approved or otherwise endorsed by any of these entities.
Erin Lowry serves as the Content Director for MagnifyMoney.
We frequently hear people are afraid to apply for a credit card because it will cause their credit score to drop. This fear keeps them from getting deals on a balance transfer or finding a new credit card to maximize their spending habits for cash back rewards. At MagnifyMoney, we see properly utilized credit cards as an effective tool to increase financial health. Balance transfers can significantly decrease the money spent on debt; while cashback rewards can easily put some money in your pocket on your everyday spend.
Your credit score shouldn’t just be a trophy sitting on your mantle, it’s something that should be used to make sure you’re getting the best deals. Yes, applying for a new credit card will cause a decrease on your score – usually around five points –because there is a hard inquiry on your credit report. However, we still think in a majority of cases, applying for a credit card is worth your time and minor drop in score.
The members of the MagnifyMoney team (minus Goofski of course) have all applied for multiple cards within the last year and still have high credit scores. Here are our stories:
I moved back to the US in September 2013.
A combination of nostalgia (I used to run Barclaycard in the UK), and a desire to get the 40,000 mile bonus offer, inspired me to apply for the Barclaycard Arrival in September 2013.
I then started the research for MagnifyMoney.com, and I wanted to personally test the products that we would be recommending to you.
In November 2013, I applied for Chase Slate and successfully tested a balance transfer.
In May, I applied for two credit cards. I applied for the Fidelity Investment Rewards Card (the highest cashback credit card on the market), and I applied for the PenFed Premium Travel Rewards. PenFed has some of the best long-term balance transfer offers out there. I wanted to see what it was like to join the credit union, apply for the card and execute a balance transfer. They asked for quite a few documents, but it worked out in the end!
Before these four applications, I had not applied for credit in over a year.
My official FICO score started around 788 in September. It is now 814.
CreditKarma uses TransUnion, and gives me a score of 766. CreditSesame uses Experian, and it says my credit score is 811.
Why did my score go up? A credit inquiry is not a big deal. Credit utilization is a big deal. With these four new credit cards, I added over $50,000 of new “available credit.” And I haven’t used any of it. So, my utilization has gone way down.
I’ve applied for six credit cards in the last year, which earned me about 350,000 points and miles for travel. That might sound extreme, and it’s not for everyone, but my credit score has barely budged.
My FICO score provided by Barclaycard has moved from 833 a year ago to 819 now.
My CreditKarma Transunion score has remained flat at 790, while with Experian my score has remained at 750, though with a brief dip to 740 after my first applications a year ago.
Here are the cards I opened:
June 2013 – Chase Ink Bold Card
June 2013 – Delta SkyMiles Platinum Amex
September 2013 – Chase Ink Plus Card
January 2014 – Chase United MileagePlus Explorer
January 2014 – Citi Executive AAdvantage
May 2014 – Delta SkyMiles Gold Amex
I am fortunate to have excellent credit as a starting point, so that’s put me in a good position to take advantage of deals on cards I want to use.
My case might seem extreme, and I’m willing to pay annual fees in order to earn rewards I put to good use with travel.
But it shows that if you have great credit you shouldn’t be afraid to use it to your advantage, whether that’s to get a better rate on debt or to earn bigger rewards.
While some people who are more aggressive about earning rewards like to group applications together on a single day to minimize the impact on their score, I tend to apply when I see offers I think are outstanding and find the time to manage meeting the spending to earn them.
This haphazard approach has served me fine – I’ve experienced no denials and my credit scores have held up well.
Banks want new customers who pay on time and keep their debt in check.
They’re ready to reward you if you’re willing to shop around regularly for better deals.
I applied for three credit cards in the last six months after nearly seven years of not applying for any new lines of credit. I opened my first (and for a long time, only) credit card in 2007 when I entered college.
It all started in January of 2014 when I used CreditKarma to try and discover my score. After filling out all the information I promptly received a notice that I had a “thin file.”
Considering I opened a credit card in 2007, made a few purchases each month and paid my bill on time and in full, I felt a little baffled as to how I had a thin file.
The single credit card seemed to be part of the reason I had such a thin file because I had no other types of credit. I knew I wasn’t going to take out a loan simply for the sake of diversifying types of credit. Instead, I decided to apply for some new credit cards.
This was pre-MagnifyMoney.com, so I didn’t have our cashback tool as a resource. I ended up with the Discover it card because I liked the idea of seeing my FICO score each month.
In February, my Discover statement said my FICO score was 790. Within a month, I applied for the Delta American Express card as well as a Banana Republic Visa (which I chronicled in this blog post).
Applying for so many cards after seven years of no new lines of credit probably raised some red flags to lenders. My score dropped from 790 to 750 in two months.
In June, my score already went up 12 points and currently sits at 762. I believe this is because I drastically increased my available credit limit without increasing the amount of money I spent. Now I have a significantly lower utilization rate on my cards, which indicates that I’m a responsible borrow.
Have questions about how to improve your credit score? Explore our building credit section of the blog, tweet us @Magnify_Money or email us at [email protected]
Erin Lowry is a writer at MagnifyMoney. You can email Erin at [email protected]
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Advertiser Disclosure: MagnifyMoney is an advertising-supported comparison service which receives compensation from some of the financial providers whose offers appear on our site. This compensation from our advertising partners may impact how and where products appear on the site (including for example, the order in which they appear). To provide more complete comparisons, the site features products from our partners as well as institutions which are not advertising partners. While we make an effort to include the best deals available to the general public, we make no warranty that such information represents all available products.
Average Credit Score in America Reaches New Peak at 700
Thursday, August 17, 2017
The editorial content on this page is not provided by any financial institution and has not been reviewed, approved or otherwise endorsed by any of these entities.
is a freelance writer and quantitative marketing consultant. Hannah founded the site Unplanned Finance.
In late 2016, American consumers hit an important milestone. For the first time in a decade, over half of American consumers (51%) recorded prime credit scores. On the other side of the scale, less than a third of consumers (32%) suffered from subprime scores. 1 As a nation, our average FICO® Score rose to its highest point ever, 700. 2
Despite the rosy national picture, we see regional and age-based disparities. A minority of Southerners still rank below prime credit. In contrast, credit scores in the upper Midwest rank well above the national average. Younger consumers struggle with their credit, but boomers and the Silent Generation secured scores well above the national average.
In a new report on credit scores in America, MagnifyMoney analyzed trends in credit scores. The trends offer insight into how Americans fare with their credit health.
- National average FICO® Scores are up 14 points since October 2009. 3
- 51% of consumers have prime credit scores, up from 48.1% in 2007. 4
- One-third of customers have at least one severely delinquent (90+ days past due) account on their credit report. 5
- Average VantageScores® in the Deep South are 21 points lower than the national average (652 vs. 673). 6
- Millennials’ average VantageScore® (634) underperformed the national average by 39 points. Only Gen Z has a lower average score (631). 7
Average FICO® Score: 700 8
Average VantageScore®: 673 9
Percent with prime credit score (Equifax Risk Score >720): 51% 10
Percent with subprime credit score (Equifax Risk Score <660): 32% 11
Percent with at least one delinquency: 32% 12
Average number of late payments per month: .35 13
Average credit utilization ratio: 30% 14
Percent severely delinquent debt: 3.37% 15
Percent severely delinquent debt excluding mortgages: 6.9% 16
States with the best and worst credit scores
Credit scoring companies analyze consumer credit reports. They glean data from the reports and create algorithms that determine consumer borrowing risk. A credit score is a number that represents the risk profile of a borrower. Credit scores influence a bank’s decisions to lend money to consumers. People with high credit scores will find the most attractive borrowing rates because that signals to lenders that they are less risky. Those with low credit scores will struggle to find credit at all.
Banks have hundreds of proprietary credit scoring algorithms. In this article, we analyzed trends on three of the most famous credit scoring algorithms:
- FICO® Score 8 (used for underwriting mortgages)
- VantageScore® 3.0 (widely available to consumers)
- Equifax Consumer Risk Credit Score (used by the Federal Reserve Bank of New York)
Each of these credit scores ranks risk on a scale of 300-850. In all three models, prime credit is any score above 720. Subprime credit is any score below 660. All three models consider similar data when they create credit risk profiles. The most common factors include:
- Payment history
- Revolving debt levels (or revolving debt utilization ratios)
- Length of credit history
- Number of recent credit inquires
- Variety of credit (installment and revolving)
However, each model weights the information differently. This means that a FICO® Score cannot be compared directly to a VantageScore® or an Equifax Risk Score. For example, a VantageScore® does not count paid items in collections against you. However, a FICO® Score counts all collections items against you, even if you’ve paid them. Additionally, the VantageScore® counts outstanding debt against you, but the FICO® Score only considers how much credit card debt you have relative to your available credit.
Average FICO® Scores in America are on the rise for the eighth straight year. The average credit score in America is now 700.
On top of that, consumers with “super prime” credit (FICO® Scores above 800) outnumber consumers with deep subprime credit (FICO® Scores below 600).
We’re also seeing healthy increases in prime credit scores, defined as Equifax Risk Scores above 720. According to the Federal Reserve Bank of New York, 51% of all Americans have prime credit scores as measured by the Equifax Risk Score. Following the housing market crash in 2010, just 48.4% of Americans had prime credit scores. 20
A major driver of increased scores is the decreased proportion of consumers with collection items on their credit report. A credit item that falls into collections will stay on a person’s credit report for seven years. People caught in the latter end of the real estate foreclosure crisis of 2006-2011 may still have a collections item on their report today.
In the first quarter of 2013, 14.64% of all consumers had at least one item in collections. Today, just 12.61% of consumers have collections items on their credit report. Overall collections rates are approaching 2005-2006 average rates. 40
Credit scores and loan originations
Following the 2007-2008 implosion of the housing market, banks saw mortgage borrowers defaulting at higher rates than ever before. In addition to higher mortgage default rates, the market downturn led to higher default rates across all types of consumer loans. To maintain profitability banks began tightening lending practices. More stringent lending standards made it tough for anyone with poor credit to get a loan at a reasonable rate. Although banks have loosened lending somewhat in the last two years, people with subprime credit will continue to struggle to get loans. In June 2017, banks rejected 81.4% of all credit applications from people with Equifax Risk Scores below 680. By contrast, banks rejected 9.11% of credit applications from those with credit scores above 760. 22
Credit scores and mortgage origination
Before 2008, the median homebuyer had an Equifax Risk Score of 720. In 2017, the median score was 764, a full 44 points higher than the pre-bubble scores. The bottom 10th of buyers had a score of 657, a massive 65 point growth over the pre-recession average. 23
Some below prime borrowers still get mortgages. But banks no longer underwrite mortgages for deep subprime borrowers. More stringent lending standards have resulted in near all-time lows in mortgage foreclosures.
Credit scores and auto loan origination
The subprime lending bubble didn’t directly influence the auto loan market, but banks increased their lending standards for auto loans, too. Before 2008, the median credit score for people originating auto loans was 682. By the first quarter of 2017, the median score for auto borrowers was 706. 26
In the case of auto loans, the lower median risk profile hasn’t paid off for banks. In the first quarter of 2017, $8.27 billion dollars of auto loans fell into severely delinquent status. New auto delinquencies are now as bad as they were in 2008. 28
Consumers looking for new auto loans should expect more stringent lending standards in coming months. This means it’s more important than ever for Americans to grow their credit score.
Unlike other types of credit, even people with deep subprime credit scores usually qualify to open a secured credit card. However, credit card use among people with poor credit scores is still near an all-time low. In the last decade, credit card use among deep subprime borrowers fell 16.7%. Today, just over 50% of deep subprime borrowers have credit card accounts. 30
The dramatic decline came between 2009 and 2011. During this period, half or more of all credit card account closures came from borrowers with below prime credit scores. More than one-third of all closures came from deep subprime consumers.
However, banks are showing an increased willingness to allow customers with poor credit to open credit card accounts. In 2015, more than 60% of all new credit card accounts went to borrowers with subprime credit, and 25% of all the accounts went to borrowers with deep subprime credit.
Consumers across the nation are seeing higher credit scores, but regional variations persist. People living in the Deep South and Southwest have lower credit scores than the rest of the nation. States in the Deep South have an average VantageScore® of 652 compared to a nationwide average of 673. Southwestern states have an average score of 658.
States in the upper Midwest outperform the nation as a whole. These states had average VantageScores® of 689.
Unsurprisingly, consumers across the southern United States are far more likely to have subprime credit scores than consumers across the north. Minnesota had the fewest subprime consumers. In December 2016, just 21.9% of residents fell below an Equifax Risk Score of 660. Mississippi had the worst subprime rate in the nation: 48.3% of Mississippi residents had credit scores below 660 in December 2016. 35
These are the distributions of Equifax Risk Scores by state: 37
In general, older consumers have higher credit scores than younger generations. Credit scoring models consider consumers with longer credit histories less risky than those with short credit histories. The Silent Generation and boomers enjoy higher credit scores due to long credit histories. However, these generations show better credit behavior, too. Their revolving credit utilization rates are lower than younger generations. They are less likely to have a severely delinquent credit item on their credit report.
Gen X and millennials have almost identical revolving utilization ratios and delinquency rates. Compared to millennials, Gen X has higher credit card balances and more debt. Still, Gen X’s longer credit history gives them a 21 point advantage over millennials on average.
To improve their credit scores, millennials and Gen X need to focus on timely payments. On-time payments and lower credit card utilization will drive their scores up.
A report by FICO® showed that younger consumers can earn high credit scores with excellent credit behavior. 93% of consumers with credit scores between 750 and 799 who were under age 29 never had a late payment on their credit report. In contrast, 57% of the total population had at least one delinquency. This good credit group also used less of their available credit. They had an average revolving credit utilization ratio of 6%. The nation as a whole had a utilization ratio of 15%. 39