Anyone with a First Bankcard credit card, or a card issued by one of First Bankcard’s co-brand partners or banking partners, can use the app. Once it’s downloaded to the desired electronic mobile device, folks can log in to check their FICO score at no charge, anytime.
This comes in the wake of many credit card issuers offering customers free FICO scores. The Consumer Financial Protection Bureau (CFPB) called on financial institutions to make it easier and more affordable for people to be able to check their credit scores, and to have more transparency in the way consumers are assigned those scores, and banks have responded by offering free FICO scores.
Not just the score, but also the factors that influence it
Besides finding out their FICO score, people can look at the top two factors influencing that score. The First Bankcard app provides “Two Key Score Factors” along with the score, along with several frequently asked questions and a link to the FICO website, where they can learn more. The FICO site also has educational videos and other resources for folks looking to build, or rebuild, their credit scores.
FICO scores are used by almost all lenders in the United States, and help determine not only whether someone will get a loan, but the interest rate they will be offered. Credit limits are also awarded based on creditworthiness. That’s why having a good credit score is so important for all consumers. Mortgages, credit cards, car loans, apartment leases, and even jobs can ride on a credit score.
To maintain a good credit score, it’s important to pay all debts on time, keep credit accounts open as long as possible, and only apply for the amount of credit you need. Too many credit inquiries in a short period of time can negatively affect your credit rating. That’s why people looking for a new credit card should research which cards are right for them and only apply for cards that are appropriate to their credit score and offer the terms and conditions they want. With so many great credit card options, anyone can find a card that’s right for them—and one that offers a free FICO score.
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