How to Get Free Credit Score from Credit Sesame

Thanks to the growing interest in credit, and how it affects finances, a number of consumers are increasingly interested in their scores. Your credit situation can not only impact whether or not you are approved for a loan, but also how much you pay in auto insurance, and even whether or not you can open an account at some banks.

It’s important to keep tabs on your financial situation, and Credit Sesame offers you a way to look at your overall credit and debt picture. The site even makes suggestions on actions you can take to save money on your debt, and improve your credit score.

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Free Credit Score from Credit Sesame

Perhaps the most compelling thing about Credit Sesame is that you get access to a free credit score. It’s important to realize, though, that the score is your Experian credit score — not your FICO score. However, if you are just looking for a general idea of where you stand, and understanding whether or not you are making positive progress, the score you receive from Credit Sesame is more than adequate.

Credit Sesame offers you free access to your Experian credit score, and makes money when consumers take advantage of the products and services Credit Sesame connects you to. While there is no obligation for you to take action and get a new loan or apply for a different credit card, if you do take these actions through the Credit Sesame web site, there is a commission involved. You can also buy your credit report via Credit Sesame (but you shouldn’t do that because you can get your reports for free from AnnualCreditReport.com).

In addition to see your credit score, you can also see how you stack up in terms of Excellent, Good, Fair, Poor, or Very Poor credit score ratings. This gives you a general idea of what you can expect if you were to apply for a loan. (Although if you are planning a major debt purchase, like a home or a car, you should check your FICO score, and look through your credit report.) The Experian credit score provides you with a reasonably accurate idea of where you stand, and you can monitor your progress to see if you are improving in general.

Financial and Debt Analysis

Another service offered by Credit Sesame is an analysis of your debt situation. You can quickly see how much you pay each month in debt payments, as well as quickly see your credit utilization, and see how you stack up according to your peers. Credit Sesame takes a look at your accounts (as they appear on your Experian report) and then compares them to what you could be paying.

So, if your credit is such that you could be paying a lower mortgage rate, Credit Sesame will recommend that you refinance, and will give you an idea of how much you could save each year as a result of that action. The site goes down the list, from your auto loan to your student loans to your credit cards. This can be a good way to get a snapshot of where you are right now. Plus, simple graphs and charts allow you to track progress. You can see the ups and downs in your credit score, as well as watch your debt to income ratio shrink.

You can also use Credit Sesame to set financial goals and look to improve your situation. You can enter the assets you have, as well as your income. Specify milestones and then track your progress. It’s also possible to get advice from Credit Sesame, although the advice is somewhat general, based on the broad category of consumer that you fit into.

Bottom Line

Credit Sesame can be a helpful tool for helping you manage your finances, and track your financial progress. There have been some complaints in the past about inaccuracies, since the information used comes from your Experian report, and the score is your Experian score. However, my information is fairly complete, and I find that Credit Sesame offers a useful look at where I stand now with relation to where I used to be with my finances.



Author

By , on Jul 23, 2013
Miranda Marquit Miranda is a professional personal finance journalist. She is a contributor for several personal finance web sites. Her work has been mentioned in and linked to from, USA Today, The Huffington Post, The San Francisco Chronicle, The New York Times, The Wall Street Journal, and other publications. She also has her own personal finance blog: Planting Money Seeds.

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{One Comment}

  1. Do you have to give them your credit card to get a free report? If not, how are they making money?

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