In the past, I have written about the value of getting your credit report and credit score. Thanks to our friends at Credit Sesame, you can get your credit score for free and tips to stop overpaying on credit and loans.
What is Credit Sesame?
Credit Sesame is a 100% free service to get your credit score. Most credit score reporting companies charge you a monthly fee to access all three of your credit scores. Credit Sesame does not give you all of them, it only gives you your score from one reporting bureau, but it is free.
Knowing your credit score is important when preparing for a new loan or applying for any new credit. Your score impacts your approval and interest rate. That can save or cost you a lot of money over time.
How It Works
When you sign up for a free account, you have to give some personal information so the site can look up your score. Don’t worry, the site uses bank level security and your information is safe and only used within the site. They don’t share it anywhere.
Once you fill out your profile, you get your free credit score.
It is that simple. You don’t need to do anything else. Once a month, you get an email that your credit score has been updated and you can log in and see your progress.
Credit Sesame uses two methods to save you money. First, they give you your top tips to raise your credit score. For my score, the site suggests that I hold off on getting new inquiries, do not open any new store credit cards, lower my amount owed on credit cards (I am an authorized user on one card that has a balance, which impacts my score even though it is not under my name), and increase my average age of credit.
For each user, the advice is customized for your situation. Raising your credit score can save you tens of thousands of dollars on a mortgage or thousands on a car loan, so this is great advice to get and follow.
How Credit Sesame Can Save You Money: Loans and Credit Cards
In addition to tips to raise your credit score, Credit Sesame gives you offers that can save you money on existing debt. The site gives specific advice and options for refinancing a mortgage, credit cards, and personal loans.
For my mortgage, for example, I was able to adjust setting including my intended time to live in the home, my current loan terms, my current cost of living and income, and was gives five options that could save me money over the life of the loan.
Over ten years, for $81 more per month I could save $31,638. If I just wanted to cut the time down to three years, for only $36 more per month I could save $2,627 for $62 more per month. That is inclusive of closing costs! I could see tons of options just making a few small changes.
Benefits of Credit Sesame
The key benefits are clear:
- See a complete picture of your overall financial health
- Learn how the terms of your loans and credit cards compare to your peers and the market
- Find personalized advice and see recommended products to help improve your credit
How to Join
Just go to Credit Sesame and sign up. It is free and easy. You have nothing to lose and a lot to gain.