Have you ever been caught off guard by an unexpected credit card denial or high-interest rate? Checking your credit score regularly can prevent these surprises and help you take control of your financial future. As a Bank of America customer, you can easily monitor your credit score from TransUnion by logging into your checking account and navigating to My FICO Score.
Understanding your credit score is crucial for financial health. It influences your ability to secure loans, get favorable interest rates, and even rent an apartment. This article will guide you through the simple steps to check your Bank of America credit score.
How to Check Your Credit Score with Bank of America
Bank of America offers credit cardholders a free way to check their credit scores monthly to help them improve their credit health. Here’s how to check your credit score for free with Bank of America:
- Open Bank of America’s Online Banking
- Log into your Bank of America checking account.
- Hover over the Tools & Investing
- Click on the FICO Score
The platform will lead you to a page where you can see your Bank of America credit score. In addition to your credit score, you will see the entire history of your credit score and the factors affecting it.
Bank of America’s mobile banking app is highly popular, with a 4.8 out of 5 rating from approximately 4.5 million users on the App Store and a 4.6 out of 5 rating from over 1 million reviews on Google Play. If you’d like to know how to check your credit score on the Bank of America app, follow these steps:
- Open the Bank of America app on your phone.
- Log in to your Bank of America checking account.
- Select the Dashboard
- Find the My FICO Score button and click on it.
The page will then show what your credit score is with Bank of America, as well as the factors affecting your FICO score.
Having an idea of your credit standing can be valuable when making financial decisions. This is particularly important when you’re interested in knowing what credit score you need for a Bank of America credit card. In such cases, a credit score of 670 or higher is typically necessary to get approved for Bank of America credit cards.
What Credit Score Does Bank of America Use?
Bank of America reports credit scores using FICO scores from TransUnion. If you’re wondering, “How is a credit score calculated?” It is based on various factors, including payment history, credit utilization, length of credit history, credit mix, and new credit. Understanding the elements that make up a credit score can help you manage and improve your Bank of America credit score effectively.
- Payment history (35%): This demonstrates how reliable you are with paying bills and debts by their deadline. If you pay your bills on time, your payment history will positively impact your credit score. Conversely, missed payments can lead to negative marks on your credit report, causing your score to decrease.
- Credit utilization (30%): This shows what percentage of your total credit you are using. Credit scoring agencies encourage borrowers to keep credit utilization below 30%. For example, if you have a card with a $1,000 credit limit, your balance should ideally be $300 or less. Keeping your credit utilization low can positively impact your score.
- Length of credit history (15%): This factor considers how long you’ve had credit. A longer credit history can positively affect your score, demonstrating your experience managing credit over time. Before closing a credit account, consider how it might impact the length of your credit history, as older accounts can help maintain a higher score.
- Credit mix (10%): This refers to the variety of credit accounts in your portfolio, such as credit cards, mortgages, and car loans. Having a diverse mix of credit types can positively influence your credit score. Different types of credit carry varying degrees of risk, and a well-balanced credit mix indicates your ability to manage various credit forms responsibly.
- New credit (10%): This includes recently opened accounts or new credit Each time you apply for new credit, your score can be slightly lowered due to the hard inquiries made by lenders. While new credit can temporarily decrease your score, it is typically a minor and short-lived impact. Avoid opening multiple new accounts within a short period to prevent significant score drops.
These factors determine your overall credit score, providing lenders with a comprehensive view of your creditworthiness. To enhance your credit-building efforts, consider using Cushion. It allows you to turn your everyday bill payments and Buy Now, Pay Later (BNPL) transactions into opportunities to build your credit history. The app also ensures these transactions are reported to the credit bureaus, helping you boost your credit score.
Frequently Asked Questions (FAQs)
What credit bureau does Bank of America use?
Bank of America uses TransUnion to provide monthly FICO scores for free to eligible customers with consumer credit cards.
What FICO score does Bank of America use for credit cards?
Bank of America typically requires a good credit score, which is defined by FICO as 670 and above.
How to check your business credit score with Bank of America?
To check your business credit score with Bank of America, log into your Business Advantage 360 online banking account. Bank of America provides free access to Dun & Bradstreet business credit scores for its small business clients. Once logged in, navigate to the business credit score section to view your scores and monitor your business’s financial health.
Summary
Regularly checking your credit score is an essential step in maintaining your financial health and avoiding unexpected surprises. As a Bank of America checking account customer, you have the tools at your fingertips to easily monitor your credit score online or via mobile. Take control of your financial future today by staying informed about your credit score with Bank of America’s services.
