|FREE Credit Report||FREE Credit Score|
|What is it?||Your credit report is a summary of all of your credit history over time.||Your credit score is a formula used by bureaus to determine how creditworthy you are.|
|Where can you get it?||You can get your report with Credit Sesame or with a major credit bureau.||You can get your credit score from Credit Sesame or other places such as myFico.|
|What kind of information does it show?||
|Who uses which?||Your creditor will typically do a hard credit inquiry to see if there is risk to giving you credit.||Your utility or phone company will do a soft credit inquiry before making a decision if you have to make a downpayment or not.|
Credit is simply the ability for a consumer to be able to borrow money in order to purchase a product or service. You can get credit from a grantor (for example, from a bank), to whom you will need to pay back the full amount and possible interest charges that might add up over the period of time. There are four different types of credit starting with revolving credit, charge card, service credit, and installment credit. When you get credit and pay it back on time, your credit rating improves over time and allows you the opportunity to borrow more from grantors. You have several credit scores you can check from the three top credit bureaus to see where you stand in the range. Check your credit often to see where you stand, and monitor your score.
The most popular credit scoring system in the United States is based on the FICO (Fair Isaac Corp.) range. This scoring range starts at 300 as the poorest score and goes up to 850 as the highest score possible, or excellent credit. Specifically, bad credit ranges from 300 to 629, fair credit ranges from 630 to 689, good credit ranges from 690 to 719, and finally, excellent credit ranges from 720 and to 850. Other popular credit score range formulas exist, such as the VantageScore, which is what TransUnion, our credit score provider, uses. It too ranges from 300 to 850. Checking your credit score with Credit Sesame is easy and can be done daily to see how your credit is performing.
Checking your credit score is easy with Credit Sesame and can be done in around 90 seconds. You can also refresh your credit check daily with your Credit Sesame account! Once you open your new account, you will get an instant credit check from TransUnion, using VantageScore 3.0, which has their own way to calculate credit scores. Other credit score models include the FICO score, which uses a different methodology to calculate your credit. You can use our reports to determine the types of accounts you have open, your credit utilization, and many other important metrics that you need to know in order to understand where you stand on the credit range. This will help you determine your financial health.
Checking your score with Credit Sesame is considered a soft credit check, so it has no impact on your credit score. When doing a soft credit check, you are only pulling your credit score to view how you are performing, not because you are applying for a loan or line of credit. You can check your score with Credit Sesame as many times as you’d like with any type of Credit Sesame account, and it will not affect your credit standing. If you plan on applying for a loan, then you telling the lender they can check your credit to see if you can be approved. This is considered a hard inquiry and it can impact your credit score.
A Credit Privacy Number (CPN) is a 9 digit number that is free and legal to get depending on how you use it. You will commonly find high-level business or government officials and members using this number because it allows them to protect personal information for security reasons. You still need to have a social security number, as the CPN number is not a replacement for it. A CPN number is used for business purposes and allows a business to build credit, while not affecting in any way your current or past credit history. You will still rely on your credit score for personal use, and it will determine your ability to get loans and other types of credit.
There are only certain factors that can affect your credit score. Some of those factors are your payment history, credit utilization rate, credit age, account types, and the amount of credit inquiries you have on your account. Just as important, the types of inquiries that occur also have an impact on your score. Soft credit checks, like checking your credit score using Credit Sesame, will not impact your credit because you’re only pulling your score to see where your credit stands. A hard credit inquiry, like applying for a loan or a line of credit, will reduce your credit score. Typically, the reduction in your credit score will be minor and rebounds afterwards.
We use Vantagescore 3.0 to calculate your credit score, which has a range of 300 to 850. When it comes to credit, everyone begins with a blank slate. If you do not have any data on your consumer report, you won’t have a credit score because there is nothing for Bureaus to calculate. The credit bureaus will begin collecting your data at the age of 18 if you begin to borrow credit. This means when you are getting your first credit card or loan, you’ll need to go to a bank or lender that will approve those with no credit history, and you may end up paying high interest rates starting off. Once you start paying off your credit balance, the lender will report your payments to the bureau and over time you will build your score. If you apply for the right credit products, and use them responsibly right from the beginning, your credit score can be higher than 300 to begin with.
Yes! You can check your score daily with your Credit Sesame account. It’s best to check your score occasionally so you can monitor any changes since your credit score can increase or decrease over time. There’s no need to worry about the frequency of checking your score as it will not affect your credit.
Checking your score with Credit Sesame is considered a soft credit check, so it has no impact on your credit score. When doing a soft credit check, you are only pulling your credit score to view how you are performing, not because you are applying for a loan or line of credit. You can check your score everyday with Credit Sesame, without impacting your credit.
1 Direct deposit and earlier availability of funds are subject to payer’s support of the feature and timing of payer’s funding.
2 Cash back offers are powered by Empyr, Inc. and Button, Inc. Cash back requires the activation of any active offer before payment is made. Offers vary by geographic location and are subject to change. Please review the full program terms for more details.
3 See full program terms.
4 International and out-of-network cash withdrawal fees apply. Third-party and cash deposit fees may apply.
5 Sesame Cash is a prepaid debit card issued by Community Federal Savings Bank (CFSB). Building credit with Sesame Cash requires you to also open a virtual secured credit card with CFSB that is reported to the credit bureaus. Use money from your Sesame Cash account to create a virtual secured credit card. Your debit card purchases are then added up to create a balance on your virtual secured credit card. As you make these purchases, an amount equal to the balance on your virtual secured credit card is also set aside in your Sesame Cash account to ensure you can make timely payments to pay off the balance on your virtual secured credit card at the end of each month, allowing you to build a positive payment history. Credit Sesame does not guarantee credit score improvement. Any predicted credit improvement from the use of your virtual secured credit card assumes that you will maintain healthy credit habits, including paying bills on time, keeping credit balances low, avoiding unnecessary inquiries, appropriate financial planning, and more.