Want to get a handle on your financial health? Understanding your credit score is a huge part of that, and if you're a Wells Fargo customer, you have some convenient ways to access this valuable information. Let's dive in and see how you can check your Wells Fargo credit score and what it all means!
Why Your Credit Score Matters
Before we jump into the "how-to," let's quickly touch on why your credit score is so important. Your credit score is a three-digit number that lenders use to assess your creditworthiness. A higher score generally means you're seen as a less risky borrower, which can lead to:
- Lower interest rates on loans (like mortgages and car loans) and credit cards.
- Easier approval for new credit lines.
- Better terms on financial products.
- Sometimes even impacts things like apartment rentals and insurance rates.
So, knowing your score and how to improve it is a definite win!
Step 1: Are You Eligible for Wells Fargo's Free Credit Score Service?
The first thing to do is to see if you qualify for Wells Fargo's complimentary credit score service. Wells Fargo offers free access to your FICO® Score through their Credit Close-Up℠ program.
What is Credit Close-Up℠?
Credit Close-Up℠ provides eligible Wells Fargo Online® customers with:
- Your monthly FICO® Score 9 from Experian®.
- Credit monitoring alerts if Experian® detects an event that may impact your score.
- Access to your full Experian® credit report for an in-depth look.
- Personalized score explanations and tips to help you maintain or improve your score.
Eligibility Requirements:
To be eligible for Credit Close-Up℠, you generally need to be a Wells Fargo account holder of an eligible consumer account with a FICO® Score available, and enrolled in Wells Fargo Online. Eligible accounts often include deposit, loan, and credit accounts.
Are you a Wells Fargo customer with an eligible account and enrolled in online banking? If so, you're likely good to go for the easiest method!
Step 2: Accessing Your Wells Fargo Credit Score Online
Once you've confirmed your eligibility, checking your score is straightforward. The most common and convenient way is through your Wells Fargo Online account or the Wells Fargo Mobile® app.
Sub-heading: Through Wells Fargo Online (Desktop)
- Log In: Go to the official Wells Fargo website (wellsfargo.com) and log in to your Wells Fargo Online account using your username and password.
- Navigate to Credit Close-Up℠: Look for a section related to "Credit," "Financial Tools," or "Credit Close-Up℠." You might find a link that says "View my Score" or something similar on your account summary page or under a dedicated credit management section.
- Enroll/View: If it's your first time, you may need to enroll in Credit Close-Up℠. Follow the on-screen prompts. Once enrolled, your FICO® Score should be displayed, along with additional details and insights.
Sub-heading: Through the Wells Fargo Mobile® App
- Open the App: Launch the Wells Fargo Mobile® app on your smartphone or tablet.
- Sign In: Sign in using your username and password, or use Fingerprint Sign On/Biometric Sign On if you have it enabled.
- Find Your Score: Look for a link or section that says "FICO® Credit Score," "Credit Close-Up℠," or similar. It's often found within your account details or a dedicated "Security Center" or "Financial Tools" section.
- Access Details: Tap on it to view your current FICO® Score and other related credit information. The app often provides an interactive graph of your score history and personalized tips.
Remember, the score provided here is for educational purposes. While it's the FICO® Score that Wells Fargo uses for managing consumer accounts, it might not be the exact score used for every credit decision.
Step 3: Understanding Your FICO® Score Details
Once you see your score, take a moment to understand what it means and what factors influence it. Wells Fargo's Credit Close-Up℠ provides helpful insights.
Sub-heading: What the Numbers Mean (FICO® Score Range)
FICO® Scores typically range from 300 to 850. Here's a general breakdown:
- Exceptional: 800-850
- Very Good: 740-799
- Good: 670-739
- Fair: 580-669
- Poor: 300-579
A higher score is always better!
Sub-heading: Key Factors Influencing Your Score
Wells Fargo will often highlight the specific factors impacting your score. These generally include:
- Payment History (approx. 35%): Making on-time payments is the most crucial factor.
- Amounts Owed (approx. 30%): This is your credit utilization – how much credit you're using compared to your available credit limit. Keeping this low (ideally below 30%) is beneficial.
- Length of Credit History (approx. 15%): The longer your accounts have been open and in good standing, the better.
- New Credit (approx. 10%): Opening many new accounts in a short period can be seen as risky.
- Credit Mix (approx. 10%): Having a healthy mix of different credit types (e.g., credit cards, installment loans) can be positive.
Step 4: Beyond Wells Fargo – Other Ways to Check Your Credit
While Wells Fargo provides a convenient FICO® Score, it's also a good practice to check your full credit reports from all three major credit bureaus periodically.
Sub-heading: AnnualCreditReport.com (Free Reports)
You are entitled to one free credit report from each of the three major credit reporting agencies (Experian, Equifax, and TransUnion) every 12 months.
- Visit: Go to annualcreditreport.com. This is the only official, government-authorized website for free credit reports.
- Request Reports: Follow the prompts to request your reports from each bureau.
- Review Carefully: Scrutinize each report for any errors or inaccuracies. Disputing errors is crucial, as they can negatively impact your score.
Sub-heading: Other Credit Monitoring Services
Many other financial institutions and third-party services offer free credit score monitoring (often VantageScore, which differs from FICO) and credit report access. While not directly from Wells Fargo, these can provide additional perspectives.
Step 5: Taking Action to Improve Your Score (If Needed)
Once you know your score and what's affecting it, you can take steps to improve it. Wells Fargo's Credit Close-Up℠ often provides personalized tips, but here are some general best practices:
- Pay Your Bills On Time, Every Time: This cannot be stressed enough! Set up reminders or automatic payments.
- Keep Credit Utilization Low: Try to keep your credit card balances well below 30% of your credit limit.
- Don't Close Old Accounts: The length of your credit history helps your score.
- Limit New Credit Applications: Only apply for credit when you truly need it.
- Review Your Credit Reports Regularly: Catch and dispute any errors promptly.
Frequently Asked Questions (FAQs)
How to check my Wells Fargo credit score if I don't have online banking?
You would typically need to enroll in Wells Fargo Online to access the Credit Close-Up℠ service. If you're unable to enroll, you can still check your FICO® Score through other services or get your free credit reports from annualcreditreport.com.
How to find my FICO Score on the Wells Fargo app?
Open the Wells Fargo Mobile® app, sign in, and look for a section or link usually labeled "FICO® Credit Score" or "Credit Close-Up℠" within your account details or a dedicated credit management section.
How to improve my Wells Fargo credit score?
Focus on paying bills on time, keeping credit card balances low (below 30% utilization), maintaining a long credit history, and avoiding too many new credit applications. Regularly reviewing your credit report for errors also helps.
How to dispute an error on my Wells Fargo credit report?
If you find an error on your credit report (which you can access via Credit Close-Up℠ or annualcreditreport.com), you should contact the credit bureau (Experian, Equifax, or TransUnion) that issued the report and the creditor (e.g., Wells Fargo) that furnished the incorrect information.
How to understand the difference between FICO Score and VantageScore?
FICO Score and VantageScore are two different credit scoring models. Wells Fargo typically provides your FICO® Score. While both are used by lenders, they use slightly different algorithms and may produce different scores.
How to get my credit report for free from all three bureaus?
You can get one free credit report from each of the three major credit bureaus (Experian, Equifax, and TransUnion) annually by visiting annualcreditreport.com.
How to see my credit score history with Wells Fargo?
Wells Fargo's Credit Close-Up℠ service often provides an interactive graph of your recent FICO® Score history, allowing you to track changes over time.
How to know if checking my credit score will hurt it?
Checking your own credit score through services like Wells Fargo's Credit Close-Up℠ or other free credit monitoring services results in a "soft inquiry," which does not impact your credit score. "Hard inquiries" (when you apply for new credit) can slightly lower your score.
How to set up credit monitoring alerts with Wells Fargo?
Credit Close-Up℠ automatically includes credit monitoring alerts if Experian® detects events that may impact your score. These alerts are typically sent via email or within your Wells Fargo Online account.
How to learn more about credit education from Wells Fargo?
Wells Fargo offers a wealth of financial education resources on their website, including sections on "Credit Management," "Smarter Credit™ Center," and "Financial Education." These resources provide tips and guidance on building, improving, and managing your credit.
