Did you know that accessing your FICO score can be as simple as having a Costco Anywhere Visa Card from Citi credit card account?
A few years ago, in 2016, Costco changed from only accepting American Express credit cards (in addition to cash and debit card payments) to having an exclusive deal with Visa. Soon after the change was announced, Costco began advertising a credit card through Citigroup (more commonly known by the name Citi) that they called the Costco Anywhere Visa Card by Citi. There is also a business version of that card that is available for Costco customers who are also business owners.
As soon as I found out about it, I signed up for the business version of the Costco Visa card.
After I got my new credit card, I set up online access. Then, when I logged in and checked out my account online, I noticed that there is a nice little perk that comes with the card: your updated FICO score is available right from your credit card dashboard. Included with that report is information about key factors that affect your credit score in addition to a timeline that shows your FICO credit score history for the past six months.
The credit score and report information provided by Citi to Costco Anywhere Visa Card owners is sourced from Equifax, one of the three major credit reporting bureaus used by lenders and other sources of credit in the United States and internationally.
The FICO information provided in your Costco Citi account also gives some helpful advice about the components of a FICO score and how you can improve your score if you need to.
Why Knowing and Understanding Your FICO Score is Important
It’s well known that your FICO score has a significant impact on your ability to obtain credit with favorable terms. Because of the impact FICO scores have on a person’s financial position, the federal government mandated through the Fair Credit Reporting Act that the three major credit agencies (Equifax, Experian, and TransUnion)must provide a free credit report to consumers once each year. Accessing your free annual credit report can be done through AnnualCreditReport.com as described in the video below, which was created by the Federal Trade Commission (FTC).
While the credit reports made available from the three major credit reporting agencies is useful and really can’t be replaced (the information on those reports is much more detailed and thorough, listing among them pretty much any credit interaction you’ve had as an adult) by this free FICO report, having the updated report provided so easily for free is a good way to stay on top of how potential lenders might view you as a potential credit risk. Maintaining a high score, essentially by being responsible, paying your bills, and not overextended through debt and other financing, will enable you to have more credit available on better terms should you need it.