Credit Cards Blog

Finance Blogs » Credit Cards » Discover: FICO scores for all!

Discover: FICO scores for all!

By Janna Herron ·
Friday, February 7, 2014
Posted: 3 pm ET

Discover is giving all its cardholders free peeks at their FICO credit scores, expanding on a pilot program it launched in November for just Discover "it" cardholders.

The news highlights a new push by banks and FICO to help consumers understand their creditworthiness better. FICO credit scores predict the likelihood that a consumer will default over the next two years.

Discover said Thursday that the FICO credit scores will be available on cardholders' monthly statements and will be based on TransUnion credit reports. Additionally, the card issuer will include two key factors that affected the cardholder's credit score.

Discover joins Barclaycard and First National Bank of Omaha in offering free credit scores to all of its credit cardholders. The programs are made available through FICO's open access program designed to allow lenders to provide scores to consumers. The three issuers are the only U.S. issuers taking advantage of it so far, says FICO spokesman Anthony Sprauve.

The goal of the program is let consumers see the same scores their lenders are using to manage their accounts, Sprauve says.

"Lenders bought 10 billion FICO Scores last year and we are willing to make every single one of them available to consumers for free," he says.

Credit card issuers periodically pull cardholders' credit scores to determine if their current card terms should be adjusted to match the consumer's changing credit risk. Such changes include an increase or decrease in interest rate or a reduction or expansion of a credit limit.

Lenders also use credit scores to help approve or deny credit to a consumer and set terms on new loans.

Do you want access to your credit score for free? Would you actually take the time to check it?

Follow me on Twitter: @JannaHerron.

Bankrate wants to hear from you and encourages comments. We ask that you stay on topic, respect other people's opinions, and avoid profanity, offensive statements, and illegal content. Please keep in mind that we reserve the right to (but are not obligated to) edit or delete your comments. Please avoid posting private or confidential information, and also keep in mind that anything you post may be disclosed, published, transmitted or reused.

By submitting a post, you agree to be bound by Bankrate's terms of use. Please refer to Bankrate's privacy policy for more information regarding Bankrate's privacy practices.
October 28, 2014 at 2:00 am

I too am concerned about the continual check into my FICO from Discover. If they are not willing to answer questions then it may be something Discover customers needs to check out with a lawyer to see if it is affecting the score. I do not know any other way to verify it one way or another if hey refuse to answer.

July 12, 2014 at 1:47 pm

I am concerned that although this is believed to be a good service is it? I to have seen a drop in my credit score, could this be because of the inquiry? In the past and always anytime your credit report is accessed it drops. Now that Discover does it regularly is this causing a ding to my credit score every month? 12-24 points annually is a big ding. Especially if we the consumer choose to apply for other credit and its dinged then also. CONCERNED.

Donald Sudduth
March 10, 2014 at 8:26 pm

My credit score keeps dropping and Why? I have never in my entire life been late on a payment and always pay in full. In 2008 it was 843. In 2012 it was 806, and today it is 787. Just another con. I guess because I pay cash for everything and never ever pay any interest.

March 07, 2014 at 11:21 am

It is very helpful to know my status of my credit score.

richard d hutchison
March 06, 2014 at 6:43 pm

still wating for a answer from previous e-mail R D H

richard d hutchison
March 04, 2014 at 5:27 pm

feel my credit # is low ,explantion.or are there any current occurances .

Carolyn Holmes
March 02, 2014 at 12:50 pm

I don't understand how my score can be so low.I have a small debt that I have kept for over a decade so I could maintain a credit score. I always pay on time and usually more than the min.As usual,the website is completely non-communicative and has none of the advertised attributes of explanation to calculating the score. I think this is just a way to scare customers. Maybe Discover is going to launch a credit theft prevention plan. Very annoyed, formerly satisfied customer.

Kathie D’Orlando
March 02, 2014 at 9:29 am

How can I increase my credit score. I was told to go to website to see what to do on how I can increase my credit score, but I donot see anything how to do that.

Thank you

Kathie D'Orlando

Margae Lockwod
February 25, 2014 at 12:36 pm

On my credit score it shows 32% as what I owe. How is this calculated???????

Kate Henderson
February 25, 2014 at 12:34 pm

I am concerned about the credit score which apeared on my credit card statement. At a loss to understand how someone who owes no money (except current credit card, utilities, etc.) can have such a low credit score. Have been a customer of Discover Card since 1985 and always pay in full each month. Concerned that you may have made a mistake that is detrimental to us or that someone else is using our credit.

Add a comment

(Comments may take 5-10 minutes to appear)