Discover Card is now offering comprehensive credit score tracking to its cardholders. Discover’s Credit ScoreTracker, which has a monthly fee, sends out alerts when a member’s score changes. It also provides resources to help members understand their scores and to reach target scores that they set themselves.
If you’re a regular reader of the CardRatings.com Forum, you’re already aware of how important it is to know your credit score, and to keep an eye on it - as well as on your credit reports - to both protect your identity and to make sure there are no errors cropping up. ScoreTracker gives you 24/7 access to your Experian credit report.
Discover has created some nifty tools for its ScoreTracker. For example, you can look at a graph that shows your credit score over time - as well as in relation to the goals you’ve set for yourself. You can take a short-term view, such as three or six months, or open up the picture of your credit score to one or two years, so you can see the highs and lows over time.
There’s also something called the Credit Score Illustrator, which shows the importance of various factors in determining a credit score, for example, payment history, closing accounts, credit inquiries, and so on. Interestingly, you can also use this tool as a simulator, to see what might happen to your score if, for example, you pay off more of what you owe or open a new account. I can see how this tool might motivate some folks to improve their credit.
Other resources that Discover makes available via its Credit ScoreTracker include an interactive survey and quiz, which were designed to lead to better financial decision-making, along with articles written to help cardholders better understand their credit. Perhaps the best benefit of this product is that if you need help understanding your credit score, you can always call a Member Services Representative toll free!
If you have a Discover card, you can enroll online or you can call Discover at 888-201-1440. If you do enroll, please let us know your thoughts about this new service!