Score Goals is free and available to all U.S. consumers – even those without an Amex card.
The new tool allows users to set credit goals and provides recommendations on how to achieve them.
A credit score is one of the most important numbers in an individual’s financial life. With the abundance of credit monitoring products on the market from credit bureaus, credit card issuers and third-party companies, it’s easy to find one for every kind of consumer.
Knowing your credit score is essential, but the next step is knowing how to improve it – and there are tools for that as well.
See related: Credit cards that offer free credit scores
How Score Goals works
Like MyCredit Guide, Score Goals is available for free to both American Express cardholders and users who don’t currently have an Amex card. Amex cardmembers can enroll or sign in through their online account, and those without an Amex can create an account on the Amex website.
Through MyCredit Guide, users can get access to their VantageScore 3.0 from TransUnion, as well as a TransUnion credit report.
Score Goals then lets users set their credit score goal and a time frame to reach it – six, 12, 18 or 24 months. The tool tracks your progress and provides recommendations in the following categories:
- Payment activity
- Percentage of credit used
- Debt and balances
- New or recent activity
Should you sign up for Score Goals?
Staying on top of your credit is crucial to your financial health, and Score Goals can be a helpful tool that will keep you informed and motivated to improve your credit. It’s free and it won’t hurt your credit with a hard inquiry. The interface is simple and user-friendly, making score tracking an easy task.
The recommendations aren’t personalized – rather, the tool offers general credit advice provided by many similar services. However, it’s possible more specific advice will come as consumers continue to use the tool. According to Amex, the recommendations are provided “based on what others with a similar credit profile … and score range have done over the course of a given timeframe.”
It’s also important to note that American Express only offers VantageScore 3.0 by TransUnion, which might be different from the score your potential lender will pull. For instance, many lenders use FICO scores, and the difference between, say, your VantageScore from TransUnion and your FICO score from Experian can be significant.
See related: My credit score is 776 – and 815 – and 828?!
The new Score Goals feature in MyCredit Guide by American Express offers a convenient way to monitor your credit score and set goals, whether you’re an Amex cardholder or not. It can be an excellent tool to help you make informed financial decisions, especially when combined with services that provide credit scores based on other credit models and bureaus.