M&T Bank Free FICO Credit Score

Credit score:
M&T Bank
Price:
Free

Reviewed by:
Rating:
4
On January 30, 2013
Last modified:January 30, 2013

Summary:

Get free FICO credit score from M&T Bank when opening a qualified checking account. In addition to free score, other free services, such as ATM fee reimbursement, are also available. Credit score can also be subscribed at a low monthly fee.

We all know how important an excellent credit score is these days. From getting a new credit card, applying for a home mortgage, to even landing on a job, your credit score and credit history could well decide whether you will be successful in getting what you want or not. Thus, it’s increasingly becoming critical to maintain a healthy credit. And keeping an eye on your credit score and the trend of the score will help in that regard.

How to Get Credit Scores for Free

There are many ways to obtain credit scores, some paid, some free. For example, if you are using free credit monitoring services from Credit Karma or Credit Sesame, then you can get not only get credit scores (TransUnion score from Credit Karma and Experian score from Credit Sesame) for free, but also real time credit monitoring without charge. Sure, those are FAKO scores not FICO score which is widely used by creditors, but still previous study has shown strong correlation between FAKO credit scores and FICO credit score. This means that even if you can only access FAKO scores, you can still derive FICO score from them to some extent, allowing you to assess your credit worthiness based on your FAKO scores.

If you are willing to pay, then myfico.com is the place to purchase the real FICO score (the three credit reporting agencies also offer their own version of FICO scores). Paying $7.95, you can make a one-time purchase of FICO score and at the price of $14.95, you can buy both the score and a credit report. If you are a first time user of myfico.com, you can even get the FICO score for free (see how to register and cancel the free trial service after getting the score). Speaking of free trails, if you are only interested in getting a score for once, then there are plenty of places where you can get free scores and credit reports during the free trial period of a credit monitoring service, which is typically one week. Read carefully the fine print about the length of the trial period because each service provider has different rules about the free trail and how to cancel it before signing up for the free trail.

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M&T Bank Free FICO Score

The above free trail route may be a little bit of a hassle because you need to sign up then cancel in order to avoid any additional charges associated with the service that you don’t really want. If you don’t want to take that route, but still want to continuously receive FICO score for free or at a lower cost, then another route is to get a bank account from a bank that offers its customers FICO credit scores. One of those banks is M&T Bank. Through one of M&T Bank checking accounts, you can get credit score with a monthly subscription fee of $2.99 or for free, depending on the account you choose.

Currently, M&T Bank offers a total number of seven personal checking accounts, all of them allowing you to get your credit score as an add-on to the checking account. For Basic Banking, @College Checking, M&T Classic Checking with Interest, Free Checking, and MyChoice Checking, Credit Score is one of the five add-ons that will cost you $2.99 a month. The four custom add-ons are:

  • No M&T Fee at Other Banks’ ATMs
  • Refund of Other Banks’ ATM Fee
  • No Fee for Overdraft Protection Transfers
  • Free Standard Checks & Safe Deposit Box
  • Credit Score

If you upgrade the checking account to either MyChoice Plus Checking or MyChoice Premium Checking, then you are able to subscribe two (MyChoice Plus Checking) or four (MyChoice Premium Checking) for free. Of course, the free add-ons come with a higher requirement on maintaining the account, which will also charge a monthly fee if the conditions are not met. For MyChoice Plus, or Premium, Checking, the requirements for monthly fee waiver ($14.95 per month for Plus, $24.95 for Premium) and free add-ons are:

  • Average $2,500 ($7,500 for Premium) or more in account balance throughout the month, or
  • Combined balance of $5,000 ($25,000 for Premium) or more in M&T deposit accounts, loan, or investment accounts, or
  • Have a M&T Bank mortgage of $100,000 ($200,000 for Premium) or more.

In addition to the free add-ons, Plus and Premium Checking Account customers can also earn interests for the money they have in the account, but the interest rate is so low (0.01% APY), it doesn’t make much of a difference.

As you can see, the cost to have a true FICO score every month with M&T Bank is much lower than the price of direct purchase or monthly credit monitoring subscription. I may get one myself if I can find $2,500 to spare :)

Get free FICO credit score from M&T Bank when opening a qualified checking account. In addition to free score, other free services, such as ATM fee reimbursement, are also available. Credit score can also be subscribed at a low monthly fee.

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