For other types of credit, such as personal loans, student loans and retail credit, you'll likely want to know your FICO® Score 8, which is the score most widely used by lenders.
Your credit scores might be different based on which credit reporting agency your lender uses. When you check your credit scores, you may not be seeing the same credit score numbers as your lender.
Which credit bureau is most accurate? One credit bureau isn't more accurate than another, rather, they may simply have different methods of calculating your credit score. It's important to note that all three bureaus are used widely in the U.S. None of them are more “important” than the others.
While Experian is the largest bureau in the U.S., it's not necessarily more accurate than the other credit bureaus. The credit scores that you receive from each of these bureaus could be the same, depending on which scoring model they use.
Your FICO Score is a credit score. But if your FICO score is different from another of your credit scores, it may be that the score you're viewing was calculated using one of the other scoring models that exist.
Your credit reports from Experian, TransUnion and Equifax could have different information because creditors can choose which bureau(s) they want to report to, as well as what they report and when. As a result, the same scoring model could give you different credit scores based on each of your three credit reports.
While the FICO® 8 model is the most widely used scoring model for general lending decisions, banks use the following FICO scores when you apply for a mortgage: FICO® Score 2 (Experian) FICO® Score 5 (Equifax) FICO® Score 4 (TransUnion)
So if Experian has access to different information about your credit than Equifax or TransUnion, your scores from each of the CRAs might also be different. And even if the three major CRAs may have the same information, each CRA has proprietary algorithms that might score you differently.
What's the best credit score to have? It might be exciting to aim for 850, the highest possible FICO score, but it really comes with no additional benefits. According to credit expert John Ulzheimer, a 760 will get you the best mortgage rate and a 720 score is all you need for the best interest rate for an auto loan.
VantageScore is the result of a collaboration between the three nationwide credit bureaus – Equifax, Experian and TransUnion. Both FICO and VantageScore assign higher credit scores to consumers deemed as lower-risk borrowers, and both currently range from 300 to 850.
Though the FICO® Score 9 is an updated version of FICO® Score 8, the FICO® Score 8 is still the most widely used base score by lenders, meaning that, while you may have a better credit score from the FICO® Score 9 model, lenders are more likely to still use the previous version.
Pay your loans on time, every time
Some helpful ways to make sure your payments are on time are to set up automatic payments or electronic reminders. If you've missed payments, get current and stay current. Most credit scores consider repayment history as the number one factor for building a strong credit score.
670 to 739: Good Credit Score
Lenders generally view those with credit scores of 670 and up as acceptable or lower-risk borrowers.
Is CreditWise accurate? CreditWise gives you an accurate representation of your credit health, as it sources your credit information directly from your TransUnion credit report and updates your VantageScore® 3.0 credit score as often as daily.
The FICO® Score Online Banking provides is a FICO® Score 8 based on TransUnion Data. The score is from your TransUnion credit report and calculated on the "as of" date included with your score. Your FICO® Score may differ from scores provided elsewhere, if the other score: Was a different FICO® Score version.
Many dealers use a FICO Auto Score instead of a traditional FICO Score or VantageScore when evaluating your car loan application. Your FICO Auto Score can range from 250 to 900, depending on your previous auto loans.
They may differ by 20 to 25 points, and in some cases even more. When Credit Karma users see their credit score details, they are viewing a VantageScore, not the FICO score that the majority of lenders use. A VantageScore has the same credit score range as FICO, and uses some of the same information as a FICO score.
Using more of your credit card balance than usual — even if you pay on time — can reduce your score until a new, lower balance is reported the following month. Closed accounts and lower credit limits can also result in lower scores even if your payment behavior has not changed.
Credit scores from the three main bureaus (Experian, Equifax, and TransUnion) are considered accurate. The accuracy of the scores depends on the accuracy of the information provided to them by lenders and creditors. You can check your credit report to ensure the information is accurate.
The minimum credit score needed for most mortgages is typically around 620. However, government-backed mortgages like Federal Housing Administration (FHA) loans typically have lower credit requirements than conventional fixed-rate loans and adjustable-rate mortgages (ARMs).
Versions 8 and 9 of FICO scores are similar, but FICO score 9 is generally considered the more forgiving of the two for a few reasons: With FICO 9, third-party collections no longer hurt your credit score once those debts are paid off. FICO 9 treats medical collections differently than other types of debt.
Lenders use it to help determine whether to approve someone for a loan or a mortgage and assess how much interest they might be charged. The FICO Score 8 can range from 300 to 850, with anything over 700 usually considered good credit health.
Basically, "credit score" and "FICO score" are all referring to the same thing. A FICO score is a type of credit scoring model. While different reporting agencies may weigh factors slightly differently, they are all essentially measuring the same thing.