Discover gives you your FICO 8 score based on the information on your Experian credit report. Those two credit reporting agencies (Transunion and Experian) may have different information about you. For example, a loan may be listed on your Experian report but not your Transunion one.
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.
The FICO® Score Discover provides is based on the information in your TransUnion® credit report at a specific point in your credit history. As the information on your credit file changes, your score may also change. FICO® Scores change by 20 points or less, or don't change, for 88% of people each month.
FICO® and VantageScore® are the two most popular credit scoring models today. FICO and VantageScore credit scores are equally reliable and accurate, based on the specific scoring model that's being used. Tools are available that allow you to check and monitor your credit score for free, with no impact to your credit.
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.
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.
It's normal to see slight differences in your credit score when you review credit reports from different credit bureaus. Your credit score may be different because creditors don't always report to all three major credit bureaus.
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.
For this card, you generally need a good to excellent credit score to qualify. According to FICO, a 'good' credit score is a score between 670 and 739. FICO credit scores range from 300 to 850, with higher scores indicating greater creditworthiness.
Credit bureau used by Discover
Discover primarily uses Equifax and Experian to assess credit applications. However, it may also consider information from Transunion, depending on the specific circumstances of the applicant and Discover's policies.
Of the three main credit bureaus (Equifax, Experian, and TransUnion), no particular bureau is considered better than another. A lender may rely on a report from one bureau or all three bureaus when deciding whether to approve a loan.
Additionally, FICO® Scores are based on credit report data from a particular consumer reporting agency, so differences in your credit reports between credit reporting agencies may create differences in your FICO® Scores.
It's possible that you could see your credit scores drop after fulfilling your payment obligations on a loan or credit card debt. Paying off debt might lower your credit scores if removing the debt affects certain factors like your credit mix, the length of your credit history or your credit utilization ratio.
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.
Which credit bureau does Discover report to? Discover reports to all three major credit bureaus: Experian®, TransUnion®, and Equifax®.
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.
There is no single credit score that's considered the most accurate. The truth is, there are several types of credit scores available to lenders—and many versions of each of those scores. Scores are calculated based on many of the same factors. But thinking of these scores in terms of accuracy can still be misleading.
A FICO® Score of 650 places you within a population of consumers whose credit may be seen as Fair. Your 650 FICO® Score is lower than the average U.S. credit score. Statistically speaking, 28% of consumers with credit scores in the Fair range are likely to become seriously delinquent in the future.
And when it comes to credit, 850 is the highest the FICO® Score☉ scale goes. For more and more U.S. consumers, practice is making perfect. According to recent Experian data, 1.54% of consumers have a "perfect" FICO® Score of 850. That's up from 1.31% two years earlier.
Key points about: when credit scores update
Credit scores are typically updated on a monthly basis. A credit card issuer may submit reports to credit reporting bureaus throughout the month, so credit score may fluctuate weekly or daily.
But not everyone who requests a credit increase from Discover will be able to get one. Discover says that those who are eligible for a credit line increase would likely include: Those with a good debt-to-income ratio. Those with a positive payment history and an account in good standing.
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).
Although there isn't a bank that exclusively uses Experian, some banks that typically use Experian data more commonly include American Express, Bank of America, and Wells Fargo.