Did You Know You Have Many Different FICO Credit Scores?

Did you know there are multiple versions of FICO scoring models currently being used? Did you know you have many different credit scores? One for credit cards, one for mortgages, one for auto loans, etc.

Did you know the credit scoring model currently used most is FICO Model 8? Do you know what your FICO score 8 (not Vantage Score) is with Experian, TransUnion, and Equifax credit bureaus?

Your credit score is not static? It changes constantly. It changes as more information is updated to your file. The credit bureaus do not receive the same reporting data as not all lenders report to all three credit bureaus. Your credit score is a snapshot of your credit data at the moment in time it is viewed.

Your credit score is one of the most important numbers in your personal financial life. When you apply for a personal loan or business loan of any kind, lenders will reference your credit score to get a feel for how big a credit risk you might be. A higher score = less of a risk. Lower risk results in better rates.

Credit bureaus are not our friends. They report good, bad, and ugly information on us. They make money by selling your credit reports to banks, credit unions, credit card companies, vendors, and other lenders. You must monitor your credit reports and credit scores. If you are not doing so today, make it a priority.

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