Credit Scoring Guide
Because each bureau can and does receive information from different banks and creditors, your credit score (also referred to as "FICO score") can differ from credit bureau to credit bureau. While credit scores themselves range from 350 to 850, a FICO score of 700 from Experian is generally considered the equivalent of a 700 FICO score from Equifax or TransUnion. Regardless of which bureau supplies your credit report rating, the higher your FICO score, the better your chances are of securing a loan, with a favorable interest rate and ultimately having a stronger more solid credit history.
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Your Credit Score Is… Your credit score is a numeric assessment of your creditworthiness and is used by lenders when deciding whether or not they'll give you a loan or extend you a line of credit. And that's just the beginning. Your credit score can affect your loan amount or line of credit, the terms of your loan and your interest rate. Think of your credit score as a report card for your credit history.
More about Credit Scoring Guide
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Get your free credit report online and instantly find out your credit score from three credit bureaus at Credit.privacymatters.com
How Your Credit Score Is Determined As we mentioned earlier, each credit reporting bureau uses unique mathematical formulas to weigh specific credit factors. Below are some of the most common factors used in the calculation of your credit score. Credit History — Long, healthy credit histories are generally viewed favorably. Payment History — Records of late payments on your credit report will negatively impact your credit score.
