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To make matters even more complicated, FICO isn't the only credit-scoring company. VantageScore also creates credit scoring models, and the credit bureaus create their scoring models. Large creditors even make custom scores to evaluate applications and customers. You also won't necessarily know which credit report and credit score a lender plans to use. You might check your VantageScore 3. 0 based on your Equifax report and see your credit score is 690, but a creditor might use a FICO Score 9 based on your Experian credit report to determine if you qualify for a new loan. What Influences Your Credit Scores? For FICO and VantageScore credit scores, your score is based entirely on the information in one of your credit reports from either Experian, Equifax, or TransUnion. Each scoring model may consider different data or weight factors differently, which can lead to other scores. Even when the same model is used, the resulting scores can vary because consumers' credit reports are rarely identical.
Despite all the complexities, credit scoring models use the same underlying credit report data, and similar factors can influence all your scores. From most to least important, credit scoring factors include: Payment history: Whether you've paid bills on time or missed payments, had accounts sent to collections, or filed for bankruptcy. Current balances: Your current revolving (e. g., credit card) balances compared to their credit limits—using a small amount is best—and the remaining balance on your installment loans. Credit age: The average age of all your accounts and the age of your oldest and newest accounts. Credit mix: Whether you have experience with both revolving and installment accounts. Recent activity: If you've recently applied for new credit accounts or credit line increases that led a company to check your credit report with a "hard" credit inquiry. Your credit scores won't be impacted by: Your age, race, sex, marital status, where you live, nationality, religious beliefs, or political affiliation.
(Equifax and TransUnion are the others. ) VantageScore credit scores, created by the three credit bureaus in 2006, are used by 1, 300 lenders, and that brand of score sold to consumers can be the same one that lenders use. But there are three versions of VantageScore, which can produce significantly different scores, concedes Sarah Davies, a VantageScore executive. That's a problem if you buy, say, the new version 3. 0 and your lender is still using 1. 0 or 2. 0. Experian mostly sells consumers a VantageScore and its own invention, a PLUS score, which has fine print that says it's "not the score used by lenders. " Auto- and home-insurance companies use still other credit-based scores, usually designed from in-house models.
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