![]() Your credit scores may vary depending on the consumer reporting agency (CRA) providing the score, the credit report on which the score is based and the scoring model.Ĭredit scores provided by the three nationwide CRAs - Equifax ®, TransUnion ® and Experian ® - may also vary because your lenders may report information differently to each. ![]() In reality, there are many different credit scores and credit scoring models. It’s a common misconception that you have only one credit score. However, higher scores typically suggest that you have demonstrated responsible credit behavior in the past, which may make potential lenders and creditors more confident when evaluating a new request for credit. There’s no “magic number” that guarantees you’ll be approved for a new credit account or receive a particular interest rate from a lender. ![]() What is considered a good credit score?Ĭredit score ranges and what they mean will vary based on the scoring model used to calculate them, but they are generally similar to the following: Your credit scores may also impact the interest rate and other terms on any loan or other credit account for which you qualify. Creditors and lenders consider your credit scores as one factor when deciding whether to approve you for a new account. Higher credit scores generally result in more favorable credit terms.Ī credit score is a three-digit number, typically between 300 and 850, designed to represent your credit risk, or the likelihood you will pay your bills on time.There are many different types of credit scores and scoring models.A credit score is a three-digit number designed to represent the likelihood you will pay your bills on time.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |