Did you know that you have 65 credit scores?
Most consumers know of their 3 credit scores from the 3 major bureaus, but in actuality, and with the rollout of FICO 09, consumers now have approximately 65 different credit scores.
It is very important to understand how credit works when applying for various forms of credit. Many borrowers will pull their credit scores from a free credit reporting website, or a receive a score when buying a car, but their score when applying for a mortgage could be 100 points lower. Various industries prioritize information differently based on how they judge the importance of credit history, which can cause a variance in scores from the various scoring models.
Why is this relevant? Because it adds to the importance of speaking to a lender and being pre-qualified prior to shopping for a home. Assuming qualification is never a good idea, especially in our current mortgage era where qualifying for a mortgage is arguably as difficult as ever. So having an understanding of your credit is VERY important, and hopefully this article adds to your knowledge: How Many FICO Scores Does A Person Have
Most consumers know of their 3 credit scores from the 3 major bureaus, but in actuality, and with the rollout of FICO 09, consumers now have approximately 65 different credit scores.
It is very important to understand how credit works when applying for various forms of credit. Many borrowers will pull their credit scores from a free credit reporting website, or a receive a score when buying a car, but their score when applying for a mortgage could be 100 points lower. Various industries prioritize information differently based on how they judge the importance of credit history, which can cause a variance in scores from the various scoring models.
Why is this relevant? Because it adds to the importance of speaking to a lender and being pre-qualified prior to shopping for a home. Assuming qualification is never a good idea, especially in our current mortgage era where qualifying for a mortgage is arguably as difficult as ever. So having an understanding of your credit is VERY important, and hopefully this article adds to your knowledge: How many FICO scores does a person have
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