Why is My FICO® Score Different than Other Scores? (2024)

FAQs

Why is My FICO® Score Different than Other Scores? ›

Because each credit bureau could have different information on file about you, your credit scores will most likely differ for each of the three credit bureaus: Equifax, TransUnion and Experian. Sometimes the difference is just a few points.

FICO^® Scores are the credit scores used by most lenders, but different lenders may use different versions of FICO^® Scores and some lenders (including Regions) may use different versions of FICO^® Scores for different credit products, as discussed more fully here.

For example, lenders can choose to report to one, two or all three agencies. Because of this, the information in your reports can vary, which is partly why your scores can differ too. There are also many scoring models. VantageScore® and FICO® are two of the most popular.

The primary credit scoring models are FICO® and VantageScore®, and both are equally accurate. Although both are accurate, most lenders are looking at your FICO score when you apply for a loan.

"For years, there has been a lot of confusion among consumers over which credit scores matter. While there are many types of credit scores, FICO Scores matter the most because the majority of lenders use these scores to decide whether to approve loan applicants and at what interest rates."

Is "credit score" the same as "FICO^® score"? Basically, "credit score" and "FICO^® score" are all referring to the same thing. A FICO^® score is a type of credit scoring model. While different reporting agencies may weigh factors slightly differently, they are all essentially measuring the same thing.

While most lenders use the FICO Score 8, mortgage lenders use the following scores: Experian: FICO Score 2, or Fair Isaac Risk Model v2. Equifax: FICO Score 5, or Equifax Beacon 5. TransUnion: FICO Score 4, or TransUnion FICO Risk Score 04.

Your FICO^® Score uses the information on your credit reports to calculate your FICO Score, so inaccurate or incorrect information on your credit report can hurt your score. All disputes with Equifax are handled online.

What is the riskiest FICO Score? ›

If your credit score lands between 300 and 579, it is considered poor and lenders may see you as a risk.

Highlights: While older models of credit scores used to go as high as 900, you can no longer achieve a 900 credit score. The highest score you can receive today is 850. Anything above 800 is considered an excellent credit score.

FICO 8 scores range between 300 and 850. A FICO score of at least 700 is considered a good score. There are also industry-specific versions of credit scores that businesses use. For example, the FICO Bankcard Score 8 is the most widely used score when you apply for a new credit card or a credit-limit increase.

When the scores are significantly different across bureaus, it is likely the underlying data in the credit bureaus is different and thus driving that observed score difference.

You'll typically need a credit score of 620 to finance a home purchase. However, some lenders may offer mortgage loans to borrowers with scores as low as 500. Whether you qualify for a specific loan type also depends on personal factors like your debt-to-income ratio (DTI), loan-to-value ratio (LTV) and income.

Your Credit Karma score should be the same or close to your FICO Score, which is what any prospective lender will probably check. The range of your credit score (such as “good” or “very good”) is more important than the precise number, which will vary by source and edge up or down often.

There is no “best” credit bureau—all three bureaus can offer helpful information and tools to help you make financial decisions.

Your Credit Karma score should be the same or close to your FICO Score, which is what any prospective lender will probably check. The range of your credit score (such as “good” or “very good”) is more important than the precise number, which will vary by source and edge up or down often.

Your FICO^® Score uses the information on your credit reports to calculate your FICO Score, so inaccurate or incorrect information on your credit report can hurt your score. All disputes with Equifax are handled online.

Keep balances low on credit cards and other revolving credit: high outstanding debt can negatively affect a credit score. Pay off debt rather than moving it around: the most effective way to improve your credit scores in this area is by paying down your revolving (credit card) debt.