Why is my FICO® Score lower than my credit score?

Home Forums Credit Reports & Scores Why is my FICO® Score lower than my credit score?

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    Jordan Moore
    Keymaster
    #9979
    Team StellarFi
    Keymaster

    First, your FICO® Score is also a credit score. We all have multiple credit scores because lenders report to different credit bureaus and may use other credit scoring models than FICO. 

    There may be many reasons why you see a lower FICO Score:

    1. FICO is one of the older credit scoring companies. There are newer versions of their scoring models which may or may not be used by lenders and other creditors. 
    2. Industry-specific scores have a range of 250-900, while the base FICO scores are 300-850. 
    3. Some credit scoring models like VantageScore® use information from all three credit bureaus which have their own algorithms. 
    4. The credit score you see as part of some credit monitoring services like Equifax® are only indicative scores. They are not actual scores in that they are not used by lenders to decide your creditworthiness. 
    5. There may be errors in your credit report which could lead to a lower FICO score. Regularly checking your credit reports for errors helps keep your score accurate and updated.
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StellarFinance, Inc. and its affiliates do not provide tax, legal or accounting advice. This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, tax, legal or accounting advice. You should consult your own tax, legal and accounting advisors before engaging in any transaction.

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