Home › Forums › Credit Reports & Scores › Why is my FICO® Score lower than my credit score?
- This topic has 1 reply, 1 voice, and was last updated 1 year, 3 months ago by Team StellarFi.
Viewing 2 posts - 1 through 2 (of 2 total)
-
AuthorPosts
-
July 30, 2023 at 9:15 am #9931Geoff MassanekModeratorJuly 30, 2023 at 9:31 am #9979Team StellarFiKeymaster
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:
- 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.
- Industry-specific scores have a range of 250-900, while the base FICO scores are 300-850.
- Some credit scoring models like VantageScore® use information from all three credit bureaus which have their own algorithms.
- 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.
- 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.
-
AuthorPosts
Viewing 2 posts - 1 through 2 (of 2 total)
- You must be logged in to reply to this topic.