Stellar Snippets
There is no one credit score more important than the others. The most "important" one is what a lender pulls.
While FICO® scores are generally the most widely used by lenders, the credit-scoring model used may vary by lender.
The three major credit bureaus, Equifax®, Experian®, and TransUnion®, use scoring models to generate a credit score.
These scores, generated by these three major credit bureaus, may vary according to the credit scoring model used.
All three credit bureaus provide valuable information. It is up to the lender to decide which credit score to use.
Additionally, there are many different scoring models available. They all differ on what parameters they use.
They may also differ depending on the type of loan or card and lenders' criteria when it comes to granting credit.
Some focus on payment history, some on credit utilization, while others focus on credit history and other factors.
Ultimately, having a good credit score is important because it can make achieving your financial goals easier.