Consumer Credit Scores vs. Lender Credit Scores
If you’ve ever pulled your own credit scores, you may have been surprised, whether pleasantly or not, to find out that your score wasn’t the same as what your lender came up with. This is actually a very common scenario, for several reasons, but mainly because the scoring models are different. You see, there are […]
400 Credit Score: Near the Bottom of the Barrel
Hopefully You Don’t Have a 400 Credit Score It’s been a while since I’ve taken a look at a specific credit score, so I thought I’d shake it up and examine something extreme. Today I’ll dissect the abysmal “400 credit score,” which is so low that it’s not even a possibility on most credit score […]
What Is the Beacon Credit Score?
It seems every day there is a new credit score that we should all know about it. But after a while, it all gets pretty overwhelming. Which ones matter most? And why? Should I pay attention to this one or that one? When will each be used? HELP! Okay, that may have been dramatic, but […]
Credit Reporting Agencies to Be Supervised by Feds
The Consumer Financial Protection Bureau (CFPB) announced Monday that credit reporting agencies will be supervised at the federal level for the first time in history. The CFPB estimates that there are roughly 400 consumer credit reporting agencies in existence, but most consumers only know about the big three, including Equifax, Experian, and TransUnion. About 30 […]
Does Applying for a Credit Card Hurt Your Credit?
This is a question I get a lot, and for good reason. This scenario takes place all the time, so individuals are constantly worried about the impact. It’s further compounded by the fact that you need a certain credit score to get approved for a credit card, so it starts to become a catch-22. Anyway, […]
How Cell Phone and Utility Companies Use Credit Scores
While most everyone knows that credit card issuers and banks use credit scores to determine whether or not to lend to us, there are some lesser-known uses for credit scores as well. For example, you may have heard that employers may pull your credit report (with your permission) when you’re going through the hiring process. […]
550 Credit Score: Bad No Matter How You Look At It
550 Credit Scores Are Common It has been over a month since we’ve looked at a particular credit score to determine whether it’s good news, bad news, or not even newsworthy. That said, let’s look at a “550 credit score,” which at first glance doesn’t look too hot. As always, we’ve got to be sure […]
Fica Scores and Fako Scores: Huh?
If you’ve ever done a search for credit scores online, you’ve likely come across a lot of funny terms, such as “Fica score” or “Fako score,” to name just two. This is largely because credit scoring is shrouded in secrecy, thereby bemusing consumers and creating lots of misinformation out there. Unfortunately, this has led to […]
What Is the Equifax Credit Score?
Credit score Q&A: “What is the Equifax credit score?” I’ve mentioned time and time again that there are a great number of credit scoring models out there used by lenders to determine our creditworthiness. And so that explains why you may come across different credit score providers, and why your credit scores probably won’t be […]
660 Credit Score: Definitely Below Average
660 Credit Score Could Be Better It’s that time again, when we take a hard look at a specific credit score to determine where it lies on the ever important credit score scale. After all, simply knowing your credit score isn’t enough these days. You need to know what it means and why to truly […]