When you apply for credit – whether for a credit card, a car loan, or a mortgage – lenders want to know what risk they’d take by loaning money to you.
FICO® scores are the credit scores most lenders use to determine your credit risk. You have three FICO® scores, one for each of the three credit bureaus - Experian, TransUnion, and Equifax. Each score is based on information the credit bureau keeps on file about you. As this information changes, your credit scores tend to change as well.
Your 3 FICO® scores affect both how much and what loan terms (interest rate, etc.) lenders will offer you at any given time.
Taking steps to get your FICO® scores in the higher ranges can help you qualify for better rates from lenders.
If you've checked your score within the last four months and have an idea of what your FICO score looks like but would like to be certain that your score is about the same use this FICO SCORE ESTIMATOR for free. This tool is very accurate. Just remember this is not a substitute for a real a credit check.
