Can you have two different credit scores?

Different companies generated the credit scores But in reality, there are many dozens (even as many as hundreds) of credit scores. So, if you get these credit scores, you’ll have two different credit scores because two separate companies are using two different credit-scoring models.

What does your credit score have to be to buy a car?

What Is the Minimum Score Needed to Buy a Car? In general, lenders look for borrowers in the prime range or better, so you will need a score of 661 or higher to qualify for most conventional car loans.

Why do I have different credit scores?

Having different credit scores is normal; here’s why that happens. There are dozens of credit score models and each can give you a different credit score. For example, each of the three credit bureaus uses its own model for calculating your credit score; plus, the bureaus worked together to develop the VantageScore.

What are the different types of credit scores?

Score version: There are dozens of credit score versions that are broken up into base scores and industry-specific scores. Base scores, such as FICO® Score 8 or VantageScore 3.0, show lenders the likelihood you’ll repay any credit obligation.

What is the difference between Fico and other credit scores?

With that said, FICO Scores are used in over 90 percent of U.S. lending decisions, so your FICO Scores may have more sway over your financial life. On the other end of the spectrum, some credit scores are meant only for educational purposes and are rarely, if ever, used by lenders when making credit decisions.

How are scores calculated on credit reports?

Scores are calculated using different credit reports. Some lenders report to all three major credit agencies, but others report to only one or two. This means a credit agency may be missing information that helps or hurts your score. We recommend you periodically check your credit reports for errors, which could affect your scores.

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