Why are my FICO and Equifax scores so different?
Since the information on your credit reports at each bureau can differ, your Equifax credit score and FICO score can differ depending on which credit report is used to calculate the score. The Equifax credit score model uses a numerical range between 280 and 850, and FICO score models use a range between 300 and 850.
Why do different credit bureaus give you different credit scores if they use the same FICO calculation?
If those reports differ, a credit score based on one report may not be identical to a score based on another. Another reason the scores differ might be because there’s more than one credit scoring model, and there’s no guarantee the one you’re using to check your own credit is the same one your lender relies on.
Do car dealers use TransUnion or Equifax?
While Experian and Equifax are the most popular bureaus among auto lenders and car dealers, TransUnion can also be used for auto loan decisions. And the truth is, the credit bureau lenders use when evaluating your auto loan application probably will not influence their decision too much.
Why is my TransUnion score different from my Equifax score?
So, it’s possible that Equifax and TransUnion could have different credit information on your reports, which could lead to your TransUnion score differing from your Equifax score. You may be seeing scores from different dates.
Why is my Equifax credit score lower than the other scores?
Your Equifax score is lower than the other scores because there is a slight difference in what is reported to each credit agency and each one uses a slightly different method to score your system. How Do I Know If My Credit Report Is Correct? Mistakes happen, so always check your credit report from all three credit reporting agencies.
Which credit cards affect your TransUnion score the most?
Since the banks seem to have either Equifax or Transunion equally split, it makes sense to keep track of which credit cards you open if you’re wary of it affecting your Transunion score too much. For example, Rogers Bank (for example their World Elite mastercard), MBNA, Tangerine, and American Express all use Transunion.
What’s the difference between Fico and non-FICO credit scores?
The major difference between FICO and non-FICO scores is that each reporting company uses a slightly different model based on each company’s preferences. FICO requires a credit history that is at least six months old and has activity within the last six months. What’s the Difference Between TransUnion and Equifax?