Why Different Credit Scores?

Yes, there are MANY different credit scores out there.  There are credit scores
consumers can pull themselves through credit monitoring, mortgage scores, auto
scores, and many more.

There are actually over 16 different credit & scorecards; that exist today. Each of these
scorecards will reflect different credit scores. These scorecards are designed to help
particular industries better gauge credit risk.

The mortgage industry for example is more concerned with a consumers past mortgage
history than anything else. So they weight home loan history heavier into the total score
calculation than other accounts.

So a consumer’s credit monitoring score might be 660. But then when they apply for a
mortgage, their score might be much lower due to some past negative mortgage
accounts on the report.  Their mortgage score might even be higher than their
consumer score, if they have past positive mortgage accounts.

A credit score that a consumer pulls themselves will not be the same as their mortgage
score.  Their mortgage score won’t be the same as their auto score that car dealers pull
either, because the auto score weighs past auto history heavier into the score makeup
versus consumer scores.

These different credit scorecards are designed to help specific industries better
determine risk.  Due to there being so many industries that offer credit, there are also
just as many credit scores available.

Plus, different scores are offered by different companies creating even more credit
scores. FICO is the biggest provider of consumer credit scores. But now even the credit
bureaus themselves are in the credit scoring game, providing their Vantage score.

A Vantage score has scores as high as 990, while a FICO score can only be as high as
850.  So even though a 700 FICO score reflects good consumer credit, a 700 Vantage
score reflects below average personal credit.

One thing is for sure; credit scores WILL be different based on who pulls the score and
where the score is pulled through.

Still good credit is good credit. And fundamentally any consumer who pays their bills on
time and has a good long-standing credit history, including a lot of different accounts,
will have a good credit score, By adding positive trade lines to your credit report can
dramatically increase your credit score. Check out www.etradelinepro.com