Why Do I Have So Many Different Credit Scores?

Ever wonder why you have so many types of credit scores?

We want to help.

First, we need to understand what a credit score is designed to do. Industries like banking, mortgages, retail, insurance, and more use credit scores as a gauge to understand the risk associated with doing business with you. Over time, credit score providers like FICO have created tailored credit scoring models to meet the needs of each unique industry.

Over the past decade, we’ve seen the introduction of new credit scoring companies. The most popular is the VantageScore which uses alternative credit scoring data to help credit invisible consumers generate a credit score. These companies are popular with credit monitoring sites like Credit Karma which use the VantageScore 3.0 for their monitoring service.

Ultimately, your credit scores are going to vary depending on the company that provides the credit score and the type of debt or transaction that you’re applying for. For example, your mortgage credit scores are going to vary compared to the VantageScore used on your Credit Karma app. What’s most important is to look past your credit score and focus on building a healthy credit profile.

If you’re looking for help to build a healthy credit profile, we are here to help. Schedule a Free Credit Evaluation today and learn more about how you can have a healthy credit score across all credit scoring platforms by resolving credit challenges and establishing positive credit.