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Regardless of the reason for the less-than-stellar score, you’ll have a harder time finding a lender willing to service a loan, especially if the low credit score is a result of slow payments. You’ll represent a higher risk of default to a lender and may therefore be required to secure the loan with a down payment or with tangible personal property (otherwise known as “collateral”) before a loan offer will be extended.
There are different methods of calculating credit scores. FICO scores, the most widely used type of credit score, is a credit score developed by FICO, previously known as Fair Isaac Corporation. As of 2018, there are currently 29 different versions of FICO scores in use in the United States. Some of these versions are "industry specific" scores, that is, scores produced for particular market segments, including automotive lending and bankcard (credit card) lending. Industry-specific FICO scores produced for automotive lending are formulated differently than FICO scores produced for bankcard lending. Nearly every consumer will have different FICO scores depending upon which type of FICO score is ordered by a lender; for example, a consumer with several paid-in-full car loans but no reported credit card payment history will generally score better on a FICO automotive-enhanced score than on a FICO bankcard-enhanced score. FICO also produces several "general purpose" scores which are not tailored to any particular industry. Industry-specific FICO scores range from 250 to 900, whereas general purpose scores range from 300 to 850.

You should also consider your level of comfort with sharing your financial account information. The UltraFICO is a positive use of such data, Wu said, but other potential applications could be worrying, such as debt collectors accessing this data. And last year’s Equifax data breach proves that consumers should be concerned with how credit reporting agencies collect, store and use personal data.
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Most mortgage lenders use a specific version of the FICO score that may be different than the ones consumers obtain through other sources. However that’s less a function of the fact that a reseller is involved (which is common in the mortgage industry which needs tri-merge reports) and more due to the version of the FICO score that meets Freddie/Fannie guidelines. We wrote about different credit scores in this article: Why Do I Have So Many Credit Scores?


Your credit score won’t be affected by placing your loans into deferment, forbearance or using a hardship option, as long as you make at least the required monthly payment on time. But interest may still accrue on your loans if you’re not making payments, and the accumulated interest could be added to your loan principal once you resume your full monthly payments.
If you've never had a credit card or loan, you probably won't have a score. And people who haven't used credit in years can become "credit invisible." You are likely to have a VantageScore® before you have a FICO® Score. That's because VantageScore® uses alternative data — such as rent or utility payments, if they're reported to the bureaus — and looks back 24 months for activity. FICO® 8, the scoring model most widely used in lending decisions, looks back only six months and doesn't use alternative data.
You can get one free credit report each year from each of the three nationwide credit bureaus. The website annualcreditreport.com is your portal to your free reports. (Note: when you leave that website and move to the company website to get your free report, the company will probably try to get you to sign up for costly and unnecessary credit monitoring services.)

Your credit report and score play a big role in determining your ability to receive a loan, the interest rate you will pay, your ability to rent a house/apartment, buy a cellphone plan, and possibly even get a job or security clearance. The need is there, but what many of these companies don’t want you to know is that you can get a copy of your credit report for free through AnnualCreditReport.com.


The most popular credit scoring system in the United States is based on the FICO (Fair Isaac Corp.) range. This scoring range starts at 300 as the poorest score and goes up to 850 as the highest range possible, or excellent credit. Specifically, bad credit ranges from 300 to 629, fair credit ranges from 630 to 689, good credit ranges from 690 to 719, and finally, excellent credit which ranges from 720 and to 850. Other popular credit score range formulas exist, such as the VantageScore, which is what TransUnion, our credit score provider uses. It too ranges from 300 to 850. Checking your credit score with Credit Sesame is easy and can be done every month to see how your credit is performing.
Understanding your credit score and how it is calculated helps you take control of your credit and may lead to lower interest rates and more money-saving opportunities. Your credit report is one of the most important documents in your life. Whether you’re taking out a mortgage, a car loan or applying for a credit card, your credit report has a huge influence on the offers that lenders will approve you for.
A: Under federal law, you’re entitled to a free report if a company takes adverse action against you, such as denying your application for credit, insurance, or employment, and you ask for your report within 60 days of receiving notice of the action. The notice will give you the name, address, and phone number of the credit reporting company. You’re also entitled to one free report a year if you’re unemployed and plan to look for a job within 60 days; if you’re on welfare; or if your report is inaccurate because of fraud, including identity theft. Otherwise, a credit reporting company may charge you a reasonable amount for another copy of your report within a 12-month period.
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