Credit Score

• When you apply for credit – whether for a credit card, a car loan, or a mortgage – lenders want to know what risk they’d take by loaning money to you.
• FICO scores are the credit scores most lenders use to determine your credit risk. You have three FICO scores, one for each of the three credit bureaus – Experian, TransUnion, and Equifax. Each score is based on information the credit bureau keeps on file about you. As this information changes, your credit scores tend to change as well.
• Your 3 FICO scores affect both how much and what loan terms (interest rate, etc.) lenders will offer you at any given time.
• Taking steps to improve your FICO scores can help you qualify for better rates from lenders.

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