A combined credit is a score that's derived from the combination of your VantageScore® and FICO scores. Although it doesn't reflect your actual credit score, lenders may consider these factors along with your overall score. But, it is not possible to assume that all credit reports will result in a similar score. Each credit bureau uses a different scoring method.
VantageScore
VantageScore's combined credit score is calculated from information from all three credit agencies about your credit and payment history. The combined credit score also takes into account your payment history, credit available, and credit age. While the VantageScore model takes all these factors into account, the FICO credit score only takes into account one of them.
Recent credit activity can affect your VantageScore combined credit score, including the opening of new accounts or credit inquiries. These recent actions are a reflection of your current financial health. Lenders would like to see you only have taken out credit for what you need. Your credit score will improve if your debts are paid on time.
FICO
The FICO combined rating credit score is an important tool to homeowners searching for a loan. It is used to determine whether you can afford the mortgage. The five categories are dependent on your credit history and can vary. A person with a very short credit history might have a higher score than someone with a more extensive credit history. Your credit score changes as new information is sent to credit bureaus.
Lenders also consider the length of your credit history. It gives lenders a better view of your credit history. This can translate into a higher FICO combined rating. It measures your ability and willingness to pay in time. Your credit history depends on many factors.
VantageScore(r)
VantageScore(r), combined credit scoring, uses a formula which combines data from all three major credit bureaus to calculate your overall credit score. Your credit score depends on many factors, including payment history and available credit. Your credit score can be significantly affected by missed or late payments. It is best to have several lines of credit that are long-standing and multiple account types. This will allow lenders to assess your creditworthiness.
Lenders will use your credit score when deciding whether or not they will approve your credit card application or offer you a specific interest rate. Your credit limit is also determined by your credit score. While there is no single formula, many lenders recommend maintaining a high credit score to be eligible for the best APRs. You can get the best cards for competitive rewards and statements credits by having good credit.
Equifax
Equifax provides a summary credit report that includes your credit history. Lenders can use this to determine your eligibility to receive a loan, college or other program. It contains information about your payment history, account terms, and other pertinent information. You should double-check the accuracy of the information in your credit report. If you find any errors in your credit report, contact the creditor or lender for correction. In certain cases, you may also file a free dispute to the credit bureau.
Equifax calculates your credit score using data from all three national credit agencies. Your credit score might differ from your credit card company's. Lenders use FICO scores, however, to determine your creditworthiness.
TransUnion
Your credit score is a critical part of your financial life, and there are several ways to raise it. First, look at your TransUnion credit reports and make sure you aren't asking for any unauthorized information. Contact the credit grantor immediately if you discover any. Keep track of the date, name, company and follow-up as necessary. TransUnion will take down any inquiry that is deemed fraudulent.
A score of 780 to 720 is considered a good credit score. Your TransUnion credit score can vary depending on the type of credit application and lender. Having a good credit score doesn't mean you're approved for a loan or credit card, but it can lead to greater freedom and flexibility.