What Credit Scores your Lenders use:
This will depend on what kind of Financing you are seeking:
As Fair Isaac notes:
You have more than one FICO Score—depending on what type of credit you’re seeking, your lenders may evaluate your credit risk using different FICO Score versions. Auto lenders, for instance, often use FICO® Auto Scores, an industry-specific FICO Score version that’s been tailored to their needs. Most credit card issuers, on the other hand, use FICO® Bankcard Scores or FICO® Score 8. The most widely used Credit Score used by Lenders is the FICO Score 8:
Fair Isaac goes on to provide the following advice:
- Financing a new car: FICO® Auto Scores, the industry specific scores used in the majority of auto financing-related credit evaluations.
- Getting a new credit card: FICO® Bankcard Scores or FICO® Score 8, the score versions used by many credit card issuers.
- Getting a mortgage: Base FICO® Score versions previous to FICO® Score 8, as these are the scores used in the majority of mortgage-related credit evaluations.
When looking for a mortgage here are the 3 primary version that most Lenders choose as you TRUE CREDIT SCORE:
- Equifax Beacon 5.0
- Experian/Fair Isaac Risk Model V2SM
- TransUnion FICO Risk Score, Classic 04
Those are technical names for FICO Scores 5, 2 and 4, respectively.
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