Frequently Asked Questions

• Do lenders all use the same credit score?

  Most lenders use FICO credit scores, although some use a rival credit score called the Vantage score. The type of FICO or Vantage score can vary depending on the type of loan being applied for.  For example, lenders use a specific score variation from one of the major score providers for credit cards vs a mort🦂gage or home equity line 🤪of credit.

  Learn More: FICO Score vs. Credit Score
• What are the most important components of credit?

  The most important components of credit include history of on-time payments, types of credit owned, amounts owed and credit utilization. Another thing that ൲goes into a person’s credit score is the length of credit history, which means the age of the oldest account on file.

  Learn More: What Lenders Look at on Your Credit Report
• Is a credit card different from a line of credit?

  A credit card is a card-based form of payment that has a revolving credit line. It is different from a line of credit that is typically a standalone loan with a set loan amount that can be accessed as needed with a check. Once a check is written against a line of credit principal and interest is paid back in installmen🔥ts.

  Learn More: Revolving Credit vs. Line of Credit𒆙: What's th෴e Difference?
• What behaviors affect credit scores?

  Credit scores can be positively or negatively affected by consumer behavior such as paying balances owed on or bᩚᩚᩚᩚᩚᩚ⁤⁤⁤⁤ᩚ⁤⁤⁤⁤ᩚ⁤⁤⁤⁤ᩚ𒀱ᩚᩚᩚefore the due date, the percentage of utilization of credit lines and the number of credit accounts that are open.

  Learn More: 7 Things You Didn't Know Affect Your Credit Score
• What things get reported to credit bureaus

  Lenders report the opening and maintenance of credit 🌌accounts to credit reporting companie൲s each month that accounts are open. Account balances, payment behavior and account status (such as current, overdue or in default) are also reported.

  Learn More: What Do Creditors Have To Report to Cred🦹it Bureaus?