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Posted on 31 August 2019 | 7,757 views

49 FICO Credit Score Ratings the Lenders Use

The credit score you get isn’t always the same score a lender looks at when deciding whether to give you a mortgage, credit card or auto loan.

In fact, the lender could be looking at one of 49 different scores issued by credit scoring company FICO in order to determine how risky you are.

While you receive only one type of FICO Score, lenders can choose from a variety of scores based on the kind of loan you’re applying for. So if you want an auto loan, the lender can look up your FICO Auto Score. Apply for a credit card and there’s a specific FICO Bankcard Score lenders can use.

There’s also a FICO Mortgage Score, an Installment Loan FICO Score and a Personal Finance FICO Score that specifically focuses on your history of using financing companies. Then there’s the Generic FICO Score, which is the most widely used score and is calculated based on your history with all forms of credit.

The lender is going to choose the FICO scoring model they think is most appropriate for what the consumer is applying for.

When you request your FICO Score, you receive the generic version. And the score you get may be about 15 or 20 points higher or lower than the score the lender is using to screen you. In most cases that 15 to 20 point difference in the score is not going to do much when it comes to being approved or denied for credit.

Experian provides different FICO Scores to lenders depending on the kind of risk they are trying to assess. Just because a consumer is seeing a different score doesn’t mean that a lender is looking at different information.

Aside from FICO Scores, which are the most commonly used scores, there are a plethora of other credit scores out there. So while 49 FICO Scores seems like a large number, it’s really a drop in the bucket.

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