If Your Credit Reports Show Different Scores, What Should You Do?

Did you recently get your credit scores from the credit bureaus? There’s a possibility these figures were slightly different – and for a valid reason. Each credit bureau has a unique algorithm they use to compute your score. Plus, not all lenders and creditors report to all 3 bureaus. 

The good news is that Equifax, Experian, and TransUnion all follow the same model to calculate your FICO score, which is used by 90% of lenders and creditors to make a decision. If you responsibly manage your debt obligations, your scores should be strong across the board. 

Let’s take a look at what factors are used to determine your credit score. 

The FICO Scoring Model 

Your FICO score ranges from 300 to 850 – the higher, the better. It is derived from 5 core components: 

Payment History

Do you pay your bills on time? Lenders and creditors want to know how you handle debt obligations before they offer you credit cards or loans. It’s essential to pay your bills on time as payment history accounts for 35 percent of your FICO score. The good news is it’s not the end of the world if you miss a credit card or loan payment by a few days – the creditor or lender won’t report the delinquency until the account is 30 or more days past due. 

Amounts Owed 

What percentage of your total credit limit on your credit cards is in use? This is referred to as your credit card utilization. To have the best shot at a higher credit score, you want to keep this percentage at 30 percent or lower. 

Length of Credit History 

How long have you been using credit? An established track record helps you get a solid credit score. So, refrain from closing old credit card accounts even if you don’t use them often. 

New Credit

Each time you apply for credit, a hard credit inquiry is generated and can knock a few points off your score. Too many new accounts in a short span place a bigger dent in your FICO score and arouse suspicion amongst future creditors. 

Credit Mix

You should have a healthy mix of revolving (i.e., credit cards) and installment (i.e., loans) debt. Credit mix makes up 10 percent of your FICO score. 

What to Do If Your Credit Scores are Different 

Unfortunately, there’s no magic wand you can wave to make all your credit scores the same. However, you can take action to ensure this three-digit number is as high as it can be across the board. Take a look at these tips to quickly boost your credit score. 

An Easy Way to Improve Your Credit Score

Maybe your credit scores have taken a major hit due to past financial missteps or hardships? Or maybe you have no credit at all? We’ve got a handy program that can help rebuild that mangled score, save money and put a little cash in your pocket. 

Our Credit Builder Plus membership is designed for individuals who have less than perfect credit or are just starting out. It has a proven track record of success, as most loan recipients boost their score by 60 or more points in the first 60 days. Plus, there’s no credit check or hefty deposit requirement.

Membership also includes credit monitoring and weekly credit reports, Instacash access, plus exclusive rewards. 

Here’s how it works: 

  • Whip out your smartphone or mobile device and download the MoneyLion app.
  • Create your customized profile and link your bank account. 
  • Complete and submit the Credit Builder Plus application.
  • Receive a rapid response and accept your loan offer. 

Wondering if you qualify? You may be eligible for a Credit Builder loan if you have a bank account in your name that’s at least 60 days old and in good standing. The account activity should also reflect a steady stream of income. Don’t worry if you’re without work – benefit checks are acceptable. 

It only takes a few minutes to apply. You can get started here and have access to a portion of the loan proceeds in just minutes. (Don’t worry – the remainder of the funds will still be yours; they’ll just be saved for you in an interest-earning Credit Reserve Account until the loan is paid in full).

Even better, payment activity is reported to the 3 credit bureaus each month to help build your credit rating. 

See if you qualify for a Credit Builder Loan.

Build your credit and save

Join Credit Builder Plus to get a loan up to $1,000, credit monitoring, exclusive rewards, access to 0% APR cash advances, and more. Over half of members raise their credit over 60 points within 60 days!