Why Do I Need to Have All Three Credit Scores?

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All three credit scores?? It can come as a really rude awakening. Most people know that there are three different credit reporting agencies, but many people do not realize that these agencies can have different credit scores.

This means that you can essentially have 3 credit scores, but these three credit scores are not necessarily the same. Is this right? How is this possible?

If you have been asking those questions you are not alone. In fact, this is one of the most common quandaries that people have when it comes to all three credit scores. The truth is that you are purchasing the credit reporting agency's version of your score.



Instead you want to get your actual FICO score for the most accurate credit score. The three credit scores are not going to be accurate to your FICO score. Instead, you can get your actual FICO score from myFICO.com. This is the only way to ensure that you are getting a look at the same credit score that lenders are going to be looking at.

Why would you want to take a look at all three credit scores?

Seeing the range of your 3 credit scores will give you a good idea of how you stand financially. This will give you a general range that your potential lenders will see. So where you do want all three credit scores to land? Your credit score can fall anywhere between 300 and 900 points. The higher your 3 credit scores, the better risk you are in the lender's eyes. This means that they will be willing to lend you more money at a lower interest rate.


How do you keep your credit scores in good shape? The best way to do this is by paying your bills on time. You want to be sure that you do not run late on payments because those late payments can really negatively affect you. Additionally, you will also want to keep your debt to income ration low. Also try not to max out any of your credit cards or lines of credit.

By keeping those balances down you will prove that you are financially able to handle your debt. However, when it comes to credit repair you need to focus on ways to improve your score, not just maintain it.

When is a good time to check all three credit scores?

If you are planning on making a big purchase like a car or a home that require financing you are going to want to take a look at your 3 credit scores to see what you are getting into. Having this knowledge ahead of time is really helpful in seeking appropriate financing.



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