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Credit Score
- When you apply for credit – whether for a credit card, a car loan,
or a mortgage – lenders want to know what risk they’d take by
loaning money to you.
- FICO scores are the credit scores most lenders use to determine your
credit risk. You have three FICO scores, one for each of the three
credit bureaus – Experian, TransUnion, and Equifax. Each score is
based on information the credit bureau keeps on file about you. As this
information changes, your credit scores tend to change as well.
- Your 3 FICO scores affect both how much and what loan terms (interest
rate, etc.) lenders will offer you at any given time.
- Taking steps to improve your FICO scores can help you qualify for
better rates from lenders.
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