WHY ARE MY THREE CREDIT SCORES DIFFERENT?

#1 - creditors do not report to all 3 bureaus. #2 - the timing of the reporting of information is different by each bureau. #3 - Fair Issac modifies the software periodically and the 3 bureaus do not all implement the new version at the same time.

WHY ARE MY THREE CREDIT SCORES DIFFERENT?

WHEN DID CREDIT SCORING BEGIN

The FICO credit scoring model was created in the 1950's by Bill Fair and Earl Isaac of Stanford University. Scores were used in 1989 by credit card companies, but in 1989 Fannie Mae and Freddie Mac, mortage giants, began using them for approval decisions. Fair Isaac Corp trades on the NYSE and had revenues of over $800 million in 2007.

CREDIT - BOTTOM LINE

While your credit score is extremely important in getting approved for loans and getting the best interest rates available, you don't need to obsess over the scoring guidelines to have the kind of score that lenders want to see. In general, if you manage your credit responsibly, your score will shine.

CREDIT - BOTTOM LINE

5 Five Biggest Factors That Affect Your Credit

Credit Score, Payment History - 35%, Amounts Owed - 30%, Length of Credit history - 15%, type of Credit in Use - 10%. Call Banco Capital today @248-286-5100

WHAT ISN'T IN YOUR CREDIT SCORE

Marital status - age - public assistance - salary - occupation - employment history - rental agreements - participation in a credit counseling program.