Credit scores may seem simple on the surface: your credit score is a number that represents how good your credit is, and the higher the better.
But what type of credit score are you looking at, and how is the score calculated? Why does your score keep changing, and why is the score you see in your banking app not the same as the one your lender sees?
Credit scores can be confusing and complex, so read on to learn how credit scores work, the different types of credit scores and where you can find your credit scores.
How Do Credit Scores Work?
A credit score is a number that summarizes your credit profile and predicts the likelihood you'll repay future debts. Your credit score is generated based on a computer model, and lenders use different scoring models for different purposes.
To learn more about understanding credit scores and the home buying process, visit the SCOOP! Blog
Comments(0)