There are additional credit scores: VantageScore (VS) is a proprietary score developed by reporting agencies TransUnion, Equifax and Experian. Preferring to steer away from the percentages like FICO models use, VantageScore describes payment history as extremely influential and total balances as moderately influential whereas recent debt and credit behavior are considered less influential. Interestingly, a VS score may benefit those with limited credit history. This is due to the fact that their model takes into consideration rent, utilities and phone payments and requires just a month or two of credit history (FICO requires six months).
Websites such as Credit Karma, Credit Sesame and Bankrate allow consumers access to credit related data and scores without having to pay a one time or monthly fee. Each of these sources use varied scoring models. Though these models do not produce the exact scores used by lenders, they can offer an opportunity for consumers to see what range their credit score is in and what factors influence their credit score presently.
Ultimately, consumers who are seeking to build, maintain or rebuild credit should prioritize on time payments, utilize between 1-30% of their available credit and avoid multiple hard inquiries in a short period of time. If you are concerned about your credit score, contact your Skyline Advisor today.