Which credit scores should I get to see my scores just the way a bank would see them?

Q:  Which credit scores should I get to see my scores just the way a bank would see them?  Last time I got my credit scores, they showed scores in the 900s, and I don't believe that was the same view as a bank view.

A: FICO credit scores are the most popular with lenders, but there is no guarantee your bank will use them.   Banks often have deals worked out with particular credit score providers.  Sometimes they use the least expensive scores (lenders often get a steep discount)  and sometimes there are other factors driving their decision.  The easiest way to find out which scores your bank uses is to ask them.  With that said, it's possible that your bank uses a scoring system that isn't available to consumers.

Although credit scores are important, it's important to note that the basis for any credit score is your credit report.  Put your best foot forward by carefully reviewing all 3 of your credit reports to ensure they are accurate before applying for a loan.  That way whatever scoring system your lender uses will be based on your correct and up-to-date credit reports.

Because last time you saw your scores they were in the 900s, I'm guessing that you had Vantage credit scores.   If this is the case, those are good scores, as Vantage has indicated only 15% of the public falls into that bucket. Good scores usually result in lower interest rates and better terms.  However, there are other factors that creditors look at besides your credit score, including your employment history and income.  Different banks have different underwriting policies, so it makes good sense to apply for a loan at several different banks.  If you're comfortable with it, you may want to look at online lenders as oftentimes they have lower rates.

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