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Posted by Team CentSai (MONEY FORUMS: 9, Answers: 0)
Asked on September 15, 2015 8:57 am
Hi Sarah, there are actually a number of credit scores. The most widely used are the FICO scores, and there are a number of those with slight differences based upon the model. They have a few different scores designed for auto loans, some for other things, so there is not one score. But the scores tend to be close (not always!). When you apply for credit, the lender requests your score and history from one or more of the three major credit bureaus. You can also get the score from two of the bureaus for a small fee. Many credit cards now provide you with a score each month for free. Credit scores are dynamic, based on the latest information submitted to the credit bureaus. So they can change often, although significant changes take more time. They can fall fast for credit problems, and raise slowly through responsible use of credit. The important thing is to use credit responsibly, pay on time each month and your score will follow along.
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