There are MANY different credit scores out there.
There are credit scores consumers can pull themselves through credit monitoring, mortgage scores, auto scores, and many more.
There are actually over 16 different credit “scorecards” that exist today with FICO alone. Each of these scorecards will reflect different credit scores.
These scorecards are designed to help particular industries better gauge credit risk.
The mortgage industry for example is more concerned with a consumer’s past mortgage history than anything else so they weight home loan history heavier into the total score calculation than other accounts and so a consumer’s credit monitoring score might be 660.
But then when they apply for a mortgage their score might be much lower due to some past negative mortgage accounts on the report.
Their mortgage score might even be higher than their consumer score if they have past positive mortgage accounts.
A credit score that a consumer pulls themselves will not be the same as their Mortgage Industry Option Score, the scores lenders and brokers use to access mortgage default risk.
Their mortgage score won’t be the same as their auto score that car dealers pull either which is known as the Auto Industry Option Score, because the auto score weighs past auto history heavier into the score makeup versus consumer scores.
These different credit scorecards are designed to help specific industries better determine risk.
Due to there being so many industries that offer credit, there are also just as many credit scores available.
Plus, different scores are offered by different companies creating even more credit scores. FICO is the biggest provider of consumer credit scores. But now even the credit bureaus themselves are in the credit scoring game providing their Vantage score.