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Beacon credit scores are calculated using a proprietary model Equifax doesn't disclose. But since Beacon 5. Here's how FICO credit scores are calculated :. With that in mind, the best ways to improve your Beacon score and FICO score include paying bills on time and maintaining low credit utilization.
You can also help your score by keeping older accounts open, using a mix of credit types, and applying for new credit sparingly. As mentioned, Beacon 5. Beacon 09, which is based on FICO 08, may be used in other types of lending decisions. For example, if you apply for a credit card or a car loan, the lender could check your Beacon 09 score or FICO 08 score.
Again, the higher your scores, the more likely you are to be approved and get the best interest rates. Lenders can determine which credit score model to use for approval decisions.
It's possible that they may use more than one credit scoring option, as is common with mortgage lending. Keep in mind that your credit scores may differ from one credit bureau to another, depending on the information in your credit reports. Checking your own credit scores won't trigger a hard inquiry on your credit report or cost you credit score points. Generally speaking, Beacon scores can be used to measure risk when extending credit or loans. But credit scores can vary in terms of how they analyze risk and which factors they take into account.
Creditors use credit scores, typically ranging from to , to determine whether or not you're an acceptable risk before issuing you credit. The higher your score, the less of a risk you are. Creditors obtain scores from credit bureaus, which compile your credit information for quick and easy analysis. The three most commonly used are Equifax , Trans Union and Experian , each of which uses their own credit scoring models.
Equifax's model produces the Beacon credit score and is based solely on the credit data available in the Equifax system. Although it considers the same information the Fair Isaac Corporation uses to calculate its FICO credit score , the Beacon score doesn't always weigh these factors the same.
In fact, it represents 35 percent of each score. The score is indicative of a person's ability to pay back loans. The score criteria includes late payments, debts, open accounts and the kind of credit a person has, and any recently applied-for credit. A person's FICO score is based upon five different criteria.
These are payment history, amount owed, how long of a credit history, any new credit and the kind of credit used. Criteria are listed from greatest to least impact on your score. TransUnion Credit Bureau uses a similar scoring system called Empirica.
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