Your credit scores can differ for many reasons, including which scoring model is used, which credit report is used and timing of when score updates are made.
Your credit scores can vary depending on the type of credit score, the credit report it scores and when the score is calculated. Its common for someone to have many different credit scores at the same time. This makes sense when you understand what credit scores are and how companies use them. Plus, youll find out why some basic tips for managing your credit can improve all your credit scores at the same time.
Keeping track of your credit score is important. As a consumer, you probably want to know your credit score before applying for a credit card, auto loan, or other kind of credit.
But with all of the sites offering credit scores these days which ones can you trust?
Let’s go through the main types of credit scores. I’ll explain why they can look so different, along with where you can get your scores for free.
Understanding the Different Types of Credit Scores
Not all credit scoring models are created equal Let’s look at an example before diving into the types of scores
Brian Kelly, founder of The Points Guy, was shocked to see his “Poor” score of 656 on Chase Credit Journey On the other hand, his score of 791 from his Barclays account was more in line with expectations and 135 points higher than what Chase showed
So what’s the difference? Barclays uses a FICO score — the score most lenders actually use. Chase Credit Journey uses VantageScore 3.0®, which is distinct from a FICO score.
As you’ll see, some score estimates are more accurate than others.
Moreover, the credit bureau your score comes from will make a difference too. Your scores from the three major bureaus (Experian, Equifax, and TransUnion) won’t always be exactly the same because each bureau may have slightly different information about your credit history.
Key Differences Between FICO and VantageScore
Here are some of the main ways FICO and VantageScore differ:
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Scoring model usage: Roughly 90% of lenders continue to use a version of your FICO score, whereas VantageScore is less widely used.
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Scoring range: FICO scores range from 300-850. VantageScore also ranges from 300-850.
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Methodology: The way scores are calculated differs between the two models in terms of the information used and weights assigned.
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Industry usage: FICO remains the credit industry standard score.
The takeaway is that your FICO score from a lender is typically the one that counts for credit decisions, even if your VantageScore from a free site differs.
Why Your Chase and Experian Scores Might Differ
There are a few reasons your Chase Credit Journey and Experian scores could vary:
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Different scoring models: Chase provides your VantageScore while Experian shows your FICO score. The models differ in how they calculate scores.
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Information discrepancies: The credit bureaus may have slightly different information about your history.
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Timeliness: Scores are based on the most recent data. If your Chase score isn’t updated often, it may not reflect your latest activity.
Overall, industry experts consider your FICO score to be the most important since most lenders rely on it. But monitoring your VantageScore can still give you a general sense of your credit health.
What You Can Do
Here are some tips for making sense of varying credit scores:
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Check your credit reports from each bureau to verify their accuracy.
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Understand the differences between scoring models to better interpret your scores.
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Focus on improving your overall credit health through smart behaviors like paying bills on time.
Your specific credit score is bound to fluctuate anyway. The main thing is working to keep your score as high as possible by managing credit responsibly.
Experian Credit Scores Explained
Experian doesn’t actually have its own proprietary scoring model. Instead, the bureau relies on FICO and VantageScore.
An “Experian score” refers to either the FICO or VantageScore they provide. You can access Experian’s scores for free through CreditWorks Basic. This provides your monthly VantageScore from Experian.
For your FICO score from Experian, you may need to purchase a premium subscription to Experian’s CreditWorks plan.
How Lenders Use FICO vs. VantageScore
The different uses of the scores impact consumers:
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Lender usage: Most lenders and auto lenders rely on FICO, while credit card issuers and some other lenders may use VantageScore.
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Credit decisions: If a lender checks your FICO score and it’s higher than your VantageScore, you may have better approval odds than if they checked VantageScore.
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New credit: Since FICO requires 6 months of history but VantageScore doesn’t, the latter may be better for credit newbies.
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Variations: Differences in methodology mean your scores vary between models. You may qualify with one but not the other.
So while both scores offer valuable insight, it’s wise to know which type of score your lender will use to make the most informed applications.
Monitoring Your Scores
Here are some options for tracking your credit scores:
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Chase Credit Journey: Free VantageScore 3.0 from Experian
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Credit Karma: Free VantageScores from Equifax and TransUnion
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Experian app: Free VantageScore from Experian. Pay for FICO.
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Discover Credit Scorecard: Free FICO score from TransUnion
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MyFICO: Pay for FICO scores from all 3 bureaus
Check each of your scores from time to time since they may vary. Focus on the score your lender will check when applying for new credit.
The Takeaway
VantageScore and FICO scores differ in their models and the information used to calculate your number. This means the scores you see may vary.
While your FICO score carries the most weight for lenders, monitoring your VantageScore can also give you a general idea of your credit standing. Improving your overall credit health is what matters most.
With some basic knowledge about the different credit scores, you can better understand your credit profile and make more informed financial decisions.
What Is a FICO® Score?
FICO creates many data analytics products for companies, including the popular FICO® Scores that are used by 90% of top lenders. There are actually many versions of the FICO® Score because FICO regularly develops new scoring models that incorporate new technology, new data and changing consumer behavior. The various FICO® Scores fall into three groups:
- Base FICO® Scores: The base FICO® Scores include FICO® Score 8, FICO® Score 9 and FICO® Score 10. Theres also a FICO® Score 10 T, which is similar to FICO® Score 10 but considers trends in your credit history, such as whether your credit utilization ratio is increasing or decreasing over time. FICO creates these credit scores to predict late payments on any type of credit obligation.
- Industry-specific FICO® Scores: FICO also creates industry-specific versions of the base scores to better predict risk for credit card issuers and auto loan lenders. For example, the FICO® Score 10 suite includes a base FICO® Score 10, a FICO Auto Score 10 and a FICO Bankcard 10.
- FICO® Scores that use alternative data: FICO offers the UltraFICO and FICO XD scores, which can consider information that isnt found on your credit report. For example, the scoring model might consider your banking history if you agree to link your bank account. These scores can be helpful if creditors are reviewing an application from someone who isnt otherwise scoreable or who might qualify for a better offer based on one of these scores.
The base and alternative data FICO® Scores range from 300 to 850, and the industry-specific scores range from 250 to 900. With all credit scores, higher scores indicate a higher level of creditworthiness (and lower risk to creditors), which could help consumers when they are seeking loans and other forms of credit.
FICO breaks down the score range into smaller ranges that could indicate whether someone has poor or exceptional creditâor something in between. The industry-specific scores have larger ranges for the poor and exceptional credit ranges.
What Is a VantageScore Credit Score?
In 2006, Experian, TransUnion and Equifax created VantageScore, an independently managed company that develops credit scoring models. Since then, VantageScore has released five versions of the VantageScore credit score: VantageScore 1.0 through 4.0, and VantageScore 4plusâ¢.
The VantageScore 4.0, released in 2017, considers trends in a consumers credit history. The VantageScore 4plus was announced in May 2024 and can consider data from connected bank or credit card accounts, if you choose to link those accounts.
The VantageScore 3.0 and newer models use a credit score range of 300 to 850. The VantageScore credit score also suggests groups that indicate whether someone has poor to excellent credit.
Why Is My Chase Credit Score Different From Experian? – CreditGuide360.com
FAQ
Why is my FICO and Chase credit score different?
Is the Chase credit score accurate?
Why is Chase credit score different from Experian?
The score provided by Chase Credit Journey is a Vantage score. The score provided by Experian is a FICO score. Both use the information in your reports to generate a score, but each model uses it’s own proprietary formula to calculate this score. Scoring factors are weighted differently between the two models.
Is Experian the most accurate credit score?
Why is my credit score different based on a different report?
If those reports differ, a credit score based on one report may not be identical to a score based on another. Another reason the scores differ might be because there’s more than one credit scoring model, and there’s no guarantee the one you’re using to check your own credit is the same one your lender relies on.
Why is my Experian credit score different?
If you have an installment loan that reports only to Experian, your Experian credit score may be very different Equifax and TransUnion. Delinquencies reported on a loan reported on one credit report, but not the others, is the most common reason why you’ll see wide credit score discrepancies, like 100 points.
How does my credit score differ?
Your score differs based on the information provided to each bureau, explained more next. Information provided to the credit bureaus: The credit bureaus may not receive all of the same information about your credit accounts. Surprisingly, lenders aren’t required to report to all or any of the three bureaus.
What is your credit score based on?
Your score is based on your credit report. But since there are three credit bureaus, Equifax, Experian, and TransUnion, you actually have three credit reports. As a result, you have three credit scores – one from each of the three bureaus. In most cases, your score from each will be at least a little bit different from the others.
How are credit scores calculated?
Credit bureau: Credit scores are calculated using data listed on your credit report, which comes from one of the three major credit bureaus — Experian, Equifax or TransUnion. Your score differs based on the information provided to each bureau, explained more next.
Do all credit bureaus use the same scoring model?
While each of the three credit bureaus uses the same basic scoring model, there are slight variations. Each may start out using the basic FICO model, but with minor changes. One credit bureau report may reflect an error that doesn’t show up on the other two. If it’s negative information, that credit report will have a lower credit score.