LogFAQs > #961048324

s0nicfan posted...

There's also the fact that the credit scores you're given online aren't even guaranteed to match the scores that lenders are given. The fact that there are multiple formulas, none of which anybody is given access to, combined with the fact that they don't even have to give you a real calculation, means that nobody really has a good sense of exactly how credit works, which is a problem.

https://www.cnbc.com/2019/05/10/those-credit-scores-you-see-may-not-be-what-lenders-use.html

Yeah exactly. The score itself is just using whatever algorithm the credit agencies wanna use so you can compare with others. I dont take much interest in it. The lenders get access to the raw data and make their decision based on that and dont use the score itself. It might be some lenders care more about your ability to be a consistent at repayments and dont care how much you have stretched yourselves. While others might care more that youve got a load of credit you arent doing anything with. Its no one size fits all when it comes to credit.