Right Credit Score – How do I get it?
Picture this scenario: You’re applying for a home loan. It’s a big life event, so obviously you want to be prepared. So you’ve checked your credit score on one of the many online sites that offer the service, were happy with what you came in at and believe you’ll be able to secure a home loan with a low interest rate. Then you connect with your lender, and, as is customary, they pull your credit score too. It comes in tens of points lower than it did when you checked online. It can be frustrating to be in a situation such as the scenario above, only to discover that what you thought was going to be your credit score is different from what the lender came up with. And in a situation such as a home loan, what the lender discovered obviously trumps what any website came up with. So how do you get the right credit score? Credit scores vary based on the type of loan you’re applying for (i.e. auto, home, etc.), but what the lender comes up with is always the accurate score for whatever type of loan you’re applying for.