Is there one best credit bureau to get score from before applying for a new line of credit?
I am looking to get a personal loan, but I want to make sure I am in a good place financially before I do so. That way I can get the most competitive rates. Is there one best credit bureau to get score from before applying for a new line of credit? Does it make a difference or do I not have any control over what score my lender will pull?
It is true that not all credit bureaus are the same and therefore your credit score from each bureau will not be the same. This is due to the different methods each bureau utilizes when deciding how to judge your credit report data to generate your consumer creditworthiness.
It is hard to say that one credit bureau is better than another as more often than not, lenders will pull your credit reports and scores from more than one bureau when you apply for a new line of credit. Unfortunately, you as a consumer do not get to choose which score you want the lender to pull. Fortunately, there is such thing as a free 3 bureau credit report and score that you can buy. This way, you can check all three scores to see a more broad view of what your credit actually looks like to lenders. Or, if you are so inclined, you can ask lenders which bureaus they work with and go from there. This can be beneficial because inevitably one of your credit scores will be higher than the others.
While the difference in scores is usually just a few points, that could make or break your credit options if you are in between a “poor” and “fair” score. The range of credit scores is, for the most part, 300-850 and there are different categories within this range:
- Excellent: 750+
- Good: 700-749
- Fair: 650-699
- Poor: 550-649
- Bad: -550
For the best credit options you must be in the “excellent” range, but anything in the “good” range will still get you approved for most lines of credit, as will a score in the “fair” range, but you will have to pay more for it.
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