How many credit scores do you have?

Key takeaway: You have dozens of credit scores, but they all are created based on information your credit reports. Most take the same general scoring factors into consideration.

You have dozens of credit scores, each backed by a specific credit scoring model and generated using the information in specific credit reports.

The most common credit scoring models are from FICO and VantageScore. Credit Karma provides free VantageScore® 3.0 credit scores from TransUnion and Equifax, two of the three major credit bureaus. You can use Experian, the other major credit bureau, to view your FICO® Score 8 for free.

Although you have plenty of credit scores, they’re usually influenced by the same information. The differences between them come down to how each credit scoring model weighs certain factors and what credit report it’s pulling from.

Here’s a look at how your credit scores are calculated and why you have so many, as well as what you can do to make sure your scores are in solid shape.

• How are credit scores calculated?
• Why are my credit scores different?
• What factors affect your credit scores?
• What’s next? Deciding which credit score is most important
• FAQs about credit scores

How are credit scores calculated?

Your credit scores are calculated using information from your credit reports, which you can get from the three major credit bureaus: Equifax, Experian and TransUnion.

Companies like FICO and VantageScore generate three-digit scores that indicate your credit risk by running the information in your credit reports through a proprietary mathematical formula.

These credit scores can update frequently, even as often as every day depending on when new information is reported and pulled from your reports.

Lenders will use the information in your credit reports and your credit score to help determine if they’ll approve you for a credit card or loan. But keep in mind that they may also consider other factors such as income, employment history and debt-to-income ratio.

Why are my credit scores different?

You have many different credit scores because there are dozens of credit scoring models. Each provides a slightly different picture of your financial health.

There are a few main reasons your credit scores may differ from each other:

• Credit scores are backed by different credit scoring models. A scoring model generates a credit score by weighing certain credit factors in its calculations. One scoring model may weigh late payments more heavily, while another may ignore medical debt in collections, for example. These differences cause your scores to be different depending on which model is used.
• Not all lenders report to every credit bureau. Because your credit scores are generated using only information in your credit reports, they can differ if those credit reports don’t all have the same information. Your lender isn’t obligated to report to all three credit bureaus, so it may report to only one or two — or none at all. Reach out to your lender if you want to know which bureaus they report to.
• Your lenders may report to each bureau at different times. Even if your lender reports to all three major credit bureaus, it may not report at the same times. For instance, your credit card balances may be different depending on when the information was reported to different bureaus.

What factors affect your credit scores?

Your credit scores are typically influenced by the same credit factors. Here’s a breakdown of the main five factors that go into your FICO and VantageScore credit scores:

1. Payment history: This tracks whether you pay your bills on time and is the most important factor of both your FICO and VantageScore credit scores. That’s why building a positive payment history is a crucial part of your credit.
2. Credit utilization: The amount of credit you use compared to your overall available credit limit is your credit utilization. FICO tracks this as part of its “amounts owed” category. A high credit utilization ratio could indicate to lenders that you’re overextended, which can be harmful for your scores. That’s why experts recommend keeping your credit utilization low — under 30%, if possible.
3. Length of credit history: This refers to the age of your oldest and newest account, as well as the average age of all your accounts. In general, the longer your credit history, the better it is for your scores. VantageScore tracks this as part of its “depth of credit history” category.
4. Credit mix: Having a mix of credit means you have different types of credit accounts, such as a credit card and personal loan. You don’t need to have a credit mix to successfully build credit, but some lenders like to see that you can handle different types of accounts. VantageScore also tracks this as part of its “depth of credit” category.
5. Recent credit: Recent credit, also called “new credit” by FICO, shows the number of accounts you’ve opened or applied for. Opening too many accounts in a short time period could be a red flag to lenders.

What’s next? Deciding which credit score is most important

There is no single credit score that’s the most important — it all depends on why you need the score. If you want to view your scores for routine monitoring, consider focusing on your FICO® Score 8 and your VantageScore® 3.0 because many banks, credit card issuers and third-party services show you one of these for free. 

Credit Karma provides free VantageScore® 3.0 credit scores, as well as free credit reports, from TransUnion and Equifax. You can use Credit Karma to track your score as you build your credit. 

If you want to know your scores because you’re applying for a loan or credit card, try to determine which credit scores your potential lender uses during the credit approval process. FICO has dozens of scoring models in circulation, and VantageScore has six, so there are plenty of models for lenders to choose from. 

For example, a lender may choose your VantageScore® 4.0 credit score for a mortgage, but for an auto loan, your lender may use a version of the FICO® Auto Score. 

If you don’t know which score your lender uses, you can use the FICO® Score 8 and VantageScore® 3.0 scores for general guidance. If those scores are improving, odds are that your other scores are improving, as well.