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What Does Your Credit Score Mean?

What Does Your Credit Score Mean?

Knowing your credit score is important, but knowing your score is only the first step. You might not understand what that number means, but it is very important to understand why you have been given that number so you can either maintain or raise it.

You have more than one credit score

There are different credit scores that correlate to different products. Auto insurance has its own scoring method as compared to insurance credit scores, and there are different models including FICO and VantageScore.

Different credit bureaus actually provide different credit reports. That means that the data they use to compile your reports are going to be different depending on which bureau you obtain it from. This means that you will have more than one credit score and they might all be different, but it is important to know your average score and what it means.

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