Which credit score is most accurate?

If you’re trying to figure out which credit score is most accurate, then you already know there are multiple scores out there. But one score isn’t necessarily more accurate than another. 

Instead, you might think of it like the most important credit score is the one that’s being used to judge a credit, job or housing application. 

What you’ll learn:

• Credit scores depend on the information used to calculate them. Rather than comparing scores for accuracy, it might help to compare scores at different points in time.

• Credit scores vary depending on information from credit bureaus, credit-scoring models and when the score is calculated.

• Lenders and other decision-makers decide for themselves how to judge applications and what type of credit score to consult.

• Checking your own credit won’t hurt your credit scores.

The Consumer Financial Protection Bureau (CFPB) explains that it’s normal to have slightly different credit scores. That’s because scores can vary based on factors like the credit report data, the credit-scoring model and even the timing of the calculation.

Here’s a little more about what each score can depend on.

• Which credit bureau supplied the data: Each of the three major credit bureaus—Equifax®, Experian® and TransUnion®—keeps records of credit history. But not every lender reports information to each bureau. 

• When the score was calculated: Credit-scoring factors change over time. This means scores vary as they change, depending on the day they were calculated. For example, as you use your card, your credit utilization goes up. When you pay your statements, it goes down. 

• Which scoring model was used: Different credit reporting companies use different scoring models. And the factors affecting your credit scores can carry different weights.

As long as there are no errors, one credit bureau’s credit report isn’t more accurate than another. Lenders may report to all three major credit bureaus. Or they may only report to one or two. This means you could find slightly different information on each of your credit reports. Lenders may also report to credit bureaus at different times of the month, which can also affect calculations.

FICO® and VantageScore® are two popular credit-scoring companies. They use similar factors to calculate credit scores but weigh them differently.

There are multiple FICO credit scores, including the FICO Score 8, FICO Score 9 and FICO Score 10. FICO says its scores are used by 90% of top lenders when making credit decisions. And Experian says the FICO Score 8 is the most commonly used FICO score. There are also industry-specific FICO scores. For example, a lender may use one version of your FICO score when you apply for a credit card and another when you apply for an auto loan or mortgage. 

In general, FICO calculates scores based on five categories: 

• 35% payment history

• 30% amount owed

• 15% length of credit history

• 10% credit mix 

• 10% new credit

VantageScore uses several different models to calculate credit scores. Lenders don’t yet use the latest model, VantageScore 5.0, according to Experian. But VantageScore 4.0 is still commonly used and is weighted using these factors:  

• 41% payment history

• 20% age and mix of credit

• 20% credit utilization ratio

• 11% new credit

• 6% credit balance 

• 2% available credit

The most important credit score depends on the kind of credit you’re applying for. For example, if you’re applying for a mortgage, the lender may use an industry-specific version of your credit score. The same goes for applying for an auto loan or a credit card.

When it comes to monitoring your credit, one credit score isn’t necessarily more important than another. But according to Experian, FICO Score 8 is the most widely used FICO credit score.

CreditWise from Capital One helps make credit monitoring easy. CreditWise lets you keep up with changes to your FICO Score 8 and TransUnion credit report. The CreditWise Credit Score Simulator can even calculate how actions like paying down your balance or increasing your credit limit could affect your score. And CreditWise is free, even if you’re not a Capital One cardholder.

Monitoring your credit could help you avoid surprises next time you apply for a loan or credit card. And according to the CFPB, checking your own credit won’t hurt your credit scores.

You can also get free copies of your credit report from each of the three major credit bureaus by visiting AnnualCreditReport.com.

Here are the answers to some frequently asked questions about the most accurate credit score.

Scores can vary, and lenders may use different versions of your credit score to make decisions. By focusing on your financial health and using credit responsibly, you can work to put yourself in a good position no matter which score a lender uses.

And if you’re new to credit or searching for your next credit card, Capital One can help: 

• See if you’re pre-approved for credit cards without harming your credit scores. 

• If you’re looking to build your credit with responsible use, explore cards for people with fair credit. 

• Earn rewards on every purchase, every day, with a cash back rewards card.