Credit scores simply explained
Let's start with the basics
Credit scores provide a snapshot of your financial health. Most visitors to LendingTree are interested in the credit score needed for a home loan. But your credit score can affect everything from credit card limits to loans to your ability to rent an apartment or buy a home. Higher credit scores indicate that you are more credit worthy whereas lower credit scores suggests you may be a risky borrower.
Credit scores can differ depending on which credit bureau calculates your score. To simplify this confusion, the three main credit bureaus partnered together to create the VantageScore. LendingTree provides you with the most recent version of this credit score: VantageScore 3.0®.
How Your Score Is Calculated
Specific credit related behaviors, such as late payments, show up in your credit file as 'reason codes'. We simply call them “Reasons.” You can receive up to 5 good or bad reasons that explain why your score is what it is. But if your score is low, don't worry. There are opportunities to get a home loan with a low credit score.
Recent Credit Score Articles
Recommended Credit Score Articles