How Many FICO Scores Can You Have? Hint It’s Not 3

Hey there. Yusheeka Gray here with DIY Credit, and I want to talk to you about how many different FICO scores you can actually have. Hint, it is not three, okay? It's not one for Experian, one for Equifax, and one for TransUnion. But by the time you're done watching this short video, you'll have a better understanding of how FICO scores work and why you can have so many.

You probably didn't know that there are actually over 50 different versions of the FICO algorithm. And so if there are over 50 different versions of the FICO algorithm, then that means that you can have over 50 different versions of a FICO score. So there usually are typically industry specific and that pretty much just means that your mortgage score can be different from your auto loan score. Your auto loan score can be different from your credit card score, which can be different from your personal loan score and your insurance score, and so on and so forth. And so the reason is that the risk factor is actually way different for each of these different industries, and as a result, the algorithm changes based on the risk factor. The score is calculated differently. That’s why you can have so many different versions of a FICO score. 

I hope that this has been helpful. I hope you learned something new from this video. The more you know, the more you grow, and we just want to make sure that we are doing everything in our power to make sure that our credit scores are in tippy-top shape.

If you have any questions about your credit scores, your credit report or anything, or if you would like to schedule a free victory consultation, click this link. To schedule your own consultation for a time that's most convenient for you, or give us a call at (803) 240-8344 at (803) 784-8100.

Thank you so much for watching, and bye for now.