Why Do I Have Different Credit Scores?

5 Min Read | Last updated: December 15, 2023

A man wearing glasses is seated at a desk, focused on his laptop, contemplating the reasons for varying credit scores.

This article contains general information and is not intended to provide information that is specific to American Express products and services. Similar products and services offered by different companies will have different features and you should always read about product details before acquiring any financial product.

Your credit score can vary depending on several factors. Find out why your credit scores may be different, depending on the credit scoring model used.

At-A-Glance

  • Your credit score can differ for various reasons, including when and where you review it.
  • Though small variations are normal, significant score discrepancies might indicate an error or a case of identity theft.
  • It’s important to check your credit report regularly and correct any errors you find immediately to avoid a drop in your credit score.

If you’ve ever tried to finance a new car, rent an apartment, or just wanted a snapshot of your credit score, you might have noticed different scores depending on where you looked – even if it was on the same day. The three-digit number you see on your computer screen may vary depending on what credit scoring model is being used and when you check your score. In this article, we’ll take a closer look at why you might have different credit scores and the difference between scoring models.

How are Credit Scores Calculated?

Credit scores are calculated based on several factors, such as

 

  • Length of credit history
  • Payment history
  • Amount owed (Which includes your credit utilization rate)
  • New credit
  • Credit mix 

 

These factors can vary depending on the credit score model the credit bureau uses. For example, a score from Equifax® may have different factors included than a score from TransUnion®. This difference in scoring models can result in a variance in credit scores.

4 Reasons You Have Different Credit Scores

1. Your Credit Score Depends on the Scoring Model Used

FICO® Score and VantageScore® are two of the most commonly used credit scoring models, both of which give you scores ranging from 300 to 850. Most individuals can access either through their bank or credit card account. 

 

FICO Score

FICO (A scoring model created by the Fair Isaac Corporation) is one of the oldest credit scoring models used by 90% of the top lenders in the U.S. to assess creditworthiness.1 The FICO scoring model is credit bureau-specific, so different credit bureaus may have slightly different information about an individual, leading to a different score. 

 

Vantage Score

The VantageScore model was developed by the three major credit bureaus and uses machine learning to create a more accurate picture of an applicant’s creditworthiness. The VantageScore model can be used with a credit report from all three credit bureaus. 

 

The newest versions, FICO Score 10 and VantageScore 4.0, use additional data to improve report reliability and predict lender behavior better. VantageScore 4.0, for example, incorporates rent and utility payments – information that was traditionally left out of past credit scoring models.2  There are also industry-specific credit scoring models, such as the FICO Auto Score for auto loans. Lenders may choose to use different models for different reasons. Depending on which scoring model is being used, some fluctuation in your score should be expected. 

 

FICO and VantageScore routinely update their models – and not every credit reporting bureau or lending industry uses the most recently updated model. Different bureaus and scoring models are used to paint the specific picture of the credit your lender is looking for.

2. Your Credit Score May Differ Based on the Type of Credit You Apply for

Before taking out a loan or getting approval for a credit card, most lenders will get your credit report and score from Experian, Equifax, and/or TransUnion. Even if each credit bureau has the same information, lenders may use a different credit scoring model or a different version depending on the type of credit being applied for.

 

For example, if you were applying for a mortgage, the lender may check your score with a FICO Score 2 or 5. But if you’re getting an auto loan, the lender might use FICO Auto Score Version 9. This is because each scoring model is based on industry-specific risk behaviors so that lenders can make more informed decisions on approvals.3 There may be some factors, like on-time payments, that matter more to an auto lender than others, like utilizing a low percentage of their credit limit. With different models used, each would likely result in slightly different scores.

3. When You Check Your Credit Score Makes a Difference

Some variances may occur depending on when your credit score was generated. For example, if you recently made a large purchase but haven’t paid it off yet, your score could reflect a higher credit utilization ratio than usual, resulting in a drop of a few points in your score. Once that bill is paid and your credit report is updated, your score may increase.

 

With good credit habits, your credit score should usually fluctuate by no more than a few points. If you see a large swing among your different credit scores or major changes happening over a short period of time, it’s a good idea to check your reports for any errors.

4. Errors on Your Credit Report Can Change Your Score

If you notice radically different credit scores, it’s a good idea to check your credit reports for any errors. Even a small mistake can impact your credit score. If one of your credit scores is a true outlier – not just off by a few points – check for some common errors that could be the cause, such as:

 

  • Identity errors: Radically different credit scores could be due to something as simple as someone with a similar name or address getting their information mixed in with your report – or it could be a sign of something more serious, like identity theft.
  • Account changes: Did you recently close or open an account that isn’t showing up? Was an account paid in full but is now listed as overdue? Were you recently added as an authorized user to an account, but your report says you are the new primary account holder?
  • Data errors: Is the credit limit incorrect? Are any dates mixed up?

If you find any errors, it’s important to try to fix them as soon as possible. You should first contact the credit reporting bureau you used; there should be instructions for how to do so included with your credit report. If contacting the bureau doesn’t resolve the issue – and you’re sure the error is legitimate – you may wish to submit a complaint with the Consumer Financial Protection Bureau, a U.S. government agency created in 2010 to protect consumers.4

The Takeaway

Getting different credit scores is no reason to panic. In fact, a small window of fluctuation is not only normal but expected. Differences could simply be due to whether you’re looking at a FICO score or a VantageScore, each of which use different algorithms. Furthermore, the three major credit bureaus act independently, update at different times, and may rely on different scoring models – and versions of those models – depending on why your credit is being checked in the first place. But if you notice significant discrepancies, it’s worth checking for errors.

Headshot of Ryan Lynch

Ryan Lynch is a freelance writer, educator, and musician whose work concentrates on finance, STEM, and the arts.
 
All Credit Intel content is written by freelance authors and commissioned and paid for by American Express.

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