The more traits you share with people who have proven to be good credit risks, the higher your score. Lenders check your credit score when deciding whether to give you a mortgage, an auto loan or lease, a credit card or business loan. They also use scores to help determine your interest rate. A higher score ought to get you a lower rate. Each score is a little different because each bureau has slightly different information.
Lenders often get all three scores and take the midpoint.
E-Loan's free scores are constructed from credit reports, as analyzed by a company called CreditXpert. I tested it and found that my personal score is high. Credit scores capture all balances, including those about to be paid. It's good for 30 days and includes your current Equifax credit report. FICO rated me ''excellent,'' but didn't slot me quite as high as ELoan did.