Beacon score

Beacon score

Your Beacon Score: Is It Something To Worry About?

beacon score scale

A few days ago, a client came to my desk asking, "A Beacon score? What in the world is that!?"

This client has spent the last few years building his credit through responsible use of student loans, no interest credit cards, and a car loan. He now wants to capitalize on record-low interest rates and purchase a home, but he recognized that by ignoring his BEACON Score he might have missed something that could potentially cost him tens of thousands of dollars over the life of the loan.

Ask Creditnet: Beacon vs. FICO Scores

FICO credit scores Dear Creditnet: I recently applied for a home loan and was completely caught off guard by my credit score. I subscribe to a credit monitoring service, so I thought I knew my scores before I began the application process. Boy was I wrong! I thought my Equifax credit score was 668, but the score my banker pulled was 618. He told me they use the Equifax Beacon 5.0, so why is there such a difference? They're the same scores, right? Unfortunately, this 50 point swing is costing me an extra 1.5% in interest. Ouch!