The Money Coach
  • About
    • Meet Lynnette
    • Media Kit
  • Contact
  • Subscribe
  • QR Code
  • Books
  • Categories
  • Coaching
  • Hire Lynnette
  • Money Coach University™
  • The Money Coach Recommends™
No Result
View All Result
The Money Coach
  • About
    • Meet Lynnette
    • Media Kit
  • Contact
  • Subscribe
  • QR Code
No Result
View All Result
The Money Coach
No Result
View All Result

Do I Need My Plus Score or Just My FICO Score?

Lynnette Khalfani-Cox, The Money Coach by Lynnette Khalfani-Cox, The Money Coach
in Credit Scores
Reading Time: 3 mins read
credit score
13
SHARES
214
VIEWS
Share on FacebookShare on TwitterShare on LinkedIn

In addition to your FICO credit scores, you should also get your Experian PLUS score. In recent years, consumers got all three FICO scores – based on their TransUnion, Equifax, and Experian reports. But as of 2009, you can now only get two FICO scores (based on what’s in your Equifax and TransUnion files).

You can no longer get an Experian-based FICO score. So what should you do to get a score based on all three credit files? My recommendation is to get your third credit score directly from Experian via its www.creditexpert.com consumer website. This score is known as your Experian PLUS Score.

Why You Need Your Experian PLUS Score Too

Some people suggest that buying any scores other than FICO scores is not worth it. They contend that it’s a waste of money for you to buy a score that’s not used by lenders. However, I disagree. I think it’s ultimately far more valuable for you to have additional information, as opposed to less information when it comes to your credit.

When you get your Experian PLUS score, you’ll acquire keen insights into what is strengthening your credit profile – and what is weakening it. Here’s what Experian told me about my score, which was 780:

What factors raise your PLUS Score:

  • You have paid your bills on time and currently do not have any overdue accounts or derogatory information, such as a collection, charge-off, or bankruptcy, on your report.
  • You have a good cushion of available credit between your current balance and your credit limits on all open trades. This has a positive affect on your credit score. This cushion shows lenders that you are unlikely to overextend yourself financially.
  • You have at least 2 or more open major credit cards, such as Discover, American Express, VISA, or MasterCard, on your credit report. This often tells lenders that you are a responsible borrower and they may be more likely to see you as a good credit risk and extend you credit.
  • Your credit file shows no record of any current delinquencies on real estate accounts, such as a mortgage. Having real estate accounts in good standing is viewed positively by lenders.
  • Credit scores are calculated based on various factors in your credit report. Currently, your credit report does not show any significant negative or derogatory information.

My Experian PLUS score and report also told me how my score stacked up against the rest of the U.S. population (I was in the 91st percentile), and it showed me a graph to illustrate how risky I would be viewed (as either High Risk, Medium-High Risk, Medium Risk, Medium-Low Risk, or Low Risk) if I were to change my payment patterns, credit usage or various financial habits. I found all of these points relevant and useful.

The Scoring Ranges for the PLUS Score and the FICO Score

Therefore, while the Experian PLUS score isn’t the one pulled by lenders, it is nonetheless helpful. And for those who choose not to purchase their two FICO scores, even though Experian uses a different scoring model than the one used to calculate your FICO scores, knowing your Experian PLUS score can at least give you a rough approximation of how well you fare numerically based on information in your Experian file.

For instance, the FICO scoring model ranges from 300 points to 850 points. By comparison, under Experian’s scoring model, credit scores range from 330 to 830. When I purchased my Experian PLUS score, it was 780, roughly comparable to the level of my FICO scores.

So for the sake of having three scores, and getting deeper insights into your scores and credit rating, I believe the Experian PLUS score is also well worth its $14.50 price tag.  Granted, it’s not the score lenders use, but it’s educational nonetheless.

Tags: ExperianFICO scorePLUS Score
Previous Post

Student Loan Cancellation Programs—Big Hassles, Even Bigger Payoff

Next Post

How to Lower Your Credit Utilization

Related Posts

credit score drops

What to Do If Your Credit Score Suddenly Drops Unexpectedly

by Lynnette Khalfani-Cox, The Money Coach

Need a quick refresher about how your credit score works? Due to inflation, many consumers are being forced to rely on their credit cards to make ends meet. As a result, many consumers have seen their credit scores go down as their balances go up. Here are 3 articles that...

rent payments to boost credit score

How to Use Rent Payments to Boost Your Credit Score

by Lynnette Khalfani-Cox, The Money Coach

This post originally appeared on Sisters from AARPBlack folks often face a host of credit challenges stemming from lower incomes, discrimination, a lack of knowledge about credit scoring and more. But one additional factor — the low rate of Black homeownership in America — has also meant diminished credit scores....

protect your credit score

How to Protect Your Credit Score After Job Loss 

by Lynnette Khalfani-Cox, The Money Coach

A lack of income makes it hard to cover your expenses, which can cause your credit score to fall. But there are ways to preserve it, even if you are out of work. Here are four tips for maintaining your credit score if you have lost your job.

Best Way to Check Your Credit Score Using Apps

The Best Way to Check Your Credit Score Using These 4 Apps

by Guest Blogger

Did you know that on a $21,788 auto loan, if you have an excellent credit score (740 – 749), you can pay 311% less in interest compared to an individual with a fair credit score (580 – 669)? 311% less! Your credit score determines whether you qualify for things like...

DTI Explained

DTI or Debt-to-Income Ratio Explained w/Video

by Lynnette Khalfani-Cox, The Money Coach

If you’re in the market for a loan, chances are that lenders are going to assess something called your “DTI” – also known as your Debt-to-Income ratio. What Exactly is a DTI? And, how can you improve it in order to get that loan that you want? How DTI is...

4 Summertime Risks to Your Credit Score

by Lynnette Khalfani-Cox, The Money Coach

Just because summertime is here and you might be taking it easy, that doesn’t mean you should let your guard down when it comes to your finances. In fact, during the summer season, you should be aware of a number of potential threats that can hurt your credit rating. Some...

credit score drop

What to Do If Your Credit Score Drops Unexpectedly

by Lynnette Khalfani-Cox, The Money Coach

  Having your credit score fall unexpectedly can be as bad as losing a significant amount of money. With a lower score, your opportunities for low-interest loans, lower insurance premiums, and more affordable mortgages may be out of your reach. What’s worse is that these fluctuations may come from out...

Load More

Popular Posts

  • Car repair

    What to Do If You Can’t Afford a Car Repair Bill

    1379 shares
    Share 552 Tweet 345
  • What to Do if Your Spouse Stole Money From You

    1170 shares
    Share 468 Tweet 293
  • What to Do If You Can’t Afford to Leave Your Spouse

    1107 shares
    Share 443 Tweet 277
  • Here’s Why I Pay My Kids For Good Grades (And Maybe You Should Too)

    1012 shares
    Share 404 Tweet 253
  • What Do All Those Strange Codes In My Credit Report Mean?

    816 shares
    Share 326 Tweet 204
  • Do This Now If Your Wages Were Not Reported

    747 shares
    Share 298 Tweet 187
  • How to Find Out if a Debt Collector is Licensed to Collect Your Debt

    727 shares
    Share 291 Tweet 182

All information on this blog is for educational purposes only. Lynnette Khalfani-Cox, The Money Coach, is not a certified financial planner, registered investment adviser, or attorney. If you need specialty financial, investment or legal advice, please consult the appropriate professional. Advertising Disclosure: This site may accept advertising, affiliate payments or other forms of compensation from companies mentioned in articles. This compensation may impact how and where products and companies appear on this site. AskTheMoneyCoach™ and Lynnette Khalfani-Cox, The Money Coach® are trademarks of TheMoneyCoach.net, LLC.

©2009-2023 TheMoneyCoach.net, LLC. All Rights Reserved.

RSS / Sitemap /Submit an Article / Privacy Policy / LynnetteKhalfaniCox.com

No Result
View All Result
  • Books
  • Categories
  • Contact Lynnette
  • Get Coaching
  • Hire Lynnette
  • Money Coach University™
  • The Money Coach Recommends™
  • Home
  • Subscribe to Newsletter
  • QR Code

©2009-2021 TheMoneyCoach.net, LLC. All Rights Reserved.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist