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What Is the Highest Credit Score?
https://www.sofi.com/learn/content/what-is-the-highest-credit-score/
Both FICO® and VantageScore®, two of the most commonly used credit scoring models, set the maximum credit score at 850. A higher credit score is considered better than a low credit score, indicating that you are more likely to handle your debt responsibly. If you are interested in achieving an 850 credit score, read on […]
Guide to Building Credit With Prepaid Credit Cards
https://www.sofi.com/learn/content/do-prepaid-credit-cards-build-credit/
If you don’t have, don’t want, or can’t qualify for a credit card, you may consider a prepaid credit card as an alternative. With a prepaid card, a certain amount of money is loaded onto the card at the time of purchase. You draw upon these funds until the money is used up. Unlike traditional […]
What Is Credit and Why Is It Important?
https://www.sofi.com/learn/content/what-is-credit/
Credit allows you to borrow money to access money, goods, or services, with the expectation that you’ll later pay back the amount you borrowed. This could come in handy if you want to make a purchase that you can’t immediately pay for, such as taking out a mortgage to buy a home or an auto […]
Which Credit Score Do Mortgage Lenders Use? All You Need to Know
https://www.sofi.com/learn/content/which-credit-scores-do-mortgage-lenders-use/
If you’re applying for a mortgage, you’ll want to know what credit score mortgage lenders use when they’re looking at your credit. It’s more complex than it sounds. More than 90% of mortgage lenders use scores generated by FICO® models — but each of the three major credit reporting agencies uses a different version of […]
What’s the Difference Between a Hard and Soft Credit Check?
https://www.sofi.com/learn/content/soft-vs-hard-credit-inquiry-need-to-know/
The main difference between a soft vs. hard credit check is that each hard check can knock a few points off your credit score, whereas soft checks don’t affect your score. Both hard and soft checks pull the same financial data but for different purposes. Hard checks are typically done when you apply for a […]