Ask Ms. Gail: What is the difference between a credit score and a beacon score?
QUESTION: What is the difference between a credit score and a beacon score?
Answer: Actually they are one and the same. You will hear credit score referred to as your beacon score. That’s the score that we use to determine what interest you are going to repay your loan back at.
We can use that credit score to help you get a better interest rate. The rates you see us highlight out there often times say ‘best rate” or “lowest rate”.
The higher the score, the better. They normally run from about 350 to 850, of course, the higher, the better. By better, I mean that you are going to get the best possible rate with the highest score.
How you build that score is paying as agreed. So once you get credit, you are going to maintain the score by paying your accounts as you agreed to pay them. It’s really simple.