There are many types of credit scores. Mortgage's require a different model than consumer credit scores.

Consumer credit scores, also known as educational credit scores, are credit scores that can be accessed by consumers (that's you). Typically, consumer credit scores only use information from one of the credit bureaus. Additionally, they’re calculated using consumer scoring models, rather than mortgage credit scoring models. Vantage 3.0 is the most common credit scoring model used for educational purposes.With this credit scoring model, your credit activity is weighed according to the following percentages:

• 40% – Payment history
• 21% – Age and type of credit accounts
• 20% – Credit utilization
• 11% – Account balances
• 5% – Recent credit applications
• 3% – Available credit

Mortgage credit scores are only used to assess your creditworthiness for mortgage loans. Mortgage lenders use these product-specific credit scores because they’re dealing with very unique loan products—mortgages can have principal amounts of hundreds of thousands of dollars and often take decades to pay off. Thus, repaying a mortgage responsibly often requires different skills than managing a credit card or small personal loan.

Mortgage lenders typically look at FICO scores during their underwriting process. FICO credit scores weigh the following information according to these percentages:

• 35% – Payment history
• 30% – Credit utilization
• 15% – Length of credit history
• 10% – Credit mix
• 10% – New credit inquiries

As you can see, these percentages differ notably from VantageScore 3.0.

To freeze your credit, you’ll have to file a request with each of the credit bureaus one by one. You can do so online, over the phone, or by mail. Here are the major credit bureaus credit freeze contact information:

• Equifax: Call (800) 349-9960 or go online
• Experian: Call (888) 397‑3742 or go online
• TransUnion: Call (888) 909-8872 or go online

During your credit freeze request, you’ll be asked to verify your identity by providing your SSN, birth date, and other personal information. After that, you will set a PIN that will enable you to freeze and unfreeze your credit moving forward.

Whether you request your credit freeze online or over the phone, the credit bureau is legally required to enact the freeze within 24 hours. If you request your credit freeze by mail, the credit bureau has up to three business days to complete your request.

Freezing your credit can keep it safe while you’re not actively applying for new loans or credit cards. But, what about when you need to fill out a formal credit application?

To ensure your application can get approved, you’ll need to unfreeze your credit first. If you know which credit bureau your lender is going to use, you can simply unfreeze that credit bureau’s report. If not, you should go ahead and unfreeze all three.

After calling the credit bureau or logging into your online account, you can choose from the following unfreezing options:

• Unfreeze your credit permanently
• Pause your credit freeze temporarily
• Obtain a single-use PIN to allow a specific lender to access your frozen credit report

The credit bureaus are required to unfreeze your credit within one hour of receiving your request.

Raising your credit score before you apply for a loan or credit card can help you boost your chances of getting approved and receiving favorable terms, like lower interest rates and larger credit limits.

So, what steps can you take to improve your credit score? In addition to making your payments on time and maintaining a low credit utilization, you can boost your credit score by:

• Becoming an authorized user on someone else’s credit card account, as long as they have a solid credit history and continue to pay on time
• Disputing any errors on your credit reports
• Keeping old credit card accounts open
• Taking out a secured credit card or credit-builder loan

We go into greater detail on how to raise your credit score in the following articles:

• How to Build Your Credit With No Credit History
• How to Improve Your Credit Score Quickly

Collections can stay on your credit report for up to seven years after the date of your first missed payment on the delinquent account.

Collections may have a serious impact on your credit score, depending on what type of credit scoring model is used. Collections are considered a part of your payment history, which is the most influential factor that makes up your credit score. Payment history is worth:

• 35% in the FICO scoring model
• 40% in the VantageScore scoring model

Initially, a new collection account may drop your credit score by as much as 100 points. The higher your credit score was to start with, the more a collection can drag it down.

Learn more in this article: How Much Does a Collection Impact Your Credit Score?

Here are two ways to stop unwanted lender solicitation:

Register phone numbers on DoNotCall.gov – You have a legal right to prevent unsolicited phone calls. All you have to do is register your phone numbers on DoNotCall.gov. This process only takes a minute or two. Please note: this process can take up to 31 days for your request to be implemented.

Opt out from all forms of prescreened offers – You can prevent your information from being sold by the credit bureaus. All you need to do is go to www.OptOutPrescreen.com, select “Opt-Out For 5 Years,” fill out the form and click confirm. After that, it can take three to five business days for the change to take effect.