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Some people are confident on their credit rating because they have been building credits for ever since and have not missed payments for their card. Some people are confident on their credit rating because they have been building credits for ever since and have not missed payments for their card. Some are unsure about their credit score because they are not regularly using their credit cards for purchases, but they have been diligent in paying credit card bills. These individuals who are unsure of their credit rating might think that if they apply for loans, they would get approval only for poor credit loans. What they don?t know is that lending institutions gauge loan applications and credit check is done essentially but not taken as a general scoring process.

Loan companies have their own criteria when it comes to credit check for the loan applications. They may have partnered with any of the 3 major credit bureaus, namely Transunion, Equifax, or Experian, who would then yield similar results for each, but the lending company has its own criteria on tagging the person as poor credit, average credit, or good credit. Say for example, Equifax yields low credit score for Person A for lending company A. If Person A applies to lending company B, it might yield low credit too, but lending company B might put him under Average bracket for approved loans.