Your credit score in DebtIQ is your VantageScore. While both FICO® and VantageScore models use your credit report to calculate your score, they do so differently, so your VantageScore could look slightly different than your FICO score.
What is the credit score in DebtIQ?
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Your credit utilization rate measures the balances of your revolving accounts against your credit limits. Naturally, your ratio can influence your credit scores. A low utilization rate could improve your credit scores while a high utilization rate may hurt them.
Related FAQ's
DebtIQ is all about helping you get smarter about managing credit card debt.
DebtIQ is a tool designed to help you get smarter about monitoring and managing your credit card debt.
DebtIQ uses your TransUnion credit report.
Yes! As part of the application you will have the opportunity to add a joint account owner after you submit your personal information and receive confirmation on the details of your newly approved LendingClub account.
Your initial deposit for opening your account will be held for 5 days in order to validate your account.
Related Glossary
{noun} A type of credit that allows the borrower to make charges and payments against a set borrowing limit, paying interest only on outstanding balances.
{noun} The total annual cost to borrow money, including fees, expressed as a percentage.
{noun} The amount of unpaid interest that has accumulated as of a specific date, either on a loan or an interest-bearing account or investment.
A debt that is written off as a loss because the financial institution or creditor believes it is no longer collectible due to a substantial period of nonpayment.
{noun} An interest rate that remains the same for a set time, usually for the life of the loan.
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