Note that your FICO score can differ considerably from one credit reporting agency to the next. This is why it is important to check your credit reports with each of the three major credit reporting agencies, to make sure there are no errors that could hurt your credit score. For example, if you have a good credit score with Equifax and TransUnion but the lender uses Experian, it's only the Experian credit score that matters.

Differences in the credit scores can also arise from differences in the credit history data at each credit reporting agency (e.g., some creditors report your data to only one agency, some report it to all three) and differences in the weighting used by each agency.

Lenders often have additional binary (yes/no) criteria in addition to the credit score floors. For example, many will deny your application if you've had a recent bankruptcy even if you have a good credit score. Or if your income is volatile or if you are self employed.

Credit score floors vary from lender to lender. The lower your credit score, however, the less likely you are to be approved for a loan. Anything under 650 is considered "subprime".