Credit conditions are tight these days — getting a loan isn’t as easy, and may never be as easy, as it used to. That means your credit score and report may dictate whether or not you get a mortgage, car, credit card, student loan and more. With so much riding on good credit, it’s time to separate the facts from the fiction when it comes to your credit.

You may think that you have just one credit score, but in fact, you have several. Your FICO score — the credit rating system developed by Fair Isaac Corp. which can range from a dismal 300 to the pinnacle of 850 — is just one. The others are calculated by the three credit bureaus: Experian, Equifax, and TransUnion. Your exact credit score all depends on the type of lender requesting it and which credit bureau reports it.

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Shopping for student loans could negatively affect your credit score. Consumers who comparison shop auto and home loan rates over a brief period of time won’t notice a drop in their credit score. So why are student loan shoppers’ credit scores being docked for searching for the best rates?

When college financial aid officers got into trouble last year for accepting gifts from lenders, the moral of the story was clear: You could easily overpay for your student loan by simply borrowing from a college’s recommended lender without first shopping around.

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