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This RetireCoast Podcast explains the complexity of credit scoring, particularly emphasizing the significant difference between the commonly seen VantageScore and the older FICO Score models (versions 2, 4, and 5) used specifically by mortgage lenders. It details that an individual has many different credit scores, and relying on free app scores can be misleading for home buyers because mortgage lenders often use a score that is substantially lower. The article breaks down the five factors that constitute a FICO score, with payment history and credit utilization making up the largest weights, and underscores that a lower score can cost a borrower tens of thousands of dollars in extra interest over the life of a loan. Finally, the text stresses that credit scores affect far more than just mortgages, influencing rates for auto loans, insurance, and even apartment rentals.

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Keywords: Big Beautiful Bill 2025, Social Security changes, retirement taxes, small business incentives, retirement planning, Medicare and seniors, financial security in retirement, small business growth strategies.