Question 1

What are the differences between FICO® and VantageScore® ranges?

Accepted Answer

The FICO® Score and the VantageScore® are the two largest credit scoring models in the United States. FICO stands for Fair Isaac Corporation. Both scoring models have the same purpose: to help lenders evaluate applicants and predict the likelihood that a consumer will pay their bills. Both companies create credit scores based on your credit reports and use the same credit range of 300–850. However, the models they use to calculate them differ. For instance, what qualifies as a "good" credit score in FICO® Score is 670–739. "Your score is near or slightly above the average of U.S. consumers and most lenders consider this a good score," according to myFICO.com. But, using VantageScore® 3.0, you need to score between 661–780 to get a "prime" rating. This is because each credit scoring model applies varying levels of importance to your credit data.

Question 2

Why credit reports from the three credit bureaus may differ?

Accepted Answer

A credit report is a summary of your credit history. You may have a different information at each credit reporting agency. This is because lenders don't always share the same consumer information with every credit bureau. They might also provide this information at different times. This means you can get two different credit scores if you request your credit report from two bureaus at the same time.

What is a VantageScore® vs FICO® Score

Key Takeaways

Did you know?

What's Length of Credit History?

How to Identify the Most Accurate Credit Score

What is a Good Credit Score?

Do Other Countries Have Credit Scores?

What is a VantageScore® vs FICO® Score

Key Takeaways

Did you know?

Payment History: 35%

Amount Owed: 30%

Length of Credit History: 15%

Credit Mix: 10%

New Credit: 10%

Payment History: 40%

Depth of Credit: 20%

Credit Utilization: 20%

Recent Credit: 11%

Balances: 6%

Available Credit: 2%

What's Length of Credit History?

How to Identify the Most Accurate Credit Score

What is a Good Credit Score?

Do Other Countries Have Credit Scores?