This is why Credit Karma now offer your score from two bureaus instead of just one. Of course, even your Vantage Score or FICO score will be different depending on which credit bureau’s data was used. For this reason, the Vantage score you get from a credit monitoring service may be significantly higher than a FICO score pulled by a lender. Vantage scores range from 501 to 990, while FICO scores range from 300 to 850. It’s sometimes referred to as an educational score, which is to say that, while they’re commonly available to consumers, they’re not used by lenders.Ī common discrepancy between Vantage scores and FICO scores is in the scoring range. While your Vantage score will provide a reasonably accurate picture of your FICO score, it is not the score that mortgage lenders actually use. ![]() ![]() It’s a joint venture between the three credit bureaus - Equifax, Experian, and TransUnion. One that doesn’t require a large cost to be paid by the credit monitoring services. Vantage scores provide an alternate version of your FICO score. The difference between vantage scores and your FICO score Currently, the common one being used by lenders to evaluate borrowers is the FICO Score 8. The version is indicated by a number that follows the phrase ‘FICO Score.’ The most recent iteration of the FICO score is FICO Score 9 but has not yet been widely adopted. There are different versions of the FICO Score. For example, someone relatively new to using credit may have a score that is calculated somewhat differently than someone with a more extensive credit history.įinally, it helps to know that the FICO scoring model is constantly being updated. You should also know that each person might have a slightly unique version of their FICO score based on their personal credit profile. New credit (10%) – This includes the number of credit accounts you have opened recently plus any hard inquiries.Credit mix (10%) – Having a good mix of credit types like credit cards, retail accounts, installment loans, finance company accounts, and mortgage loans are considered when calculating your FICO score.Length of credit history (15%) – This takes into account different aspects of your credit use based on things like the age of your oldest account and newest account, along with some average ages of your accounts.Amounts owed (30%) – If you are using a lot of your available credit, it might look like you are overextended to a lender and therefore at a high risk of defaulting on your credit payments.Keeping your accounts in good standing can benefit your credit score. Payment history (35%) – Paying credit accounts on time is one of the most important factors to a lender.Your FICO score is a three-digit number, ranging from 300 to 850, and is made up of a number of factors, including: The difference between vantage scores and your FICO scoreįICO, created by the Fair Isaacs Corporation, is a credit scoring model that helps lenders determine how likely you are to repay borrowed money.Loan Payoff Calculator: How Quickly Can You Repay Your Loan?.Auto Loan Interest Calculator: Monthly Payment & Total Cost.Free Monthly Budget Spreadsheet for Excel & PDF.How To Pay Medical Bills You Can’t Afford.Best Car Insurance For College Students. ![]() Should You Get Home Contents Insurance?.How Much Should You Contribute To Your 401(K).How Much Do You Need To Have Saved For Retirement.The Beginner’s Guide To Saving For Retirement.Investment Calculator: How Much Will You Earn?.How To File A FAFSA As An Independent Student.How to refinance your car loan in 7 steps. ![]() Best Personal Loans For Excellent Credit.Understanding Overdraft Protection and Fees.6 Best High-Yield Savings Accounts of September 2022.Credit Score Calculator: Get Your Estimated Credit Score Range.
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