However, when people talk about FICO credit scores, they’re usually talking about the FICO Score 8 because it’s the one most lenders use.įor the sake of comparison, we’ll talk about the FICO Score 8 and VantageScore 4.0 because they’re the most commonly used. There are general FICO scores, and industry-specific scores, such as the FICO Auto Score 9 or the FICO Score 2 for mortgages. There are different types of FICO scores, too. But if you apply for a car loan or personal loan and the lender looks up your FICO score, your score could be as low as 650. The result is that you can have multiple credit ratings that vary a great deal.įor example, you could look up your VantageScore and see that you have a score of 750. VantageScore uses the same information to calculate your credit scores that FICO does, but it weighs the information differently. Currently, VantageScore’s latest model is VantageScore 4.0. Although FICO is the most widely used, another major scoring model is the VantageScore. However, FICO isn’t the only scoring model available. According to myFICO, 90% of top lenders use FICO scores over other scoring models. From a lender perspective, FICO is the most widely used. It all comes down to which credit score version you’re looking at. In fact, the scores could be off by as many as 100 points, affecting your eligibility for loans and the interest rates you can get. The score you get online from your credit card company or other services might differ greatly from the score you’ll see when a lender pulls your credit. ![]() credit score: What’s the difference?įICO score vs.
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